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<br />-.. <br /> <br />'_B. <br /> <br />(1988 Session) <br /> <br />, <br /> <br />SECTION 2. Addi~ional authorizations. (1) Pursuant to <br />sec~ion 37-60-122 (Ii (b), ~Oloraoo i(eV1sed Statutes, the <br />Coloraoo water conservation board is hereby authorized to loan <br />moneys to the OrChard City Irriaation DiStrict, Grand Valley <br />Water Use-s Association, Uncompahgre Valley Water Users <br />Association, OrChard Mesa Irrication District, Overland DitCh <br />and Reservoir Como any , City Of" Port Collins, North Pouore <br />Irrigation District, and the ~ater Suoply and Storaoe Company <br />to enable each enti~y, if it Chooses to 00 so, to repurcnase <br />from the United States oureau of reclamation, pUrsuant to <br />section 5301 of the feoeral buooet reconciliation act of 1967, <br />the outstanding loans which each entity has with 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 57.5 million. The ooard shall loan <br />:0 eacn entity a minimum of fif:y pe~cent of :he moneys for <br />the repurchase of its loan or loans from the bureau of <br />reclamation, or a lesser amount on a prora~a basis with all <br />entities if the to~al. sum authoi~2ed is insufficient.~ The <br />board may loan ~o an en~ity more :han fif:y percent of the <br />moneys for the repurchase of its loan or loans if the board <br />oetermines that this is necessary to make it financially <br />possible for an entity to repurChase its loan or loans. <br /> <br />(3) Loans made by the board pursuant to this section <br />sMail bear interes: a: tne rate of five peicen~ per annu~. <br />SUCh loans shall have repayment perioes of not mOre than forty <br />years, with SUCh repayment perioes to Oe as ShOrt as possiole <br /> <br />cor.s~s~er.: w~:n :~e <br /> <br />~. ... <br />i1na;;::ial <br /> <br />~esour:es <br /> <br />" . <br />OJ e:.:n f!i:i:Y. <br /> <br />(4) Contracts entered ,nto by the board pUrsuant to <br />section 37-50-119 (2), Coloraco Revised Statutes, for the <br />purpeses of this section snail, pursuant to section 37-6D-120 <br />(1), ColoradO Revised Statutes, contain such terms and <br />conditions as wili a~SUie ;e~aymen: of funos mace avaiiabie by <br />I~. FUi:he~cie, the Deere snell net maKe any loan au:~or4zed <br />by this section unless it is satisfied, in its so.'e <br />diSCretion, that the recipient of any sucn loan will b~ abie <br />~c make repayment pu;suan: ~o ~ne :eims and conoi:ions <br />estaolished by the boaro and by this section. <br />