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<br />. <br /> <br />2. Dedication of revenues <br />Revenues from the tax increaqe are credited to a new fund <br />called the Colorado Water Resources Development and <br />Mitigation Fund. <br /> <br />3. Nature of Fund <br />a. Continuing, fund. <br />b. Interest earned from investment of fund is credited to it. <br />c. Moneys credited to fund must be appropriated to be <br />available for use. <br />4. Use of fund <br />a. Construction of water projects, including feasibility <br />studies. <br />b. Dam safety and rehab. <br />c. For purposes established for the CWCB construction fund <br />and the Development Authority. <br /> <br />5. Compensation for transbasin diversions <br />a. Any project to divert "water from one basin for use in <br />another basin" shall require a mitigation plan to be <br />prepared by the Development Authority. <br />b. The mitigtion plan shall provide for, but not be limited <br />to: facilities to protect water quality, water supply, <br />aquatic habitat, recreational uses, and compact <br />requirementsl compensation for increased costs to <br />divertersl compensation for costs to local governmentl <br />etc. <br />c. Development ,Authority may participate in preparation of <br />EISs. <br />d. No construction on a transbasin diversion project can <br />start until the mitigation plan is approved by the <br />General Assembly and moneys appropriated to the <br />Development Authority for the required compensation. <br /> <br />Other Proposals <br /> <br />Representative Chris Paulson also has water project <br />financing legislation under consideration. His draft bill <br />contains provisions which are substantially the same as the <br />Alliance proposal. However, his bill will apparently also be <br />addressed to capital investments in highways, state buildings, <br />higher education, and other areas, rather than being limted to <br />water resources development. As of the writing of this memo, this <br />bill has not been introduced. <br /> <br />Discussion <br /> <br />The issue' before the Board is whether it would like to take <br />a position on any of the proposed legislation. It appears that <br />the substance of the Alliance proposal is the most likely vehicle <br />for legislative consideration of water project financing given <br />the amount of effort which has gone into its preparation by water <br />interests. <br /> <br />MEMORANDUM <br /> <br />-2- <br /> <br />January 28, 1986 <br />