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<br />, . <br /> <br />. <br /> <br />promote water project development. From this point of view, <br />state government carries out several general functions: <br /> <br />(1) Protection of Colorado's interests in interstate <br />waters. compacts. and U.S. supreme Court decrees, <br /> <br />(2) Protection of future development opportunities from the <br />adverse effects of federal programs. activities. and water <br />rights claims, <br /> <br />(3) Support for the authorization and construction of <br />federal projects, and <br /> <br />(4) Direct use of state money to finance water projects <br />(primarily through the CWCB construction fund and secondarily <br />through the initial appropriation to the Development Authority <br />to give it the start-up money with which to leverage revenue <br />bonds) . <br /> <br />After Board discussion, Mr. Robbins moved. seconded by Mr. <br />Lochhead. that the Board request the staff to prepare a useful <br />and constructive framework for the Board's further discussion <br />of pOlicies and strategies for water development in Colorado. <br />such discussions to provide for full opportunity for pUblic <br />input. <br /> <br />. <br /> <br />Motion adopted unanimously. <br /> <br />Aqenda Item 18 - Proposed Lease of Water to San Dieqo County <br />Water Authority - Appendix L <br /> <br />In introducing this item. Mr. McDonald stated that in <br />August. 1984. the San Diego County Water Authority. California <br />(the Authority). executed an "option agreement" with the <br />Galloway Group. Limited (Galloway), a Colorado corporation. <br />which agreement purports to give the Authority the right to <br />"lease" water from sources in the Upper Colorado River System. <br />At the same time. Galloway also offered to "lease" water from <br />each of the states of Colorado. Utah. and Wyoming. Each of <br />these transactions is briefly described in Mr. McDonald's memo <br />to the Board. dated November 9. 1984; this memo is included in <br />Appendix L. attached. <br /> <br />. <br /> <br />In the week immediately prior to the execution of the <br />option agreement between Galloway and the Authority. Galloway <br />through its Attorney presented to the governors of Colorado. <br />Utah, and Wyoming documents styled "option agreements." which <br />documents are identical to each other except that the one <br />offered to Utah includes a clause giving Utah "preferred <br />nation" status in the exercise of its option. These options. <br />which were offered to each governor for the sum of $10.000. <br />purport to give a state the right to enter into a "lease <br />agreement" by which the signatory state would lease 50,000 to <br /> <br />-17- <br />