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<br />purposes of this Act. The funding authorized 9Y this paragraph over any 2-fiscal-year <br />period shall be made available in amounts equal to the contributions for the same 2- <br />fiscal-year period made by the Upper Division States pursuant to paragraph (1). <br /> <br />. Section 3(c)(3) of the law specifically allows the Secretary of Energy to help pay for <br />c!i-pital projects using a loan or loans from the CWCB: <br /> <br />(3) The additional funding provided pursuant to paragraph (2) may be provided through <br />. loans from the Colorado Water Conservation Board Construction Fund (37-60-121 <br />C.R.S.) to the Westem Area Power Administration in lieu of funds which would <br />otherwise be collected from power revenues and used for storage project repayments. The <br />Western Area Power Administration is authorized to repay such loan Or loans from power <br />revenues collected beginning in fiscal year 2012. subject to an agreement between the <br />Colorado Water Conservation Board. the Western Area Power Administration, and the <br />Bureau of Reclamation. The agreement and any future loan contracts that may be entered <br />into by the Colorado Water Conservation Board, the Western Area Power <br />Administration, and the Bureau of Reclamation shall be negotiated in consultation with <br />Salt Lake City Area Integrated Projects Firm Power Contractors. The agreemennmd loan <br />contracts shall include provisions designed to minimize impacts on electrical power rates <br />and shall ensure that loan repayment to the Colorado Water Conservation Board, <br />including principal and interest. is completed AO later than September 30,2057. The <br />Western Area Power Administration is authorized to include in power rates such sums as <br />are necessary to calTY out this paragmph and paragraph (2). <br /> <br />hi 1998, in anticipation of the passage of the federal law, the General Assembly created <br />the Colorado River Recovery Program Loan Account (37-60-122.9 C.R.S.); <br /> <br />Colorado river recovery program loan account - creation. (1) There is herebycreatcd in <br />the state treasury as part of the Colorado water:conservation board construction fund the <br />Colorado river recovery program loan account (or the purpose of making loans to the <br />Colorado river and San Juan river recovery programs for the construction or <br />impro'.Jmcl1, orc~rtaiii Wlll~" :"elated pr0jCL':s ih Colorado, under agreements with power <br />users of the federal Colorado river storage project, required to recover the four <br />endangered fish species of the upper Colorado river, including the San Juan river. <br /> <br />(2) The Colorado water conservation board shall recommend loans from the Colorado <br />, <br />river recovery program loan account to the general assembly pursuant to section 37-60- <br />122 (1) (b). The loans shail be subject to an int,rest rate and repayment provisions to be <br />determined by the Colorado water conservation board. <br /> <br />Since the passage of the state law, $12 million has been allocated to this account and is <br />available to be loaned. <br /> <br />Loan Application <br /> <br />On January 3,2001 the Western Area Power Administration (WESTERN) submitted a <br />loan application for $5.5 million. <br /> <br />''''':'''''':-;''"f 1 <br /> <br /> <br />e\ <br /> <br />. <br />.:-) <br /> <br />~, <br />.1' <br />(:,";:':1) k:. <br />,', I <br />..., . <br />",.,." Ii': <br />I... <br />r.., <br />1:'. ~ <br />