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<br />But, this legislation, what it does is sets aside some of <br /> <br />the large and growing severance tax dollars for the specific <br /> <br />purpose of helping the state of Colorado meet its water needs. <br /> <br />Obviously, the--we don't know how long the energy sector lS <br /> <br />gOlng to be here. We don't know how long these dollars are <br /> <br />gOlng to be around. And one of the things that Speaker George <br /> <br />and Senator Isgar and I talked about this summer was talking <br /> <br />about ways where we can capture that and set that aside, and to <br /> <br />invest it in ways that are going to help the state of Colorado <br /> <br />meet its needs. <br /> <br />And obviously, historically, the severance tax dollars have <br /> <br />been used for water purposes. And this is really an <br /> <br />augmentation of that. But, it adds the new twist that it <br /> <br />specifically requlres that the expenditures be approved by the <br /> <br />local Basin Roundtable within whose area the project or activity <br /> <br />would take place. And there's actually an amendment that would <br /> <br />clarify that coming In the next few moments. <br /> <br />So, it lS good legislation that we hope will kick-start the <br /> <br />negotiation and discussion and action phase of the 1177 process. <br /> <br />And it does so In a way that protects the prerogatives of those <br /> <br />local roundtables. Again, they will have final say on the <br /> <br />projects or activities that are approved under Senate Bill 179. <br /> <br />So, with that, I would be happy to answer any questions. <br /> <br />Chairperson Curry: Representative Gardner? <br /> <br />- 3 - <br />