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<br />.. <br /> <br />outlined in this subsection (12) and the guidelines developed pursuant to <br />subsection (7) of this section. <br /> <br />(c) This subsection (12) is repealed, effective July 1, ZB$ 2012. <br /> <br />SECTION 2. 37-60-126..5 (3) and (4), Colorado Revised Statutes, <br />are amended to read: <br /> <br />37-60-126.5. Drought mitigation planning - programs - <br />relationship to state assistance. (3) The board is hereby authorized to <br />EXPEND REVENUES FROM THE WATER EFFICIENCY GRANT PROGRAM CASH. <br />FUND AND TO recommend the appropriation and expenditure of such <br />revenues as is necessary from the unobligated balance of the five-percent <br />share of the operational account of the severance tax trust fund designated <br />for use by the board for the purpose of assisting covered entities and other <br />state and OR local governmental entities to develop drought mitigation plans <br />identified as sufficient by the office. <br /> <br />(4) Dy July 1,2005, The board shall adopt guidelines for the office <br />to use in reviewing, and evaluating, AND APPROVING drought mitigation <br />plans submitted by covered entities OR OTHER STATE OR LOCAL <br />GOVERNMENTAL ENTITIES in accordance with this section. The:, gttiddines <br />shall define the method for submitting plans to the. office and shall specify <br />how the officc w ill prioritize the distribution of moneys. <br /> <br />SECTION 3. 39-29-109 (1) ( c) (III) (B), Colorado Revised Statutes, <br />is amended, and the said 39-29-109 (1) ( c) (III) is further amended BY THE <br />ADDITION OF A NEW SUB-SUBPARAGRAPH, to read: <br /> <br />39-29-109. Severance tax trust fund - created - administration <br />- use of moneys - definitions - repeal. (1) (c) (III) (B) Notwithstanding <br />any provision of sub-subparagraph (A) of this subparagraph (III) to the <br />contrary, on July 1,2005, the state treasurer shall transfer one million five <br />hundred eighty thousand dollars from the reserve to the water efficiency <br />grant program cash fund created in section J7-GO-12G (13), 37-60-126 (12), <br />C.R.S., for use in funding grants in accordance with said section. The <br />moneys transferred pursuant to this sub-subparagraph (B) shall be in <br />addition to and shall not replace any moneys appropriated to the Colorado <br />water conservation board pursuant to sub-subparagraph (D) of subparagraph <br />(I) of this paragraph (c). This sub-subparagraph (B) is repealed, effective <br /> <br />PAGE 4-SENA TE BILL 07-008 <br />