LEG00009

• Bill Number: SB96-170
• Year: 1996
• Title: Concerning the Severance Tax Trust Fund and Making an Appropriation in Connection Therewith
• Legislation - Doc Type: Other CWCB Related Bills - Passed

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1996

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SENATE BILL 96-170

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BY SENATORS~Bishop, L Powers,: and .Tebedo; .

also REPRESENTATIVES Dyer, Acquafresca, Chlouber, Entz, Friednash,

Lamborn', Paschall, Schwarz, :anoTaylor.
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CONCERN'ING qHE SEVERANGE . iTAX \. TRUST. FUND, AND MAKING AN
APPROPRIATION IN CONNECTION THEREWITH.'

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Be it enacted by the General'. Assembly of the Sta'te. of Colorado:

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~~C~~-~N.-'1. 39~29~i~.~-..il)~~d . (3'), J .Col~-~ad~ Revised
Statutes, 1994 Repl. Vol., are amended to read:
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.39-29-109.' Severance;. tax . trust fund j:- created -
administration - use of moneys. (1) (a) There..is hereby created
in the office of the state treasurer the severance tax trust fund.
The fund is to be perpetual: and held in trust as a replacement for
dep 1 eted natura 1 resources and for the deve 1 opment and
conservation of the state's. water resources pursuant to sections
37-60-106 (1) (j) and (1) (1), 37-60-119, and 37:-60-122, C.R.S.,
AND FOR THE USE IN FUNDING PROGRAMS THAT PROMOTE. AND ENCOURAGE
SOUND NATURAL RESOURCE PLANNING, MANAGEMENT, AND DEVELOPMENT
RELATED TO MINERALS, ENERGY ,GEOLOGY, AND WATER. State severance
tax receipts shall be credited to the severance tax trust fund as
provided in section 39~29-108. ALL INCOME DERIVED FROM THE
DEPOSIT AND' INVESTMENT OF THE MONEYS IN THE SEVERANCE TAX TRUST
FUND SHALL BE CREDITED TO THE GENERAL FUND. AT THE END OF ANY
FISCAL YEAR, ALL UNEXPENDED AND UNENCUMBERED MONEYS IN THE FUND
SHALL REMAIN THEREIN AND SHALL.NOT BE CREDITED OR TRANSFERRED TO
THE GENERAL FUND OR ANY OTHER FUND. ALL MONEYS IN THE FUND SHALL
BE SUBJECT TO APPROPRIATION BY THE GENERAL ASSEMBLY FOR THE
FOLLOWING PURPOSES:

Capital letters indicate new material added to existing statutes;
dashes through words indicate deletions from existing statutes and
such material not part of act.