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<br />...the board may construct, rehabilitate, <br />enlarge, or improve such flood control, water <br />supply, and hydroelectric energy facilities, <br />together with related recreational facilities, <br />...as will...abate floods or conserve, effect <br />more efficient use of, develop, or protect the <br />. water and hydroelectric energy resources and <br />supplies of the state of Colorado. Section <br />37-60-119(1), CRS 1973, as amended. <br /> <br />Thus, while the projects authorized to date are certainly not <br /> <br />without merit, there is no assurance, given the Board's present <br /> <br /> <br />selection process, that the highest priority water management <br /> <br />objectives are being and will be served by expenditures of <br /> <br />construction fund monies. <br /> <br />For a variety of reasons, there has been a dramatic <br /> <br />increase within the last year in the applications for assistance <br /> <br />from the construction fund. The cost of proposed projects <br /> <br />has also increased substantially (many proposed projects are <br />now running into the tens of.millions of dollars). As a con- <br /> <br />sequence, the demand for construction fund monies far exceeds <br /> <br />that which is presently available. Thus, it has become neces- <br /> <br />sary, in the opinion of the Board, to choose among funding <br /> <br />requests -- rejecting some proposed projects even though they <br /> <br />are within the statutory purposes of the construction fund <br /> <br />(as quoted above). In turn, the Board has concluded that it <br /> <br />should establish policies for the selection of projects which <br /> <br />it will recommend to the General Assembly for authorization. <br /> <br />Discussion <br /> <br />Colorado's water development and management needs are <br /> <br />diverse and extensive. Briefly stated, they include the <br /> <br />following: <br /> <br />-2- <br />