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<br />POLICY NUMBER: I <br /> <br />. <br /> <br />SUBJECT: <br /> <br />CONSTRUCTION FUND AND SEVERANCE TAX PERPETUAL <br />BASE ACCOUNT PROJECT TIME LIMITS <br /> <br />EFFECTIVE DATE: October 1,1999 <br /> <br />POLICY: The Colorado Water Conservation Board (CWCB) shall review the status <br />of all Construction Fund and Severance Tax Perpetual Base Account loan <br />projects that do not have a fully executed CWCB funding contract within <br />three years of the project's legislative authorization, These projects may <br />be recommended for inclusion in the list of Project Loan De- <br />Authorizations in the next annual Construction Fund Bill unless the Board <br />specifically approves a time extension, <br /> <br />PURPOSE: To utilize construction funds in a timely manner, to assure availability of <br />construction project funds for other uses, and to discourage Project <br />Sponsors from attempting to "guarantee" loan funds for future long-range <br />projects, <br /> <br />APPLICABILITY: This policy applies to ALL loan and grant projects authorized through the <br />CWCB Construction Fund and the Severance Tax Perpetual Base <br />Account. <br /> <br />. <br /> <br />PROCEDURE: <br /> <br />The CWCB staff will compile and maintain a project <br />authorization/contract list. Those projects without a fully executed CWCB <br />funding contract within three years of their authorizing legislation shall be <br />presented to the Board for review at the September or November Board <br />meeting, Project Sponsors will be notified of the CWCB staff <br />recommendations, and the Board's possible actions, at least one month <br />prior to the Board meeting, Project Sponsors will be given an opportunity <br />to appeal the staff recommendations at that meeting, <br /> <br />1. <br /> <br />If the Project Sponsors have not shown diligence toward execution <br />of a funding contract within three years of their authorizing <br />legislation, the staff will recommend to the Board that the project <br />be included in the Project Loan De-Authorization recommendation <br />to the Legislature, <br />If the Project Sponsors have progressed towards execution of a <br />proj ect funding contract, but the progress has been delayed due to <br />extenuating circumstances, the staff may recommend that the <br />Board extend the project time limit for one year. The staff will <br />continue to review the project on an annual basis until a CWCB <br />funding contract is fully executed or the Board has recommended <br />de-authorization to the Legislature, <br /> <br />2. <br /> <br />. <br /> <br />Revised 9!l5/99 <br />MGS <br />