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<br />a.B. <br /> <br />(1988 Session) <br /> <br />. <br /> <br />SEC7ION 2. Aoditional autho.',zations. (~) Pu:"suant to <br />sec~ion 37-6C-1Z2 (1) (D), Co)oraoo Rev,sed S:atutes, :he <br />Coioraoo ~ater conservat10n board is nereby authorized :0 ioan <br />moneys to tne Drcnaro City Irri9ation Dis:ric:, Grand Vailey <br />~a:er Use.s Association, Uncompah9re Valley ~ater Users <br />Association, Orchard Mesa Irriga:ion Dis:ric:, Overland Ditcn <br />and Reservoir Company. City of For: Collins, Nortn Pouore <br />Irri9a:ion Distric:, and the ~ater Supply and Storage Comoany <br />to enaoie each entity, if it cnooses to 00 so, :0 repurcnase <br />from tne United States oureau of reclamation, pursuant to <br />section 5301 of the feoeral Ou0get reconciliation act of 1967. <br />:ne outstanding loans ~nicn eacn entity has ~itn the bureau of <br />reclamation. <br /> <br />(2) The total sum whiCh the board may loan to all of the <br />entities Shall not exceed $7.5 million. The poard snall loan <br />to eacn entity a minimum of fifty percent of the moneys for <br />the repurchase of i:s ioan or loans from the bureau of <br />reclamation, or a lesser amount on a prorata basis ~ith all <br />entities if the to~a'. sum au:norized is insufficient. Tne <br />board may loan to an entity more than fifty percent of the <br />moneys for :ne repurcnase of its ioan or ioans if the board <br />ce:e~ines tnat :n~s is necessa~y to make it financieily <br />possibie for an entity :0 repurcnase its ioan or ioans. <br /> <br />(3) Loans made by the board pu:"suant to this section <br />shall bear interest c. tne rate o~ five oe:cen: pe~ annu~. <br />Sucn ioans shali nave repayment perioes of not more than forty <br />yea:"s, ~i:n SUCh repayment perioes to De as short as possible <br />c~ns~s~en: with ~he finai.:ial resources of eaCh en:~:y. <br /> <br />(4) Con::"acts ente:"ed into oy the board pu:"suant to <br />sec:;on 3i-6G-ll9 (2), Ccioraco Revised Statutes, icr :ne <br />purposeS of this section shall, pursuant :0 section 37-60-:20 <br />(1), ColoradO Revised Statutes. contain sucn terms and <br />c:nditions as will e~su~e reoeymen: of runes made avaiiaoie oy <br />4t. Fu~~hei~o~e, the ~oe;c sneli net maKe any ioan au:~or~zed <br />by this sec:icn uniess i: is satisfied, in ~ts soie <br />cisc:"etion. that tne rec.;pient of any such loan wili be aDie <br />:e make repayment pu,:""sueii: ':0 :ne :eims and c~ndi:ions <br />es:aDlished oy :ne boa:"c and by this section. <br />