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<br />1979 <br /> <br /> <br />')") <br /> <br />o <br /> <br />~ <br /> <br />~~ <br /> <br />- <br /> <br />SENATE BILL NO. 170. BY SENATORS Anderson, Bishop, Clark, Cole, <br />L. Fowler, Gallagher, Hefley, McCormick, Noble, Phelps, Powers, <br />Schaefer, Soash, Yost, and Zakhem; also REPRESENTATIVES Spano, <br />Callihan, Edmonds, Erickson, Gustafson, Hinman, Larson, Lillpop, <br />Reeves, Theos, .and Winkler. <br /> <br />CONCERNING STATE WATER PROJECTS, AND PROVIDING AUTHORIZATION AND <br />FUNDING THEREFOR. <br /> <br />8e il enacted ~ the General Assembly of the State of Colorado: <br /> <br />SECTION 1. 39-29-109 (I), Colorado Revised Statutes 1973, <br />as amended, is amended to read: <br /> <br />39-29-109. Severance tax trust fund created <br />administration. (1) There is hereby created in the office of <br />the state treasurer the severance tax trust fund. The fund is to <br />be perpetual and held in trust as a replacement for depleted <br />natural resources AND FOR THE DEVELOPMENT AND CONSERVATION OF THE <br />STATE'S WATER RESOURCES PURSUANT TO SECTIONS 37-60-106 (1) (j) <br />AND (1) (I), 37-60-119, AND 37-60-122, C.R.S. 1973. A-portion-of <br />State severance tax receipts shall be credited to the severance <br />tax trust fund por~oant-to AS PROVIDED 1N section 39-29-108. <br />REPAYMENT OF MONEYS FROM THE SEVERANCE TAX TRUST FUND USED FOR <br />STATE WATER PROJECTS SHALL 8E REQUIRED IN THE AUTHORIZATION AND <br />CONTRACT FOR EACH SUCH PROJECT, AND MONEYS SO REPAID SHALL BE <br />CREDITED TO THE SEVERANCE TAX TRUST FUND. The income from the <br />investment of such trust fund shall be deposited in the state <br />general fund. <br /> <br />SECTION 2. 39-29-108 (2), Colorado Revised Statutes 1973, <br />as amended, is amended to read: <br /> <br />39-29-108. Allocation <br />the total gl'oss receipts <br />imposed on minerals and <br />this article after June 30, <br /> <br />of severance tax <br />realized from the <br />mineral fuels under <br />1981, FIFTY PERCENT <br /> <br />revenues. (2) OF <br />severance taxes <br />the provisions of <br />shall be credi ted <br /> <br />Capital letters indicate new material added to existing statutes; <br />dashes through words indicate deletions from existing statutes and <br />such material not part of act. <br />