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<br />Finally, section 37-60-121 (4)(b), CRS 1973, as amended, <br /> <br />directs the Board to make an accounting of all expenditures from <br /> <br />the construction fund incurred through the end of the previous <br />fiscal year for the personal services, operating, travel and <br />subsistence, and capital expenses of administering and managing <br />the construction fund program. This subsection specifies that <br />the Board is authorized to expend for such purposes, on a <br />continuing basis, not more than one and one-half pe~cent of the <br />moneys appropriated, allocated, or otherwise credited to the <br /> <br />construction fund. <br /> <br />Projects Recommended for Authorization <br /> <br />At its January 6-7 and March. 3, 1983, regular meetings, the <br /> <br /> <br />Board reviewed and voted to recommend that seven projects be <br /> <br />authorized (see Table 1). <br /> <br />Brief summaries of each proposed <br />. . <br /> <br />project are enclosed. <br /> <br />with respect to the Stagecoach' Reservoir project, upper <br /> <br /> <br />Yampa Water Conservancy oistr ict, the Board's recommendat ion <br /> <br />includes four conditionsl <br /> <br />( 1 ) Repayment of the .Board' s investment shall be guaranteed <br /> <br /> <br />with the Oistrict's ad valorem taxeS and revenUeS from <br /> <br /> <br />the sale of project water, contracts for such sales to <br /> <br /> <br />be executed to the Board's satisfaction prior to the <br /> <br /> <br />initiation of construction on the projectl <br /> <br />-2- <br /> <br />.~,:: <br />