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<br />. <br /> <br />. <br /> <br />. <br /> <br />Colorado Water Conservation Board <br />Department of Natural Resources <br />721 Centennial Building <br />1313 Sherman Street <br />Denver, Colorado 80203 <br />Phone: (303) 866.3441 <br />FAX: 13031 866-4474 <br /> <br />STATE OF COLORI\DO <br />~ <br />WI <br /> <br />MEMORANDUM <br /> <br />Roy Romer <br />Governor <br />jilmes S. Lochhead <br />Executive Director, DNR <br />DariesC. Lile,P.E. <br />Director, eweB <br />Peter H. Evans <br />Acting Director, eweB <br /> <br />TO: <br /> <br />Colorado Water Conservation Board Members <br /> <br />FROM: William P. Stanton, P.E. vJf?' <br />Chief, Project Planning and Construction Section <br /> <br />DATE: November 19, 1998 <br /> <br />SUBJECT: Agenda Item 12d, November 23-24, 1998, Board Meeting - <br />Water Project Construction Loan Program - Proposed Legislation <br />Time Limits for Project Completion <br /> <br />Introduction <br /> <br />This memo provides the basis for the start of a discussion of the audit recommendation to establish <br />reasonable time limits for borrowers to complete projects fmanced through loans from the <br />Construction Fund. <br /> <br />Background <br /> <br />Recommendation #5 of the 1998 Construction Fund Performance Audit was that the Board "should <br />establish reasonable time limits for project sponsors to use monies authorized from the Construction <br />Fund, The time limits should be based on the average time needed to start a project. Upon <br />expiration of the time limit, the project should be automatically deauthorized unless the Board <br />specifically authorized an extension. Also, the Board should establish a process that ensures any <br />residual funding is immediately deauthorized upon project completion. <br /> <br />CWCB Response: AGREE. The duration of funding assistance has been reviewed annually by the <br />Board and the General Assembly. The Board has not considered rigid time limits for the <br />Construction Fund loan approvals and, given the political nature of some projects, it seems <br />appropriate to at least present and evaluate options to the Board before proposing an amendment to <br />the statute or to the Board's Guidelines. The Board will present its assessment of this issue, along <br />with any recommended action, to the Governor and the General Assembly by February 1, 1999. <br /> <br />Implementation Plan <br /> <br />We have outlined the following tasks as part of our implementation strategy to "assess and report <br />by 2/99:" <br />