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1 THE ADDITION OF A NEW SECTION to read: <br /> • <br /> 2 39-26-123.2. Credit of sales and use tax receipts to <br /> 3 Colorado water resources development and litigation fund. An <br /> 4 amount equal to one-eighth of one percent of the net revenue <br /> 5 from sales and use taxes which otherwise would be credited to <br /> 6 the general fund shall be credited to the Colorado water <br /> 7 resources development and litigation fund created in section <br /> 8 37-96-101, C.R.S. Such transfer shall be made as soon as <br /> 9 possible after the twentieth day of the month following the <br /> 10 collection of such tax. <br /> 11 SECTION 6. 39-26-202 (1), Colorado Revised Statutes, <br /> 12 1982 Repl. Vol . , as amended, is amended to read: <br /> 13 39-26-202. Authorization of tax. (1) There is imposed <br /> 14 and shall be collected from every person. in this state a. tax <br /> 15 or excise at the rate of three AND ONE-EIGHTH percent of 1 <br /> 16 storage or acquisition charges or costs for the privilege of <br /> 17 storing, using, or consuming in this state any articles of <br /> 18 tangible personal property purchased at retail. Such tax <br /> 19 shall be payable to and shall be collected by the executive <br /> 20 director of the department of revenue and shall be computed in <br /> 21 accordance with schedules or systems approved by said <br /> 22 executive director. <br /> 23 SECTION 7. Effective date. This act shall take effect <br /> 24 January 1, 1985. <br /> 25 SECTION 8. Safety clause. The general assembly hereby <br /> 26 finds, determines, and declares that this act is necessary <br /> -5- <br /> 1383 <br />