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<br />- --0- - --- <br /> <br />CHAPTER 107 <br /> <br />NATURAL RESOURCES <br /> <br />HOUSE BILL 02-1041 [Digest] <br /> <br />BY REPRESENTATIVE(S) Rippy, Berry, Fritz, Hefley, Hoppe, Jahn, Jameson, Kester, Larson, Mace, <br />Miller, Plant, Scott, Snook, Swenson, Webster, and White; <br /> <br />also SENATOR(S) Taylor, Entz, Hernandez, Isgar, and Pascoe, <br /> <br />AN ACT <br /> <br />CONCERNING THE MAINTENANCE OF A SUFFICIENT BALANCE IN THE <br />OPERATIONAL ACCOUNT OF THE SEVERANCE TAX TRUST FUND TO FUND THE <br />RECOMMENDED PROGRAMS FOR TWO STATE FISCAL YEARS. <br /> <br />Be it enacted by the General Assembly of the State of Colorado: <br /> <br />SECTION 1. 39-29-109 (1) (c), Colorado Revised Statutes, is amended BY THE ADDITION OF <br />A NEW SUBPARAGRAPH to read: <br /> <br />39-29-109. Severance tax trust fund - created - administration - use of moneys - repeal. <br />(I) (c) (III) IT IS THE INTENT OF THE GENERAL ASSEMBLY THAT THE OPERATIONAL <br />ACCOUNT OF THE SEVERANCE TAX TRUST FUND MAINTAIN A STATE FISCAL YEAR <br />END BALANCE EQUAL TO TWICE THE CURRENT STATE FISCAL YEAR'S OPERATING <br />APPROPRIATIONS FOR THE PROGRAMS SPECIFIED IN THIS PARAGRAPH ( c). MONEYS <br />MAY BE APPROPRIATED OR OTHERWISE MADE AVAILABLE FROM SUCH TWO-YEAR <br />RESERVE ONLY TO OFFSET TEMPORARY REVENUE REDUCTIONS IN THE PROGRAMS <br />SPECIFIED IN THIS PARAGRAPH (c); EXCEPT THAT IF THE GENERAL ASSEMBLY <br />DETERMINES THAT TRANSFERS OF MONEYS FROM THE RESERVE ARE NEEDED DURING <br />A STATE REVENUE CRISIS, SUCH TRANSFERS SHALL BE A LOAN FROM THE RESERVE <br />TO BE 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 <br />THE FUND FROM YEAR TO YEAR SO AS TO MAINTAIN CURRENT LEVELS OF SERVICE <br />FOR SUCH PROGRAMS. <br /> <br />SECTION 2. Safety clause. The general assembly hereby finds, determines, and declares that <br />this act is necessary for the immediate preservation of the public peace, health, and safety, <br /> <br />http://www.state.co.us/gov_dir/leg_dir/olls/sI2002a1sLI07.htm <br /> <br />6/17/2002 <br />