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<br />detention policy with any agency, or political subdivision of this state or federal
<br />government, with individuals, with corporations, with organizations composed of
<br />citizens of this state, Any such contracts may provide for such charges to the using
<br />entity as, in the opinion of the board, are necessary and reasonable to recover the
<br />board's capital investment, together with operational, maintenance, and interest
<br />charges over the term of years agreed upon by contract. Interest charges shall be
<br />recommended by the board at between zero and seven percent on the basis of the
<br />project sponsor's ability to pay and the significance ofthe project to the protection of
<br />the ofthe state's stream corridors, Any such charges so collected shall be credited to
<br />and made a part of the Colorado water conservation board Stewardship of Colorado
<br />Stream Corridors Fund,
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<br />(f) To promote stream rehabilitation and improved floodplain management, the board is
<br />authorized to expend up to five hundred thousand dollars as demonstration grants on
<br />a fifty percent cost sharing basis for projects to improve stream corridors or to reduce
<br />the operational costs of improvement projects related to rehabilitation,
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<br />(g) The state of Colorado shall have the ownership and control of such portions of said
<br />projects, or shall take a sufficient security interest in property or take such bonds,
<br />notes, or other securities evidencing an obligation, as will assure repayment of funds
<br />made available by section 37-60-119, Any security interest in property taken under
<br />this subsection (1) may be perfected and enforced in the same manner as security
<br />interests under Article 9 of Title 4, c.R.S" notwithstanding any provision of section
<br />4-9-104, C.R, S, The board is empowered to enter into contracts which are, in its
<br />opinion, necessary for the maintenance and continued operation of such projects,
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<br />(1,.) The sponsor of a project may not initiate or incur costs for final designs and
<br />specifications for a project, nor award a contract for, proceed with, or in any manner
<br />incur costs for construction of a project, until such sponsor has complied with all
<br />procedures and requirements of the board, If a sponsor fails to comply with the
<br />board's procedures and requirements, the board may, at its discretion, withhold or
<br />terminate all or a portion ofthe board's financial contribution to or loan for a project,
<br />notwithstanding the authorization of the same by the general assembly, or the board
<br />may require such assurances from the project sponsor as the board deems necessary
<br />in order to adequately protect the board's investment in a project.
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<br />(i) The board may adjust the authorized interest rate, extend the authorized repayment
<br />period for any project and defer one or more annual payments if, in the board's
<br />opinion, the entity requesting such adjustment, extension and deferment demonstrates
<br />that it has encountered significant and unexpected financial difficulties and that it has
<br />been duly diligent in its efforts to comply with the repayment provisions of its
<br />contract with the board,
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<br />(j) Contributions of money, property, or equipment may be received and expended from
<br />any county, municipality, federal agency, water conservation district, metropolitan
<br />water district, conservancy district, water users' association, person, or corporation
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