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<br />. <br /> <br />POLICY NUMBER: 2 <br /> <br />SUBJECT: <br /> <br />PROCEDURE FOR ENSURING THE COMPLETION AND <br />APPROVAL OF ADEQUATE CONSTRUCTION FUND AND <br />SEVERANCE TAX PERPETUAL BASE ACCOUNT <br />PROJECT FEASIBILITY STUDIES PRIOR TO <br />CONTRACTING AND DISBURSEMENT OF LOAN FUNDS <br /> <br />EFFECTIVE DATE: October 1,1999 <br /> <br />POLICY: <br /> <br />The Colorado Water Conservation Board (CWCB), pursuant to <br />Section 37-60-122, C.R,S" requires that all projects funded <br />through the Construction Fund have a completed feasibility study <br />prior to loan or grant consideration by the Board, In those cases <br />where it is impractical to complete the study prior to Board <br />approval and/or General Assembly authorization, the Board may <br />consider a conditional approval. This approval shall be contingent <br />upon completion of a feasibility study by a specified date, In no <br />case will loan or grant funds be disbursed without a completed <br />feasibility study, <br /> <br />PURPOSE: <br /> <br />To provide sufficient information to allow the Board make <br />informed decisions regarding loan or grant funding requests from <br />the Construction Fund or the Severance Tax Perpetual Base <br />Account. <br /> <br />. <br /> <br />APPLICABILITY: This policy and procedure applies to all loan and grant applications <br />from the CWCB Construction Fund and Severance Tax Perpetual <br />Base Account. <br /> <br />PROCEDURE: All loan and grant applications to be considered by the Board shall <br />be accompanied by a completed feasibility study. All feasibility <br />studies will be prepared following the general procedures <br />described in the Board's Construction Fund Guidelines, <br /> <br />If it is impractical for the applicant to complete the feasibility <br />study prior to consideration by the Board, and available <br />information indicates the project is likely to be feasible, the project <br />may be included on the CWCB recommended approved project <br />list. The project sponsor will be required to complete the <br />feasibility study to the satisfaction of the CWCB Director or his <br />designee by an appropriate date recommended by the CWCB staff <br />and approved by the Board, <br /> <br />. <br />