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<br />1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br /> <br />the board shall require such terms and conditions in such contracts as will <br />ensure repayment of funds made available by it. The board shall not <br />disburse any moneys for any loan authorized by subsection (1) of this <br />section unless and until it is satisfied, at its sole discretion, that the <br />recipient of any such loan will be able to make repayment pursuant to the <br />terms and conditions established by the board and by subsection (1) of <br />this sectiofi. <br />SECTION 2. Project loan authorizations from the severance <br />tax trust fund perpetual base account. (1) Pursuant to section <br />39-29-109 (1) (a) (1), Colorado Revised Statutes, the Colorado water <br />conselVation board is hereby authorized to loan moneys from the <br />severance tax trust fund perpetual base account to enable the construction <br />of the following water resources projects with the following priority: <br />Priority .Borrower-project Loan Amount <br />(a) Highland Ditch COIllpany - Foothills $ 1,040,000 <br />Reservoir Dam Rehabilitation <br />(b) City of Fort Morgan - Raw Water $ 4,000,000 <br />Pipeline b <br />(c) Northern Colorado Water Association $ 900,000 <br />- Purchase of Wells and Water Rights <br />Total $ 5,940,000 <br />b Loan to refinance a water project wholly or partially completed. <br />(2) The Colorado water conservation board may make loans for <br />the construction of the projects specified in subsection (1) of this section <br />from such moneys as are or may hereafter become available to the <br />severance tax trust fund perpetual base account Said loans shall be in the <br /> <br />-4- <br /> <br />e <br /> <br />e <br /> <br />1189 <br /> <br />e <br />