NOTE: The governor signed this measure on 4/13/2015.
      
      
      HOUSE BILL 15-1245
      
      
      BY REPRESENTATIVE(S) Vigil, Becker K., Brown, Fields, Ginal,
      Young;
      also SENATOR(S) Sonnenberg, Johnston.
      
      
      Concerning the authority of the state board of land
           commissioners to use a specified portion of the investment
           and development fund moneys for asset maintenance.
      
      
      Be it enacted by the General Assembly of the State of Colorado:
      
           SECTION 1.  Legislative declaration. (1)  The general assembly
      hereby finds and declares that:
      
           (a)  In the 2014-15 state fiscal year, and in previous fiscal years, the
      state board of land commissioners has been appropriated seventy-five
      thousand dollars for maintenance expenses on the state's trust lands;
      
           (b)  The state board of land commissioners estimates, based on
      acreage and assets, that annual maintenance costs are more than
      seventy-five thousand dollars, but less than one million dollars;
      
           (c)  The state board of land commissioners investment and
      development fund was created in 2005 to be used at the discretion of the
      state board of land commissioners to provide for the development of
      additional value-added benefit for the state's trust lands;
      
           (d)  It is important for the state to support the state's investment in
      state trust lands to support the school trust beneficiaries; and
      
           (e)  It is logical and appropriate for the investment and development
      fund to be used for the continued maintenance of the state's trust lands
      because such maintenance will provide additional value-added benefit.
      
           SECTION 2.  In Colorado Revised Statutes, 36-1-153, amend (2)
      (a) and (4) as follows:
      
           36-1-153.  Investment and development fund. (2) (a)  Moneys in
      the fund shall be used at the discretion of the state board of land
      commissioners to hire staff, contract for services, make purchases, make
      annual payments on any lease-purchase agreements the state board
      instructed the state treasurer to enter into as allowed in section 36-1-118.5,
      and take such other actions as the state board deems appropriate to provide
      for the development of additional value-added benefit for the state's trust
      lands, including both portfolio enhancement and additional income. Such
      actions may include, but are not limited to, the rezoning, platting, master
      planning, or other development activities that increase the value of or rate
      of return from the state's trust lands. The state board of land
      commissioners may also use up to one million dollars per fiscal
      year of the moneys in the fund for asset maintenance, including,
      but not limited to, upkeep and replacement of buildings,
      agricultural sprinklers, fences, windmills, and water wells.
      
           (4)  On or before January 31, 2006, and each January 31 thereafter
      through January 31, 2011, and On or before November 1, 2011, and on or
      before each November 1 thereafter, the state board of land commissioners
      shall deliver information on the portfolio enhancement and additional
      income generated as a result of this section, including information
      detailing the use of the fund for asset maintenance, as specified in
      section 36-1-102 (8). Each report shall include estimates of the increase in
      portfolio enhancement and income for the then-current fiscal year and the
      five succeeding state fiscal years.
      
           SECTION 3.  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.
      
      
      
      
      ________________________________________________________
      Dickey Lee Hullinghorst                Bill L. Cadman
      SPEAKER OF THE HOUSE                     PRESIDENT OF
      OF REPRESENTATIVES                         THE SENATE
      
      
      
      
      
      
      ____________________________  ____________________________
      Marilyn Eddins                      Cindi L. Markwell
      CHIEF CLERK OF THE HOUSE                 SECRETARY OF
      OF REPRESENTATIVES                         THE SENATE
      
      
      
      
                  APPROVED________________________________________
      
      
      
      
      
                                    _________________________________________
                                    John W. Hickenlooper
                                    GOVERNOR OF THE STATE OF COLORADO