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<br />. <br /> <br />. <br /> <br />resources project and project purposes (not just irrigation <br />projects), including projects to improve the efficiency of <br />water use and project specific environmental mitigation and <br />recreation, could be paid for with monies from an escrow <br />account. SUbject to the conditions set forth in this <br />paragraph a. and in 5. below, project selection would be at <br />each state's discretion. <br /> <br />b. Monies from an escrow account could be used for <br />"pay-as-you-go" financing or for debt financing (i.e., <br />these revenues could be used to repay the principal and <br />interest on borrowed funds). <br /> <br />c. A state would have the discretion to make loans or <br />grants of monies from an escrow account to a project's <br />beneficiaries. If these funds were loaned for project <br />financing, receipts from the repayment of such loans <br />(principal and interest) would accrue to each state and <br />would no longer be subject to any provision of this <br />agreement or the escrow accounts. <br /> <br />d. The revenues from this component of the rate which <br />accrue to New Mexico could. be rebated to its CRSP power <br />customers at the state's option. <br /> <br />5. Conditions on the use of monies from the escrow accounts <br /> <br />a. All projects would be subject to all applicable federal <br />regulatory laws and programp, including, but not limited to <br />the National Environmental ?olicy Act, Clean Water Act, <br />Endangered Species Act, Fisn and Wildlife Coordination Act, <br />Wilderness Act, Wild and scenic Rivers Act, Clean Air Act, <br />Federal Land POlicy and Man~gement Act, National Forest <br />Management Act, National Hiptoric Preservation Act, etc. <br /> <br />b. Cost sharing requirements (i.e., the requirement that <br />state government, local government, or private funds be <br />made available as monies from an escrow account are <br />expended). <br /> <br />(1) Cost sharing would ~e required on a project by <br />project basis. <br /> <br />(2) For the Bonneville Vnit I&D system and tne phase 2 <br />facilities of the Animas-La Plata Project, 20 percent <br />cost sharing would be required. For all other <br />projects, 30 percent cost sharing would be required. <br /> <br />c. Project specific conditions on use of monies from an <br />escrow account. <br /> <br />-4- <br />