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<br />Existing State Financing Mechanisms for Water project Development <br /> <br />I <br /> <br />1. Direct Appropriation: By specific bill or inclusion in the <br />annual Long Bill, the legislature can directly appropriate <br />funds to specific water projects. This has occurred in a few <br />instances. <br /> <br />Source: General fund appropriation <br /> <br />Features: Terms and conditions determined by provisions of <br />specific appropriation statute. <br /> <br />2. CWCB Construction Fund: The legislature authorizes <br />expenditure for specific projects from moneys previously <br />appropriated to the fund. <br /> <br />Source: General fund appropriations and allocations from <br />mineral leasing fund. <br /> <br />Features: Loan program administered under construction fund <br />statutes. Currently loans are for 50% of project <br />costs to be repaid in 40 years with a 5% service <br />charge. <br /> <br />3. Severance Tax Trust Fund: "The fund is to be perpetual and <br />held in trust as a replacement for depleted natural resources <br />and for the development and conservation of the state's water <br />resources. "Projects may be authorized pursuant to those <br />provisions of the CWCB Construction Fund in section 37-60-119 <br />and 122. <br /> <br />Beginning June 30, 1981, 50% of taxes received are credited <br />to the state severance tax trust fund and the remainder to <br />the local government severance tax fund. <br /> <br />Source: <br /> <br />Revenues received from severance taxes on mineral <br />extraction. <br /> <br />I <br /> <br />Features: Loan program guided by some construction fund <br />provisions. Repayment to fund required. <br />