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<br />. <br /> <br />. <br /> <br />. <br /> <br />Notes to the Financial Statement <br /> <br />Severance Tax Trust Fund Pemetual Base Account Revenue <br /> <br />Total cash revenue to the Severance Tax Trust Fund Perpetual Base Account is <br />based on several sources of income including principal and interest on existing loans, <br />interest from cash invested by the State Treasurer, and cash receipts from the Severance <br />Tax Trust Fund. <br /> <br />Unreserved Cash <br /> <br />Unreserved cash in the Severance Tax Trust Fund Perpetual Base Account at the <br />beginning of the state fiscal year is based on the end of period financial information <br />provided to us by the State Treasurer's Office. <br /> <br />Recommended De-authorized Proiects <br /> <br />There are no de-authorized projects to be recommended by staff this year. If de- <br />authorized projects are recommended and approved, the money would be available for <br />new projects. <br /> <br />Statutory Limitations <br /> <br />In considering recommendations for projects to the General Assembly, the Board <br />should be aware of the following criteria and limitations set by statute: <br /> <br />1. Section 39-29-109 (1) (a) (1), CRS provides that "".pursuant to sections 37-60-119 <br />and 37-60-122, C.R.S. The authorization and contract for each such project shall <br />require repayment of principal and interest to the severance tax trust fund and <br />moneys so repaid shall be credited to the perpetual base account of the severance tax <br />trust fund. " <br /> <br />2. Section 37-60-121 (I) (b) (V), CRS provides that "all other means offinancing shall <br />be thoroughly explored before use is made offund moneys." <br /> <br />3. The leadership of the General Assembly has indicated several times in recent years <br />that the CWCB loan fund (therefore the Severance Tax Trust Fund Perpetual Base <br />Account) should not be used to finance annual operation and maintenance projects. <br /> <br />NovOO item13aSTFunds <br /> <br />A vailable.doc <br />