(a) The severance tax perpetual base fund. (I) Repealed.
(I.5) There is hereby created in the state treasury the severance tax perpetual base fund, also referred to in this subsection (2)(a) as the fund, which the Colorado water conservation board, also referred to in this subsection (2)(a) as the board, shall administer. The state treasurer shall transfer money to the fund from the severance tax trust fund, as specified in this section. The fund also includes any money that the general assembly may appropriate or transfer thereto. The money in the fund is continuously appropriated to the board for purposes authorized by this subsection (2)(a).
(II) One-half of the severance tax receipts credited to the fund for fiscal years commencing on or after July 1, 2009, shall be credited to the severance tax perpetual base fund and used as specified in subsection (2)(a)(II.5) of this section; except that the total amount of severance tax receipts credited to the severance tax perpetual base fund during the fiscal year shall not exceed fifty million dollars unless the cap established in subsection (2)(a)(III) of this section is exceeded. The authorization and contract for each project must require repayment of principal and interest to the fund, and money repaid is credited to the severance tax perpetual base fund.
(II.5) The board shall use the money in the fund:
(A) For state water projects pursuant to sections 37-60-119 and 37-60-122;
(B) To direct the state treasurer to transfer amounts to the water supply reserve fund created in subsection (2)(c) of this section; and
(C) To direct the state treasurer to transfer amounts to the interbasin compact committee operation fund created in section 37-75-107.
(D) Repealed.
(III) For fiscal years commencing on or after July 1, 2009, the state treasurer shall transfer the moneys credited to the fund that are not credited to either the severance tax perpetual base fund or the severance tax operational fund to the small communities water and wastewater grant fund created in section 25-1.5-208
(4), C.R.S.; except that the maximum amount of moneys annually credited to the small communities water and wastewater grant fund shall not exceed ten million dollars.
(IV) to (XIII) Repealed.
(XIV) Notwithstanding any provision of this paragraph (a) to the contrary, on July 1, 2015, the state treasurer shall transfer five hundred thousand dollars from the fund to the Colorado water conservation board construction fund, created in section 37-60-121 (1)(a), C.R.S., for use by the Colorado water conservation board, created in section 37-60-102, C.R.S., to continue the watershed restoration program.
(XV) and (XVI) Repealed.
(XVII) Notwithstanding any provision of this paragraph (a) to the contrary, an amount equal to nineteen million one hundred thousand dollars in the fund is restricted from being used for any purpose whatsoever, until such time that the joint budget committee, by a majority vote, releases the restriction on some or all of the money.
(XVIII) Notwithstanding any provision of this subsection (2)(a) to the contrary, on June 30, 2018, the state treasurer shall transfer eleven million four hundred twenty-five thousand dollars from the fund to the general fund.
(XIX) to (XXI) Repealed.
(XXII) (A) Notwithstanding any other provision of this subsection (2)(a) to the contrary, on July 1, 2020, the state treasurer shall transfer forty-five million five hundred thousand dollars from the fund to the general fund.
(B) The general assembly hereby declares that the transfer specified in subsection (2)(a)(XXII)(A) of this section is necessary as a result of the precipitous decrease in general fund revenues and that it is the intent of the general assembly to transfer an equal amount back to the fund as soon as possible.
(XXIII) Repealed.
