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<br />. <br /> <br />. <br /> <br />j <br /> <br />while funding mechanisms exist, they are currently subject <br />to several limitations. The major ones are: <br />(I) With minor exceptions, there are no earmarked sources <br />of revenues for any of the three financing vehicles. <br />Appropriations are made on an individual basis and have <br />been sporadic and in varying amounts. <br />(2) By virtue of the state constitution, financing for <br />water projects must come from current tax revenues since <br />the State cannot incur debt, <br />(3) Grants are not available for development of raw water <br />supplies. <br />(4) CWCB loans are limited to one-half of a project's cost <br />and f~deral sources of matching loans and grants have <br />nearly ceased. <br />In fa~hioning a program for state funding of future water <br />resources development, the following major questions will need <br />to be addressed: <br />(I) Should the State plan, construct, and fund new storage <br />projects when future immediate uses are largely <br />indeterminate and there may be no beneficial consumptive <br />uses to which to put the newly developed water? If such <br />projects are to be built, should the State be the owner of <br />them? Alternatively, should the State purchase key <br />reservoir sites to protect them from development and hold <br />them for future use? <br />(2) In light of (I) and limitations on available funding, <br /> <br />-9- <br />