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<br />. <br /> <br />. <br /> <br />~ <br /> <br />But the controller and accounting argue we can not make a loan from this account to Mr. Priesser <br />because it was not specifically authorized by the Legislature. However, the whole purpose of setting <br />up this account in the first place was to give the Board the authority to make loans from it so people <br />in the basin could purchase augmentation water rights. <br /> <br />nl!':.Cl1~sion <br /> <br />Legislative drafting staffhas taken a second look at the language in SB 97-008 and have stated <br />the reference to section 37-60-119 (2) refers to the authority of the Board to contract and the <br />requirements of that contract. It does not refer to the legislative approval process. <br /> <br />Ifwe are unable to convince accounting and the controller of our interpretation of the statute, the <br />only other alternative seems to be to recommend to the Board to approve the loan from our Small <br />Project Account. Mr. Priesser can't wait for another Legislative cycle to be completed. <br /> <br />Recommendation <br /> <br />Staff recommends the Board approve a loan in an amount of $90,000 to Mr. Priesser from the <br />Board's Small Project Account. The terms and conditions of the loan shall remain the same as <br />previously approved by the Board at their July 1997 meeting. <br /> <br />Attachments <br /> <br />L:IBOARDMEM\NOV97\97119A.DOC <br /> <br />2 <br />