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<br />. <br /> <br />Representative Strahle <br />August 26, 1983 <br />Page 2 <br /> <br />We have discussed this issue with Mr. Lyle Kyle of Legislative Coun- <br />cil and it is his view that the General Assembly clearly intended to <br />transfer no more than $22.5 mill ion plu3 interest from the CWCB/CF <br />to the fiacal emergency fund. <br /> <br />Given the apparent conflict between legislative ,intent and the law, <br />we have decided to leave $1.6 million in cash in the CWCB/CF but we <br />have, pursuant to atatute, accrued that amount as revenue to the <br />fiscal emergency fund and a 1 iabU ity to the CWCB/CF. If you wish <br />to change the language in CRS 24-75-211 to clarify legislative <br />in tent, a b i 11 to this effect should be introduced to accomplish <br />this revision. It should be noted, however, that a general fund <br />balance of only $7,325 will not allow a transfer out of the general <br />fund without an appropriation from 198>-84 revenues. If no change <br />to CRS 24-75-211 is forthcoming, we will then proceed to transfer <br />the $1.6 million cash from the CWCB/cr to satisfy the liability' <br />established as' mentioned above. <br /> <br />Regardless of any further action, H.B. 1320 requires that the <br />CWCB/Cr be repaid all funds transferred plus interest by June 3D, <br />1984, assuming revenues are available for such repayment. <br /> <br />. If you have any questions regarding this matter, please feel free to' <br />contact either of us. <br /> <br />. <br /> <br />Sincerely, <br /> <br />Kenrleth H. Torp <br />Executive Director <br /> <br />~~A!J4'Ie~cc <br /> <br />~James A. Stroup <br />State Controller <br /> <br />. <br />