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<br />borrowed. In contrast, it might take a pledge of $4 or $5, or <br />more, of some other tax which is a less stable source of revenues <br />to raise $1 of capital. <br /> <br />~s a consequence of this situation, one must look not only <br />at the amount of revenues which various taxes could raise, but <br />also at the amoun t of capital wh ich can be raised based upon a <br />pledge of future revenues. Since property taxes are the most <br />desirable source of pledged revenues, it may be desirable to <br />consider reinstituting the state property tax now provided for in <br />the State Constitution. <br /> <br />Summary and Conclusions <br /> <br />l\. large portion of Colorado's needed water conservation and <br />rehabilitation projects cannot generate enough revenues to pay <br />for themselves. Thus, if these needs are to be met and <br />Colorado's compact entitlements protected over the next two <br />decades, substantial sums of tax revenues must be devoted to this <br />purpose. <br /> <br />Such tax revenues could be accumulated over time to "pay as <br />you go" for project construction and rehabilitation. However, <br />the need is so great for both water development and other capital <br />investments that such a policy may not permit a timely and <br />effective response to the investment needs which Colorado <br />confronts. <br /> <br />~ <br />Under these circumstances, careful consideration~needs to be <br />given to the desirability of embarking on a general obligation <br />financing program in Colorado. This in turn will necessitate <br />examining the need for a constitutional amendment.~' <br />im pI erne n,tat-iGf\-ef-the-&t~e4'-t~y-tax now pt:'ov-ided-for--in t h J <br />~State - Cons-tit'ut,ion.. <br /> <br />-9- <br />