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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(1) Section 37-60-122.4 is hereby repealed and any unreserved funds in the account shall 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 />37 60 122,4, Horse Creek basin account creation,(1) There is hereby created in the <br />state treasmy as part of the Colorado water conservation board construction fund the Horse Creek <br />basin account, The state treasurer is hereby authorized and directed to transfer nine hundred <br />fifteen thousand dollars from the Colorado water conservation board construotion fund to the <br />Horse Cr-eok basin aooount. <br />(2) The Colorado water conservation board is authorized to make loans from tho <br />Horse Croek basin aooount to finanoe the oosts of aoquiring w-ator rights for allgmentation, the <br />engineering and legal costs of adjudication of an augmentation plan, and the costs associated <br />with obtaining an operating agreement to facilitato sacid augmentation plan for water USefS in the <br />Horse Creek basin area, The Colorado water conservation board is authorized to contraot, <br />pmsuant to seotion 37 60 119 (2), f-or the loans spocified in this subsootion (2), The loans shacll <br />be subjoot to an interest rate and repayment poriod to be determinod solely by the Colorado witter <br />oonservation boar-d, The Colorado wator conservation board shall, pursuant to section 37 60 120 <br />(l ), require suoh terms and oonditions in any contract enterod iato pmsuant to this subsection (2) <br />that 'NiII ensure repa)Wl3Ht of the loan, <br />(3) The Colorado water conservation bOrn'd is hereby authorized to loan the Horse <br />Creek water users association the amount of eight hundred twerJty fi"e thousand dollrn's <br />($825,000) from the Home Creek basin account created in subsection (1) of this section, pursuant <br />to the terms and conditions of subsection (2) ofthis section, <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 remaiuing <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 aocount is strictly a housekeeping measure to clean up <br />the statutes, <br /> <br />11 <br /> <br /> <br />- <br />