HB06-1400

• Title: House Bill 06-1400
• IBCC - Doc Type: Legislation

days after June 7, 2005, the governor shall appoint a director of compact
negotiations, who WHICH OFFICE IS HEREBY CREATED IN THE OFFICE OF THE
GOVERNOR. THE DIRECTOR OF COMPACT NEGOTIATIONS shall act as the
overseer and caretaker of the compact negotiations process established in
this article.

SECTION 5. 39-29-109 (1) (c) (I) (D) and (1) (c) (Ill) (A),
Colorado Revised Statutes, are amended to read:

39-29-109. Severance tax trust fund - created - administration
- use of moneys - repeal. (1) (c) (I) For fiscal years commencing on and
after July 1, 1997, the executive director of the department of natural
resources shall submit with the department's budget request for each fiscal
year a list and description of the programs the executive director
recommends to be funded from the operational account of the severance tax
trust fund. The state minerals, energy, and geology policy advisory board
established pursuant to section 34-20-104, C.R.S., shall review the
executive director's recommendation before submittal. The general
assembly may appropriate moneys from the total moneys available in the
operational account of the severance tax trust fund to fund reconunended
programs as follows:

(D) For programs within the Colorado water conservation board
AND FOR PURPOSES AUTHORIZED BY ARTICLE 75 OF TITLE 37, c.R.S., up to
five percent of the moneys in the operational account.

(Ill) (A) It is the intent of the general assembly that the operational
account of the severance tax trust fund maintain a state fiscal year end
balance equal to twice the current state fiscal year's operating appropriations
for the programs specified in this paragraph (c); EXCEPT THAT MONEYS
APPROPRIATED FOR PURPOSES AUTHORIZED BY ARTICLE 75 OF TITLE 37,
C.R.S., SHALL NOT BE CONSIDERED IN ESTABLISHING SUCH TWO-YEAR
RESER VE. Moneys may be appropriated or otherwise made available from
such two-year reserve only to offset temporary revenue reductions in the
programs specified in this paragraph (c); except that, if the general assembly
determines that transfers of moneys from the reserve are needed during a
state revenue crisis, such transfers shall be a loan from the reserve to be
repaid as soon as moneys are available. This provision is intended to
mitigate the impact of fluctuations in the amount of revenue credited to the
fund from year to year so as to maintain current levels of service for such

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