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50 thi s act, year 1976, In Colorado, these monies amounted to $34.5 million and were distributed as follows:* in fiscal . $1,7 million to counties for roads and schools . $8,2 million to the state school fund . $24.6 million to the Colorado Oil Shale Lease Fund With the 1976 amendments, Colorado's share of revenues from this act will increase by one-third to 50 percent. There are no limitations on the use of this additional 12.5 percent, other than the general guideline that funds be used to assist local government entities which are socially or economically impacted by development of federal leases. In fiscal year 1977, Colorado is expected to receive an additional $3.3 million in non- oil shale money as a result of this increase in revenues. These funds could form the nucleus of an Energy Impact Assistance Fund. Oil Shale Lease Fund. The state has received, through fiscal year 1976, $73.8 million for deposit into the state Oil Shale Lease Fund. Interest earned on these monies was $2.7 million for the year endin9 June 30, 1976, and should exceed $3.0 million annually in the years ahead. The Colorado Legislature has appropriated $15.1 million from the Oil Shale Lease Fund through fiscal year 1977. All the money currently in the Oil Shale Lease Fund ($65.2 million as of August 1976) could be placed in the proposed Energy Impact Assistance Fund. However, it is the general opinion of the Advisory Committee that these monies should be reserved for those areas likely to be impacted by oil shale development and should not be made available for other types of energy impacts. In the event of massive development of oil shale, these funds can playa key role in the total public sector financing needs of the impacted areas. *Colorado Legislative Council, Memorandum No.9, "Federal Mineral Act of 1920--1975-76 Revenue Allocation and Recent Federal Amendments," September 17, 1976. " ..