Laserfiche WebLink
<br />e <br /> <br />,e <br /> <br />- <br /> <br />ST A TE 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, (303) 866-3441 <br />FAX, (303) 866-4474 <br /> <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 />/IItL Peter H. Evans <br />ewes Director <br />Mike Serlet, P.E, 'ef, Water Supply Planning and Finance Section <br />Dan McAuliffe <br /> <br />FROM: <br /> <br />DATE: <br /> <br />Deputy Director <br /> <br />January 18, 2000 <br /> <br />SUBJECT: Agenda Item Sb, January 26-27, 2000 Board Meeting <br />Legislative Session 2000 <br />Availability of Construction Fund Monies for Flood Projects <br /> <br />Introduction <br /> <br />The November 1999 Board meeting included a discussion regarding the <br />availability of additional funds for flood control projects from the Construction Fund. <br />The Board expressed interest in allocating more than the standard 5% of Construction <br />Fund revenue to flood control projects or finding other means by which to fund such <br />projects. <br /> <br />Backl!:round / Discussion <br /> <br />Section 37-60-121 (1)(b)(Vll), C.R.S. imposes a limit on the amount of <br />Construction Fund monies that can be applied toward flood control projects, The statute <br />provides that "the Board may recommend to loan funds on floodplain projects not to <br />exceed five percent of the annual projected revenue earned by the fund. " <br /> <br />In order to increase the funds available for flood control projects in the <br />Construction Fund it would be necessary to amend the statute to include an amount <br />greater than the 5% limitation. <br /> <br />Section 39-29-109 (I)(a)(I), C.R.S. establishes the Severance Tax Trust Fund <br />Perpetual Base Account (STTFPBA) and provides that funds in the account may be <br />"usedfor state water projects pursuant to Sections 37-60-119 and 37-60-122, C.R,S. The <br />authorization and contract for each such project shall require repayment of principal and <br />interest to the severance tax trust fund... " <br /> <br />Jan2000.5bmemo <br />