Laserfiche WebLink
<br />is empowered to enter into contracts which are, in its opinion, necessary for the <br />maintenance and continued operation of such projects. <br /> <br />(2) The sponsor of a project may not initiate or incur costs for final designs and . <br />specifications for a project, nor award a contract for, proceed with, or in any manner <br />incur costs for construction of a project, until such sponsor has complied with all <br />procedures and requirements of the board. If a sponsor fails to comply with the board's <br />procedures and requirements, the board may, at its discretion, withhold or terminate all <br />or a portion of the board's fInancial contribution to or loan for a project, <br />notwithstanding the authorization of the same by the general assembly, or the board <br />may require such assurances from the project sponsor as the board deems necessary in <br />order to adequately protect the board's investment in a project. <br /> <br />(3) The board may adjust the authorized interest rate, extend the authorized <br />repayment period for any project, and defer one or more annua1 payments if, in the <br />board's opinion, the entity requesting such adjustment, extension, and deferment <br />demonstrates that it has encountered significant and unexpected financial difficulties and <br />that it has been duly diligent in its efforts to comply with the repayment provisions of <br />its contract with the board. <br /> <br />37-60-122.9. Colorado river recovery program loan account - creation. (1) There is <br />hereby created in the state treasury as pan of the Colorado water conservation board <br />construction fund the Colorado river recovery program loan account for the purpose of <br />making loans to the Colorado river and San Juan river recovery programs for the <br />construction or improvement of certain water related projects in Colorado, under . <br />agreements with power users of the federal Colorado river storage project, required to <br />recover the four endangered fish species of the upper Colorado river, including the San <br />Juan river. <br /> <br />(2) The Colorado water conservation board shall recommend loans from the <br />Colorado river recovery program loan account to the general assembly pursuant to section <br />37-60-122 (1) (b). The loans shall be subject to an interest rate and repayment provisions <br />to be determined by the Colorado water conservation board. <br /> <br />(3) The state treasurer is hereby authorized and directed to transfer to the <br />Colorado river recovery program loan account, created in subsection (I) of this section, <br />out of any moneys in the Colorado water conservation board construction fund not <br />otherwise appropriated, the sum of two million dollars. Interest earned on the funds in the <br />Colorado river recovery program loan account shall be credited to the Colorado water <br />conservation board construction fund, created in section 37-60-121 (1). <br /> <br />. <br />