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Severance tax trust fund - created - administration - use of moneys <br /> - repeal. <br /> (1) (a) There is hereby created in the office of the state treasurer the severance tax trust fund. <br /> The fund is to be perpetual and held in trust as a replacement for depleted natural resources and <br /> for the development and conservation of the state's water resources pursuant to sections 37-60- <br /> 106 (1) (j) and (1) (1), 37-60-119, and 37-60-122, C.R.S., and for the use in funding programs <br /> that promote and encourage sound natural resource planning, management, and development <br /> related to minerals, energy, geology, and water. State severance tax receipts shall be credited to <br /> the severance tax trust fund as provided in section 39-29-108. All income derived from the <br /> deposit and investment of the moneys in the severance tax trust fund shall be credited to the <br /> severance tax trust fund. At the end of any fiscal year, all unexpended and unencumbered <br /> moneys in the fund shall remain therein and shall not be credited or transferred to the general <br /> fund or any other fund. All moneys in the fund shall be subject to appropriation by the general <br /> assembly for the following purposes: <br /> (I) The perpetual base account. The moneys in the fund as of July 1, 1995, and one-half of <br /> the severance tax receipts credited to the severance tax trust fund for fiscal years commencing on <br /> and after July 1, 1995, shall be credited to the perpetual base account of the severance tax trust <br /> fund and used for state water projects pursuant to sections 37-60-119 and 37-60-122, C.R.S. The <br /> authorization and contract for each such project shall require repayment of principal and interest <br /> to the severance tax trust fund and moneys so repaid shall be credited to the perpetual base <br /> account of the severance tax trust fund. Grants shall not be made, unless specifically authorized <br /> by the general assembly acting by bill. <br />