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(2) Twenty-five percent of all monies received,' other than from oil shale leases, would be paid into the public school fund. This preserves the same amount of money that was paid into the public school fund prior to the 1976 federal amendment. To illustrate, the sum of $8,177,627 was paid into the public school fund last year from mineral leasing funds. Under the proposed amendment, the same amount would be paid into the public school fund this year and in succeeding years, except that the amount will probably increase from year to year as additional revenues accrue to the mineral leasing fund. (3) Fifty percent of all monies received from the mineral leasing fund, except those received from oil shale leases, shall be paid to the counties from which the federal leasing money is derived, except that no county shall be paid in excess of $200,000 in any calendar year. There was considerable thought given to increasing the allocation to the counties. However, all payments made to the counties from mineral leasing funds will be deducted from the amount which the counties would otherwise receive for payments in lieu of taxes. TO increase the amount of mineral payments which the counties have historically received, would be self-defeating and deprive the state of substantial revenues. The proposed amendment to S. B. 35 therefore preserves the historical direct'distribution to counties which occurred prior to the 1976 federal amenrument. To illustrate, direct payments' to the counties from the mineral leasing fund last year totaled approximately $1,669,000. That same amount would be paid directly to the counties und~r the proposed amendment, except that that amount will also increase as payments from the federal government under the mineral leasing act also increase. In addition to the mineral leasing payments, the counties will receive directly from the federal government addi- tional payments computed under the federal act makingpa)yments to counties in lieu of taxes. The counties, their cities, school dis- tricts and other ~pecial districts will continue to receive other mineral leasing funds under the other provisions of these proposed amendments and from the oil shale trust fund. (4) The paragraph provides that ten percent of all monies received from the mineral leasing fund, except those monies received from oil shale leases, shall be paid 'into the Colorado Water Con- servation Board Construction Fund. However, these funds would have to be authorized for use on a project by project basis by the General Assembly. The funds could only be used in accordance with the purposes and priorities described in the federal act. The approximate annual amount distributed under this paragraph would be $1,300,000. However, unlike the other distributions, these monies would become part of a -2- 2340