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~ . . Severance Tax Trust Fund The Severance Tax Trust Fund was created in 1978 "", to be perpetual and held in trust as a replacement for depleted natural resources and for the development and conservation of the state's water resources pursuant to sections 37-60-106 (1) (j) and (1) (l), 37-60-119, and 37-60- 122, C.R,S...." The above citations refer to the Colorado Water Conservation Board's Water Project Construction Loan Program supported by the CWCB Construction Fund, However, all the money transferred to the Severance Tax Trust Fund was used for other purposes such as capital construction, a federal Uranium Mill Tailings Remedial Action Plan (UMTRAP), and to offset general fund budget shortfalls, Furthermore, the previous law required all interest from investments to revert to the General Fund, Consequently, no water projects wer e ever proposed to be financed through the Severance Tax Trust Fund, Senate Bill 96-170 Senate Bill 96-170, concerning the Severance Tax Trust Fund, was signed into law by Governor Romer on May 23, 1996, SB 96.170 reaffirmed the fund's original purpose and ~ ' expanded the use of the fund for" .. .funding programs that promote and encourage sound natural resource planning, management, and development related to minerals, energy, geology, and water." The bill also created two new accounts within the fund and made an appropriation for FY 97, The two new accounts are: . The Perpetual Base Account . The Operational Account Perpetual Base Account The moneys in the fund as of July I, 1995, and one-half of the severance tax receipts credited to the Severance Tax Trust Fund for fiscal years commencing on and after July I, 1995, shall be credited to the Perpetual Base Account of the Severance Tax Trust Fund and used for state water projects pursuant to sections 37-60-119 and 37-60-122, c.R.S, The authorization and contract for each such project shall require repayment of principal and interest to the Severance Tax Trust Fund and moneys so repaid shall be credited to the Perpetual Base Account of the Severance Tax Trust Fund, 3