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<br />t <br />( <br />- <br /> <br />e <br /> <br />e <br /> <br />STATE OF COLORADO <br /> <br />Colorado Water Conservation Board <br /> <br />Department of Natural Resources <br />1313 Sherman Street, Room 721 <br />Denver, Colorado 80203 <br />Phone: (303) 866-3<<1 <br />FAX: (303) 866-4474 <br />www.cwcb.state.co.us <br /> <br /> <br />Bill Owens <br />Governor <br /> <br />MEMORANDUM <br /> <br />Greg E. Walcher <br />Executive Director <br /> <br />Rod Kuharich <br />CWeB Director <br /> <br />TO: <br /> <br />Colorado Water Conservation Board Members <br /> <br />Mike Serlet, P.E., Chief, lij ( <br />Water Supply Planning ;gtllyrlance Section <br /> <br />Dan McAuliffe <br />Deputy Director <br /> <br />FROM: <br /> <br />DATE: <br /> <br />July 12, 2002 <br /> <br />SUBJECT: Consent Agenda Item 2a - July 23-24, 2002, Board Meeting <br />Water Supply Planning and Finance Section - Policy Revisions <br />Financial Policy #7 - Annual Construction Fund and Severance Tax Trust Fund <br />Perpetual Base Account Lending Rate Determination <br /> <br />Introduction <br /> <br />The Board requested staff to review Financial Policy #7 relative to paragraph 4. Paragraph 4, <br />sentence 2 of the current policy (attached) states that "Because Colorado cannot afford to lose these <br />resources to urbanization and other growth-related factors, the Agricultural Rate will be calculated as 50 <br />percent of the Baseline Rate rounded to the nearest one-quarter of one percent." <br /> <br />Background <br /> <br />Policy #7 was established in 1995 in order to establish an annual lending rate structure for the <br />Construction Fund and the Severance Tax Trust Fund Perpetual Base Account. The Policy has been <br />revised on four occasions to clarify and adjust the policy to changes in the administration of the Board's <br />water project loan programs. <br /> <br />At the May 20, 2002 Board meeting, the Board requested staff to revise sentence 2 of paragraph <br />4 to read as follows: "To help sustain the vitality of these economies, the Agricultural Rate will be <br />calculated as 50 percent of the Baseline Rate rounded to the nearest one-quarter of one percent." <br /> <br />Flood Protection. Water Supply Planning and Finance. Stream and Lake Protection <br />Water Supply Protection. Conservation and Drought Planning <br />