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