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. . " DNR and the MEGA Board The passage of SB 96-170 was due in large part to the efforts of the state Minerals, Energy, and Geology Policy Advisory Board which was established in 1995 pursuant to Section 34-20-104, C,R,S, For the fiscal years commencing on or after July 1, 1997, the Executive Director of the Department of Natural Resources shall submit with the department's budget request for each fiscal year a list and description of the programs the Executive Director recommends to be funded fro m the Operational Account. The MEGA Board shall provide advice to the Executive Director on programs or projects that should receive a grant of funds from the Opera tional Account and shall also review the Executive Director's recommendation before submittal. At their July 10, 1996 meeting, the MEGA Board recommended that use of the Severance Tax Trust Fund for water project construction and water planning "give preference to energy impacted areas," It should be noted, however, that several counties historically active in the mining industry are not currently active in severance tax collections or distributions, Proiected Balance of the Perpetual Base Account In September 1996, the Department of Local Affairs revised their projections of severance tax revenue and the beginning balance in the Perpetual Base Account (PBA) as shown below, Projected Severance Tax Revenue ($M) Year O&G Coal Molv Total PBA Balance 1997 8,312 6,782 0,277 15.371 2,593 3,583 1998 11.736 6,755 0,311 18,802 4,701 6,176 1999 5,569 6.778 0,367 12,715 1.786 10,876 2000 9,123 6,767 0,390 16.281 4,070 12,663 The above projection assumes no loans from the account, and therefore, no interest Income, Proposed Criteria for Loans from the Perpetual Base Account Potential uses of the Perpetual Base Account as a funding source for the CWCB's Water Project Construction Loan Program could include the following types of projects: I, Construction of new or enlarged raw water reservoirs 2, Rehabilitation of existing reservoirs restricted by the State Engineer 6