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

(I) THE PERPETUAL BASE ,ACCOUNT. Re~aymeRt af maReys from
THE MONEYS IN THE FUND AS OF"JULY I, 1995, AND ONE-HALF OF THE
SEVERANCE TAX ,RECEIPTS CREDITtD 10 THE SEVERANCE TAX, TRUST FUND
FOR FISCAL YEARS COMMENCING ON AND AFTER JULY I, 1995-, SHALL BE
CREDITED TO THE PERPETUAL .BASEACCOUNT OF the severance tax trust
fund AND used for ,state 'water projects PURSUANT TO SECTIONS
37-60-119 AND: 37-60,.122, C.R.S. sliallbe rellYireEl'. iR The
authorization and contract for" each such project SHALL REQUIRE
REPAYMENT OF PRINCIPAL AND INTEREST TO THE SEVERANCE TAX TRUST
FUND and moneys so repaid shall be credited to the PERPETUAL BASE
ACCOUNT OF THE severance tax trust fund. Tlie i Rcame frBm tlie
iRvestmeRt af SYEIi tryst fYR. shall be Ele~asiteEl iR the state
, geRera 1 fYREl.

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(II) THE OPERATIONAL ACCOUNT. ONE-HALF OF THE SEVERANCE
TAX RECEIPTS CREDITED TO THE SEVERANCE TAX TRUST FUND FOR TAX
YEARS COMMENCING ON AND AFTER JULY I, 1995, SHALL BE CREDITED TO
THE OPERATIONAL ACCOUN~,OFcTHt SEVERANCE TAX TRUST FUND AND USED
TO FUND PROGRAMS ESTABLISHED,WITHIN THE COLORADO OIL AND GAS
CONStRVATION COMMISSION, THEi,COLORADO GEOLOGICAL SURVEY, THE
DIVISION OF MINERALS AND GEOLOGY, AND THE COLORADO WA1ER
CONStRVATION BOARD THAT PROMOTE AND ENCOURAGE SOUND NATURAL
RESOURCE PLANNING, MANAGEMENT, AND DEVELOPMENT RELATED TO
MINERALS';' ENERGY, GEOLOGY pANI) WATER, AS SET FORTH, IN PARAGRAPH
(c) OF THIS SUBSECTION '(l)'!l~" :1' .

(b) (I) gyri Rg tlie fi rEal year 1986 86, tliel'e slia 11 be
traRsfel'l'eEl, aYt af the seve"aRce tax tryst fYREl aREl iRta tlie
capita":c9RSll'yctiaR fYREl; tlirnym af se'/eRty fay!': mill iaR eight
IiYREl"eEl tliaysaREl Elallal's, \!liich caRstitYtes the amaYRts l'estal'eEl
te tt:le severaRte tax tryst...:AffiB iA attar-daRtS '#ith sectisn
21'7&'211'(2) (b) (II)', eR.S,,' aREl sediaR 39 29 108.& (2).

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(II) Thirty milliaR Elel1al's slial1 be tl'aRsfel'l'eEl fl'am tlie
se~e~aRte tax tryst fYR~ t8,th~ capital C8Rstrycti9R. fYRd Ae later
tliaR S~pteRlbel' 1; 1986 ;. : '

(c) (I) FOR FISCAL YEARs COMMENCING ON AND AFTER JULY I,
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 ASStMBLY MAY
APPROPRIATE MONEYS FROM THE TOTAL MONEYS AVAILABLt IN THE
OPERATIONAL ACCOUNT OF THE SEVERANCE TAX TRUST FUND TO FUND
RECOMMENDED PROGRAMS AS FOLLOWS:

(A) FOR PROGRAMS OR PROJECTS WITHIN THE COLORADO OIL AND
GAS CONSERVATION COMMISSION, UP TO FORTY-FIVE PERCENT OF THE

PAGE 2-SENATE BILL 96-170

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