Bill Summary for Bill Number HB05-1285

Final
BILL SUMMARY for HB05-1285

HOUSE COMMITTEE ON FINANCE

Votes:

Action Taken:

Moved amendment L.001. (The amendment would add a
Refer HB 05-1285, as amended, to the Committee of

Pass Without Objection
PASS

01:45 PM -- House Bill 05-1285 - Concerning the Management of Oil and Gas Fund Balances

Representative Buescher, prime sponsor, distributed amendment L.001 (Attachment D) and a fact sheet on House Bill 05-1285 (Attachment E) to committee members. He explained that House Bill 05-1285 combines the Oil and Gas Conservation Fund and the Oil and Gas Environmental Response Fund into the Oil and Gas Conservation and Environmental Response Fund. He stated that the bill requires the Colorado Oil and Gas Commission to ensure that, on and after July 1, 2007, the two-year average of the unobligated portion of the fund does not exceed $2 million at any time and that there is an adequate balance to address environmental response needs.

The following persons testified:

01:53 PM -- Mr. Brian Macke, Director of the Colorado Oil and Gas Conservation Commission, and Ms. Wendy Schultz, Colorado Oil and Gas Conservation Commission, testified in support of the legislation.

01:55 PM -- Mr. Ken Wonstolen, Colorado Oil and Gas Association, testified in support of the legislation. Mr. Wonstolen discussed Colorado's production levels for oil and gas wells and discussed the benefits of a consolidated fund.


BILL:	HB05-1285
TIME:	02:03:30 PM
MOVED:	McCluskey
MOTION:	Moved amendment L.001. (The amendment would add a section that would combine moneys in the new fund.) The motion passed without objection by those members present.
SECONDED:	Marshall
		VOTE
	Benefield
	Cloer	Excused
	Crane
	Frangas
	Garcia
	Jahn
	Marshall
	Massey
	May M.
	McCluskey
	Witwer
	Judd
	Vigil
Not Final YES: 0 NO: 0 EXC: 1 ABS: 0 FINAL ACTION: Pass Without Objection


BILL:	HB05-1285
TIME:	02:05:15 PM
MOVED:	Garcia
MOTION:	Refer HB 05-1285, as amended, to the Committee of the Whole. The motion passed on a 12-0-1 vote.
SECONDED:	Marshall
		VOTE
	Benefield	Yes
	Cloer	Excused
	Crane	Yes
	Frangas	Yes
	Garcia	Yes
	Jahn	Yes
	Marshall	Yes
	Massey	Yes
	May M.	Yes
	McCluskey	Yes
	Witwer	Yes
	Judd	Yes
	Vigil	Yes
Final YES: 12 NO: 0 EXC: 1 ABS: 0 FINAL ACTION: PASS