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<br />1 <br /> <br />*This loan is to refinance projects wholly or partially completed <br /> <br />2 (2) The Colorado water conservation board may make loans for <br />3 the construction of the projects specified in subsection (1) oftbis section <br /> <br />4 from such moneys as are or may hereafter become available to the <br /> <br /> <br />5 Colorado water conservation board construction fund. The loans shall be <br /> <br />6 in the amounts listed in subsection (I) of this section, plus or minus such <br />7 amounts, if any, as may be justified by reason of ordinary fluctuations in <br />8 construction costs as indicated by the engineering cost indices applicable <br />9 to the types of construction required for each project or as may be <br />10 justified by reason of changes in the plans for a project due to differing <br /> <br />11 or unforeseen site conditions, errors or omissions in the plans and <br /> <br />12 specifications, changes instituted by regulatory agencies, or changes in <br />13 material quantities beyond contract limits. <br /> <br />14 (3) Pursuant to section 37-60-120 (1), Colorado Revised Statutes, <br /> <br />15 the board shall require such terms and conditions in the contracts as will <br /> <br />16 ensure repayment of funds made available by it. The board shall not <br />17 disburse any moneys for any loan authorized by subsection (1) of this <br />18 section unless and until the board is satisfied, in its sole discretion, that <br /> <br />19 the recipient of any such loan will be able to make repayment pursuant <br /> <br />20 to the terms and conditions established by the board and by subsection (1) <br />21 of this section. <br /> <br />22 <br /> <br />SECTION 2. Water project loan authorizations from the <br /> <br />23 severance tax trust fund perpetual base account. (I) Pursuant to <br /> <br />24 section 39-29-109 (1) (a) (I), Colorado Revised Statutes, the Colorado <br /> <br />25 water conservation board is hereby authorized to loan moneys from the <br /> <br /> <br />26 severance tax trust fund perpetual base account to enable the construction <br /> <br /> <br />27 of the following water resources projecls with the following priority: <br /> <br />-3- <br /> <br />REDRAFT <br />1-14-04 <br /> <br />Double underlininl!" <br />denotes cban~es from <br />oriordraft <br /> <br />DRAFT <br />