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<br />. <br /> <br />. <br /> <br />. <br /> <br />STATE OF COLORADO <br /> <br />Colorado Water Conservation Board <br /> <br />Department of Natural Resources <br />1313 Sherman Street, Room 721 <br />Denver, Colorado 80203 <br />Phone,~03)866~1 <br />FAX: (303) 866-4474 <br />www.cwcb.state.co.us <br /> <br /> <br />MEMORANDUM <br /> <br />Bill Owens <br />Governor <br /> <br />Greg E. Walcher <br />Executive Director <br /> <br />TO: <br /> <br />Colorado Water Conservation Board Members <br /> <br />Rod Kuharich <br />CWCB Director <br /> <br />FROM: <br /> <br />Mike Serlet, P.E., Chief <br />Water Supply Planning and Finance Section <br /> <br />Dan McAuliffe <br />Deputy Director <br /> <br />DATE: <br /> <br />September 3, 2002 <br /> <br />SUBJECT: <br /> <br />Agenda Item 16b - September 10-12, 2002, Board Meeting <br />Water Supply Planning and Finance Section - Policy Review <br />Policy #16 - Construction Fund and Severance Tax Trust Fund Perpetual Base <br />Account Loan Service Charges <br /> <br />Introduction <br /> <br />This item is the review of a proposed new financial policy to implement changes made to <br />Section 37-60-119(2) C.R.S.by HB 02-1152, last year's Construction Fund Projects Bill. The <br />Statute now allows the Colorado Water Conservation Board (CWCB) to charge borrowers from the <br />Construction Fund and Severance Tax Trust Fund Perpetual Base Account fees, as the Board feels <br />are necessary, to recover the Boards' operational and maintenance charges in administering the <br />program loans. <br /> <br />Background <br /> <br />At the November 2001 Board meeting, the Board approved amending the above referenced <br />statute in anticipation of levying charges associated with the Construction Fund and Severance Tax <br />Trust Fund Perpetual Base Account loan program. A copy of Section 29 of HB 02-1152 showing <br />the revised language is attached. <br /> <br />The staff discussion at the November 2001 Board meeting regarding this matter included the <br />following statement: "The revisions to 37-60-119(2) relative to where the interest charges and other <br />charges are credited, refers to the Board levying future application fees, loan origination fees, or <br />other fees pertaining to the administration of the Construction Fund loan program. The monies <br />collected from such fees would be credited to the operational account of the Board to be used for <br />miscellaneous operational expenses. The fees would be established by the Board at a later time <br />depending on the needs of the Board at that time and the work load of staff in administering the loan <br />program." <br /> <br />Flood Protection. Water Supply PlaI1I1ing and Finance. Stream and Lake Protection <br />Water Supply Protection. Conservation and Drought Planning <br /> <br />~ <br />