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<br />'- <br /> <br />. <br /> <br />. <br /> <br />While funding mechanisms e~ist, they are currently subject <br />'- . <br /> <br />to several limit~tions. <br /> <br />The major ones ate: <br />. <br /> <br />J/IIt; <br /> <br />...... <br /> <br />(1) With minor exceptions, there are no ea~marked sources <br /> <br />of revenues for any of the three financing vehicles. <br /> <br />Appropriations are made on an individual basis and have <br /> <br />been sporadic and in varying amounts. <br />(2) By virtue of the state constitution, financing for <br /> <br />water projects must come from current tax revenues since <br /> <br />the State cannot incur debt. <br /> <br />(3) Grants are not available for development of raw water <br /> <br />supplies, <br />(4) CWCB loans are limited to one-half of a project's cost <br /> <br />and federal sources of matching loans and grants have <br /> <br />nearly ceased. <br /> <br />In fashioning a program for state funding of future water <br /> <br />resources development, the following major questions will need <br /> <br />to be addressed: <br /> <br />(1) Should the State plan, construct. and fund new storage <br /> <br />projects when future immediate uses are largely <br /> <br />indeterminate and there may be no beneficial consumptive <br /> <br />" <br /> <br />uses to -which to put the newly developed water? If such <br /> <br />projects are to be built, should the State be the owner of <br /> <br />them? Alternatively, should the State purchase key <br /> <br />reservoir sites to protect them from development and hold <br /> <br />them for future use? <br /> <br />(2) In light of (1) and limitations on available funding. <br /> <br />-9- <br />