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<br />02264 , <br />, H ACT CREAT.ING <br />/ <br /> <br />\ <br /> <br />A Colorado Water Developing Revolving Fuhdo <br /> <br />The purpose. of this Act is to stililulate int:ere'st ili the further conservation of the <br /> <br />waters of Colorado and.particularly.iri the putting.intO beneficial use more the <br />water arising in the state of Colorado, and to provide fit1ilnciaf aid, within . limit a.. <br /> <br />tions, in this programo. <br /> <br />., <br /> <br />This Act.is designed primarily for.the purpose of providing financial aid in the <br />construction of new facilities for the usenf .water and net for the reh8.bili tating ~ <br />of old and present facilities, biitsh1ill not be construed to prevent its use 'in :~ <br />- --- '"--"" <br /> <br />the rehabilitating of an old 'and present facilitYJ prOvided, the rehabilitating. <br />program is in conjunction with ari emlargement progi-am which wiilincrease.the <br />capacity of tnejiresent .facility in an amount of n.ot'less than__ye'r cent~ <br />Funds. .to be loaned to wate:tusers' under this' Act shail"be secured fforn'th'e sale 'of' , <br /> <br />'. j <br /> <br />Hevenue Bonds by the state. 'oT 'Cororado .for thia exi,re.ss' pUrposeo.. <br /> <br />.! i" <br /> <br />The initial. authbrization shall be.for. <br /> <br />Dollars and for a' term of: thirty <br /> <br />(30) years' from date .of' is'sueo: <br /> <br />,. <br /> <br />, . <br /> <br />.r <br /> <br />Securityto.the state of' Colorado. for its bonds so'issued.shall be~ 'e.' first <br />mortgage to the State of" Colorado:bn~ the. faciUties,' cans'l's and da.ms'soconsiructed:. <br /> <br />.., <br /> <br />together with such other collateral security.as may be.requiI"ed by the Board <br />~ich administers this Act, .and in' no instance shall 'the .amount' of .the lo~n.be in <br /> <br />excess of eighty five. (85%) per cent of the engineers est~nate of the over-all cost <br /> <br />of constructing the facilityo. <br /> <br />No loan shall be made: to a water 'using as.sociation ih which .the amount of the loan <br /> <br />is greater than Two Hundred Thousand ($200,000) Dollars UNTIL a.water.Cunservancy. <br /> <br />District shall have been .created, as provided by statute, for the purpose of <br /> <br />rendering financial. assistance to the.water using association .in meetihg its.. commit- <br /> <br /> <br />ments under the terms of. the loan t.o the Sfate of 'coiorado. <br /> <br />Interest to be charged water users. who. borrow under.this Act. to construct facilities. <br /> <br />, . <br />shall in no instance be less than One (1%): Fer cent greater than'the interest t11e <br />