Laserfiche WebLink
<br />') <br /> <br />" <br /> <br />e <br /> <br />Notes to the Financial Statement <br /> <br />Severance Tax Trust Fund PerPetual Base Account Revenue <br /> <br />Cash sources to the Severance Tax Trust Fund Perpetual Base Account include <br />principal and interest on loans, interest from cash invested by the State Treasurer, and <br />annual transfers to the fund from Severance Tax revenues. <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 were no de-authorized projects recommended by staff. <br /> <br />e <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 (I), CRS provides that the severance tax trust fund perpetual base <br />account shall be "usedfor state water projects pursuant to sections 37-60-119 and 37- <br />60-122, G.R.S. The authorization and contract for each such project shall require <br />repayment of principal and interest to the severance tax trust fund and money so <br />repaid shall be credited to the perpetual base account of the severance tax trust <br />fund" Therefore, grants are not allowed to be made from the severance tax trust fund <br />perpetual base account. <br /> <br />2. Section 37-60-119, CRS sets forth the type of projects to which the CWCB can loan <br />money. <br /> <br />3. Section 37-60-122, CRS requires General Assembly approval ofCWCB loans. <br /> <br />e <br /> <br />MartlO.7bmemo.doc <br />