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BOARD01816
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Last modified
8/16/2009 3:07:40 PM
Creation date
10/4/2006 7:02:54 AM
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Template:
Board Meetings
Board Meeting Date
11/19/2001
Description
CF Section - Proposed Statute Revisions Construction Fund and Severance Tax Trust Fund Perpetual Base Account
Board Meetings - Doc Type
Memo
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<br /> <br />. <br /> <br />. <br /> <br /> <br />. <br /> <br />Repeal of Horse Creek Basin Account <br /> <br />Horse Creek Basin Account - repeal.: <br /> <br />(1) Section 37-60-122.4 is hereby repealed and any unreserved funds in the account shall <br />be returned the Colorado water conservation construction fund: <br />3760 122.4, Horse Creek basin account creation,(l) There is hereby ereated in the <br />state treasury as part of the Colorado water conservation board construction fund tho H-erse Croele <br />basin account. The stato troasurcr is heroby authorized and directed to transfer nine hundred <br />fifteen thollsand dollars from the Colorado water conservation board construction fund to the <br />Horse Creek basin account. <br />(2) The Colorado water conservation board is authorized to make loans from the <br />Horso Creek basin account to finance the costs of acquiring water rights f-or augmentation, the <br />engineering and legal costs of adjudication of an augmentation plan, and the costs associated <br />'.vith obtaining an operating agreoment to facilitate said augmentation plan for water users in the <br />Horse Creek basin aroa, Tho Colorado water oonselyation board is authorized to contraot, <br />pursuant to seotion 37 60 119 (2), for tho loans speoified in this subseotion (2), The loans shall <br />be subjeot to an interest rate and ropa)1llont period to be determined solely by the Colorado water <br />conservation board, Tho Colorado water oonservation board shall, pursuant to section 37 60 120 <br />(1), require such terms and conditions in any contract entered into pursuant to thiD subsection (2) <br />that will ensure repayment of the loan, <br />(3) The Colorado water consocvation board is heroby authorizod to loan the Horse <br />Crock wator lIsers association the amount of eight hundred twenty five thousand dollars <br />($825,000) from the Horse Creek basin account c,cated in subsection (1) of this soction, pursllant <br />to the tenus and conditions of subsection (2) of this seotion, <br /> <br />Discussion <br /> <br />The Horse Creek Basin is located east of Colorado Springs, SB 97-008 authorized the <br />creation of the Horse Creek Basin Account in the Construction Fund with an initial balance of <br />$925,000, The Board was authorized to make loans from the account to borrowers in the Horse <br />Creek basin for the purpose of acquiring water rights, The Board approved an initial loan of <br />$825,000 from the account for the Horse Creek Water Users Association, The remaining <br />$90,000 was returned to the Construction Fund unreserved cash based on a decision by the DNR <br />Controller, Therefore the repeal of this account is strictly a housekeeping measure to clean up <br />the statutes, <br /> <br />11 <br /> <br /> <br />- <br />
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