Laserfiche WebLink
<br />days after June 7, 2005, the governor shall appoint a director of compact <br />negotiations, who WHICH OFFICE IS HEREBY CREATED IN THE OFFICE OF THE <br />GOVERNOR. THE DIRECTOR OF COMPACT NEGOTIATIONS shall act as the <br />overseer and caretaker of the compact negotiations process established in <br />this article. <br /> <br />SECTION 5. 39-29-109 (I) (c) (I) (D) and (I) (c) (III) (A), <br />Colorado Revised Statutes, are amended to read: <br /> <br />39-29-109. Severance tax trust fund - created - administration <br />- use of moneys - repeal. (I) (c) (I) For fiscal years commencing on and <br />after July 1, 1997, the executive director of the department of natural <br />resources shall submit with the department's budget request for each fiscal <br />year a list and description of the programs the executive director <br />recommends to be funded from the operational account ofthe severance tax <br />trust fund. The state minerals, energy, and geology policy advisory board <br />established pursuant to section 34-20-104, c.R.S., shall review the <br />executive director's recommendation before submittal. The general <br />assembly may appropriate moneys from the total moneys available in the <br />operational account of the severance tax trust fund to fund recommended <br />programs as follows: <br /> <br />(0) For programs within the Colorado water conservation board <br />AND FOR PURPOSES AUTHORIZED BY ARTICLE 75 OF TITLE 37, C.R.S., up to <br />five percent of the moneys in the operational account. <br /> <br />(III) (A) It is the intent of the general assembly that the operational <br />account of the severance tax trust fund maintain a state fiscal year end <br />balance equal to twice the current state fiscal year's operating appropriations <br />for the programs specified in this paragraph (c); EXCEPT THAT MONEYS <br />APPROPRIATED FOR PURPOSES AUTHORIZED BY ARTICLE 75 OF TITLE 37, <br />C.R.S., SHALL NOT BE CONSIDERED IN ESTABLISHING SUCH TWO-YEAR <br />RESERVE. Moneys may be appropriated or otherwise made available from <br />such two-year reserve only to offset temporary revenue reductions in the <br />programs specified in this paragraph ( c); except that, ifthe general assembly <br />determines that transfers of moneys from the reserve are needed during a <br />state revenue crisis, such transfers shall be a loan from the reserve to be <br />repaid as soon as moneys are available. This provision is intended to <br />mitigate the impact of fluctuations in the amount of revenue credited to the <br />fund from year to year so as to maintain current levels of service for such <br /> <br />PAGE 3-HODSE BILL 06-1400 <br />