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<br />1 WATER EFFICIENCY. THE OFFICE SHALL REVIEW THE APPLICATIONS AND e <br />2 MAKERECOMMENDATIONSTO THE BOARD REGARDING THEAWARDING AND <br />3 DISTRlBUTION OF GRANTS TO APPLICANTS WHO SATISFY THE CRITERIA <br />4 OUTLINED IN TIllS SUBSECTION (12) AND THE GUIDELINES DEVELOPED <br />5 PURSUANT TO SUBSECTION (7) OF TIllS SECTION. <br />6 (c) THIs SUBSECTION (12) IS REPEALED, EFFECTIVE JULY 1, 2008. <br />7 SECTION 2. 39-29-109 (1) (c) (III), Colorado Revised Statutes, <br />8 is amended to read: <br />9 39-29-109. Severance tax trust fund - created - administration <br />10 - use of moneys - repeal. (1) (c) (III) (A) It is the intent of the general <br />11 assembly that the operational account of the severance tax trust fund <br />12 . maintain a state fiscal year end balance equal to twiCe the current state <br />13 fiscal year's operating appropriations for the programs specified in this <br />14 paragraph (c). Moneys may be appropriated or otherwise made available . <br />15 from such two-year reserve only to offset temporary revenue reductions <br />16 in the programs specified in this paragraph (c); except that, if the general <br />17 assembly determines that transfers of moneys from the reserve are needed <br />18 during a state revenue crisis, such transfers shall be a loan from the <br />19 reserve to be repaid as soon as moneys are available. This provision is <br />20 intended to mitigate the impact of fluctuations in the amount of revenue <br />21 credited to the fund from year to year so as to maintain current levels of <br />22 service for such programs. <br />23 (B) NOTWITHSTANDING ANY PROVISION OF SUB-SUBPARAGRAPH <br />24 (A) OF TIllS SUBPARAGRAPH (III) TO THE CONTRARY, ON JULY 1,2005, THE <br />25 STATE TREASURER SHALL TRANSFER ONE MILLION FIVE HUNDRED EIGHTY <br />26 THOUSAND DOLLARS FROM THE RESERVE TO THE WATER EFFICIENCY <br />27 GRANT PROGRAM CASH FUND CREATED IN SECTION 37-60-126 (12), C.R.S., e <br /> -6- 1254 <br />