BOARD02252

• Board Meeting Date: 5/16/2006
• Description: Legislative Update - Review of Important Water Legislation
• Board Meetings - Doc Type: Memo

studies, and environmental compliance;
Studies or analyses of structural and nonstructural water
projects or activities; and
Structural and nonstructural water projects or activities.

I Be it enacted by the General Assembly of the State of Colorado:
2 SECTION 1. 39-29-109 (I) (a), Colorado Revised Statutes, is
3 amended BY THE ADDITION OF A NEW SUBPARAGRAPH to read:

4 39-29-109. Severance tax trust fund - created - administration

5 - use of moneys - definitions - repeal. (I) (a) There is hereby created

6 in the office of the state treasurer the severance tax trust fund. The fund

7 is to be perpetual and held in trust as a replacement for depleted natural

8 resources and for the development and conservation of the state's water

9 resources pursuant to sections 37-60-106 (1) (j) and (1) (I), 37-60-119,
10 and 37-60-122, C.R.S., and for the use in funding programs that promote

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and encourage sound natural resource planning, management, and

12 development related to minerals, energy, geology, and water. State

13 severance tax receipts shall be credited to the severance tax trust fund as

14 provided in section 39-29-108. All income derived from the deposit and

15 investment of the moneys in the severance tax trust fund shall be credited

16 to the severance tax trust fund. At the end of any fiscal year, all

17 unexpended and unencumbered moneys in the fund shall remain therein

18 and shall not be credited or transferred to the general fund or any other

19 fund. All moneys in the fund shall be subject to appropriation by the

20 general assembly for the following purposes:

21 (III) THE WATER SUPPLY RESERVE ACCOUNT. SUBJECT TO THE

22 MAINTENANCE OF A TWO-YEAR RESERVE PURSUANT TO

23 SUB-SUBPARAGRAPH (A) OF SUBPARAGRAPH (III) OF PARAGRAPH (c) OF

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