LEG00184

• Bill Number: HB83-1320
• Year: 1983
• Title: Concerning the Fiscal Policy of the State
• Legislation - Doc Type: Other CWCB Related Bills - Passed

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ADDITION OF A NEW SECTION to read:

24-75-211. Augmentation of the general fund through
transfers of certain moneys to meet cash flow needs and
prevent a deficit restoration of funds - suspension and
resum tion of transfers to the hi hwa users tax fund - fiscal
emergency fund. 1) (a) On the effective date of thlS
section, all moneys not' otherwise committed 'pursuant to
contract entered into prior to the effective date of this
section in the severance tax trust fund created by section
39-29-109, C.R.S. 1973, and all moneys in the Colorado water
conservation board construction fund created by section
37-60-121, C.R.S. 1973, except for moneys committed pursuant
to contract entered into prior to the effective date of this
section, seven million eighty thousand dollars for the
Chatfield project channel improvement authorized by section 4
of chapter 344, Session Laws of Colorado 1979, and one million
two hundred eighty thousand dollars for feasibility studies
and other expenses authorized by sections 37-60-122 (1) (c)
and 37-60-121 (4), C.R.S. 1973, are transferred to the fiscal
emergency fund, which fund is hereby created in the office of
the state treasurer; except that the amount of moneys
transferred from the Colorado water conservation board
construction fund shall not exceed twenty-two million five
hundred thousand dollars. All moneys otherwise accruing to
such fund~etween the effective date of this section and June
30, 1983,'shall also be deposited in the fiscal emergency
fund.

(b) The portion of net revenue from sales and use taxes
which would otherwise be transferred to the highway users tax
fund for the months of March, April, May, and June of 1983,
specified in section 39-26-123 (2) (c) (I) (D), C.R.S. 1973,
sha 11 be trans ferred instead to the fi sca 1 emergency fund.

(c) From time to time as they accrue during the 1983-84
fiscal year, those moneys in the lottery fund created in
section 24-35-210, which would otherwise be available for
capital construction purposes, may be transferred to the
fiscal emergency fund as provided in section 24-35-210 (4)
(c), upon written order of the governor after approval by the
joint committee on deficit prevention; except that in no case
shall the total of all such transfers exceed twelve million
five hundred thousand dollars.

(d) As soon as possible after June 20, 1983, the state
treasurer shall transfer an amount equal to the revenues
derived from the additional one-half of one percent sales and
use taxes imposed by sections 39-26-106 (1) and 39-26-202
which were collected in the month of May, 1983, from the
general fund to the fiscal emergency fund. The state
treasurer shall make similar transfers of said additional

PAGE 5-HOUSE BILL NO. 1320