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<br />805
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<br />Colorado Water Conservation Board
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<br />37-60-121
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<br />the same by the general assembly, or the board may- require such assurances from the pro-
<br />ject sponsor as the board deems necessary in order to adequately protect the board's
<br />investment in a project.
<br />(3) The board may adjust the authorized interest rate, extend the authorized repayment
<br />period for any project, and defer one or more annual payments if, in the board's opinion,
<br />the entity requesting such adjustment, extension, and deferment demonstrates that it has
<br />encountered significant and unexpected financial difficulties and that it has been duly dili-
<br />gent in its efforts to comply with the repayment provisions of its contract with the board.
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<br />Source: L. 71: p, 1344, ~ 2. C.R.s. 1963: ~ 149-1-20. L. 84: Entire section amended, p. 958,
<br />i 10, effective May 21. L. 85: Entire section amended, p, 1153. ~ 3, effective June 2. L. 96:
<br />(1) and (3) amended, p, 991, ~ 11. effective May 23.
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<br />37-60.121. Colorado water conservation board construction fund . creation of.. nature
<br />of fund. .. funds for investigations .. contributions ~ use for augmenting the general.
<br />fund. (1) (a) There is hereby created a fund to be known as the Colorado water conser.
<br />vation board construction fund, which shall consist of all moneys which may be appropriat-
<br />ed thereto by the general assembly or which may be otherwise made available to it by the
<br />general assembly and such charges that may become a part thereof under the terms of sec-
<br />tion 37-60-119. All interest earned from the investment of moneys in the fund shall be credo
<br />ited to the fund and become a part thereof. Such fund shall be a continuing fund to be
<br />expended in the manner specified in section 37-60-122 and shall not revert to the general
<br />fund of the state at the end of any fiscal year, ,
<br />(b) In the consideration of making expenditures from the fund, the board shall be guid-
<br />ed by the following criteria: . .'
<br />(I) The first priority .of the moneys available to the fund shall be devoted to projects
<br />which will increase the beneficial consumptive use of Colorado's undeveloped compact
<br />entitled waters; , . . .' .
<br />. (II) The balance of the moneys available to the fund shall be devoted to projects for
<br />the repair and rehabilitation of existing water starage and delivery systems,controlled
<br />maintenance of the satellite monitoring system authorized pursuant to section' 37.80'102
<br />(10), and for investment in water management activities and studies as provided in section
<br />37.60-119 (3);,. .' .
<br />., (III) The board's participation in the construction cost of a project shall be repaid and
<br />the board's costs or its participation in anyfeasibility'studiesshall be repaid to the board
<br />when construction on a project commences; . ' . .
<br />. (IV) The board shall participate in only those projects which can repay the board's
<br />investment. Grants shaUnot be made, unless specifically authorized by the general assem-
<br />bly acting by bill, and service charges and other terms of repayment shall be established by
<br />the board, . ' . ..... . .. ..'
<br />(V) All other means of financing shall be thoroughly explored before'use is made of
<br />fund moneys; . '.. .' "
<br />(VI) Afteduly 1,1981, domestic water treatment and distribution systems shall not be
<br />recommended by the board to the general assembly; ." '
<br />(VII) The board may recommend to loan funds on floodplain projects not to exceed
<br />five percent of the annual projected revenue earned by the fund; .
<br />(VIII) For all feasibility studies. the board shall ensure that the scope of the study is
<br />confined as nearly as possible to a single integrated project; and
<br />(IX) Any feasib~ity study oh proposed project shall include, to the extent deemed
<br />necessary by the board, an evalmition of: "', ." . . . . .
<br />(A) The water rights availableto a proposed project and the yieldthereof;
<br />(B) .The engineering and economic feasibility of a proposed project; and .
<br />(C) The anticipated economic, social, and environmental effects of a proposed project.
<br />. (c) and (d) Repealed., .' . .
<br />(2) . 'The board, in addition to the amount allocated to a project to cover the actual cost
<br />of construction, may allocate to the project constructed by it, under cantract or otherwise,
<br />such amounts as may be determined by it for investigating, engineering, inspection, and
<br />other expenses and may provide for the repayment of the same out of the first moneys
<br />repayable from the project under the contract far its construction, and such maneys so
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