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<br />~ <br /> <br />. <br /> <br />. <br /> <br />DRAFT <br />1/29/86 <br /> <br />POSITION OF THE <br />COLORADO WATER CONSERVATION BOARD <br />CONCERNING <br />WATER PROJECT FINANCING LEGISLATION <br /> <br />February 3, 1986 <br /> <br />The Colorado Water Conservation Board believes that the state <br /> <br />should make tax monies available for the financing of water resource <br /> <br />development and flood control projects which are in the state's <br /> <br />interest, as determined by the Colorado General Assembly, but which <br /> <br />cannot be financed in private capital markets. This should be done <br /> <br />primarily through the use of long-term, low interest loans. The <br /> <br />Board recommends in this regard that section 37-60-121(1) (b) (III), <br /> <br />C.R,S., be amended to permit the Board to finance 100 percent of <br /> <br />the cost of project construction, especially for agricultural <br /> <br />projects, rather than only 50 percent, as is now the case. This <br /> <br />amendment is needed if water project development in the agricultural <br /> <br />sector is to go forward. <br /> <br />Currently, the only sources of state money available annually <br /> <br />for water project financing are the federal mineral leasing monies <br /> <br />and project repayments which are credited to the CWCB construction <br /> <br />fund. This amounts to only about $5 million per year at the present <br /> <br />time. Interest earned on the investment of cash in the CWCB con- <br /> <br />struction fund also accrues to the fund. This amount varies <br /> <br />substantially from year to year. Thus, future sources of funding <br /> <br />are relatively small~ <br /> <br />Given this fact, and given the need for future funding, the <br /> <br />Board urges the General Assembly to increase the state funding <br /> <br />available for water project development. It is also important to <br />