Second Regular Session
              Sixty-fifth General Assembly
                    STATE OF COLORADO
                                                 INTRODUCED
                                                           
                                                           
 LLS NO. 06-0855.01 Thomas Morris        SENATE BILL 06-179
                   SENATE SPONSORSHIP
 Isgar,
 
                    HOUSE SPONSORSHIP
 Penry,
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Senate Committees
 House Committees
 
 
 Agriculture, Natural Resources & Energy
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                         A BILL FOR AN ACT
       Concerning additional financial support for water projects.
       
       
                           Bill Summary
       
            (Note:  This summary applies to this bill as introduced and does
       not necessarily reflect any amendments that may be subsequently
       adopted.)
       
            Creates the water supply reserve account ("account") in the
       severance tax trust fund ("fund").  Transfers the unencumbered and
       unexpended balance of the operational account of the fund at the end of
       each fiscal year into the account.  Continuously appropriates the moneys
       in the account to the Colorado water conservation board for water
       activities approved by a basin roundtable, including:
                Competitive grants for environmental compliance and
                 feasibility studies;
                Technical assistance regarding permitting, feasibility
                 studies, and environmental compliance; 
                Studies or analyses of structural and nonstructural water
                 projects or activities; and
                Structural and nonstructural water projects or activities.
       
       
       
       Be it enacted by the General Assembly of the State of Colorado:
            SECTION 1.  39-29-109 (1) (a), Colorado Revised Statutes, is
       amended BY THE ADDITION OF A NEW SUBPARAGRAPH to read:
            39-29-109.  Severance tax trust fund - created - administration
       - use of moneys - repeal.  (1) (a)  There is hereby created in the office of
       the state treasurer the severance tax trust fund.  The fund is 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., and for the use in funding programs that promote and
       encourage sound natural resource planning, management, and
       development related to minerals, energy, geology, and water.  State
       severance tax receipts shall be credited to the severance tax trust fund as
       provided in section 39-29-108.  All income derived from the deposit and
       investment of the moneys in the severance tax trust fund shall be credited
       to the severance tax trust fund.  At the end of any fiscal year, all
       unexpended and unencumbered moneys in the fund shall remain therein
       and shall not be credited or transferred to the general fund or any other
       fund.  All moneys in the fund shall be subject to appropriation by the
       general assembly for the following purposes:
            (III)  The water supply reserve account.  Subject to the
       maintenance of a two-year reserve pursuant to
       sub-subparagraph (A) of subparagraph (III) of paragraph (c) of
       this subsection (1), at the end of each fiscal year, the state
       treasurer shall transfer the unencumbered and unexpended
       balance of the operational account of the severance tax trust
       fund to the water supply reserve account, also referred to in
       this subparagraph (III) as the "account".  The moneys in the
       account are hereby continuously appropriated to the Colorado
       water conservation board for purposes authorized by this
       subparagraph (III).  All interest derived from the investment of
       moneys in the account shall be credited to the account.  Any
       balance remaining in the account at the end of any fiscal year
       shall remain in the account.  The board shall allocate moneys
       from the account only for water activities approved by a
       roundtable pursuant to article 75 of title 37, C.R.S., including
       but expressly not limited to:
            (A)  Competitive grants for environmental compliance and
       feasibility studies; 
            (B)  Technical assistance regarding permitting, feasibility
       studies, and environmental compliance;
            (C)  Studies or analyses of structural and nonstructural
       water projects or activities; and
            (D)  Structural and nonstructural water projects or
       activities.
            SECTION 2.  Safety clause.  The general assembly hereby finds,
       determines, and declares that this act is necessary for the immediate
       preservation of the public peace, health, and safety.