2016 Colorado Revised Statutes
Title 39 - Taxation
Specific Taxes
Article 29 - Severance Tax
§ 39-29-109.5. Interest differential - public school energy efficiency fund - creation - uses - definitions - repeal

(1) As used in this section, unless the context otherwise requires:

(a) "Colorado energy office" means the Colorado energy office created in section 24-38.5-101, C.R.S.

(a.5) "Fund" means the public school energy efficiency fund created in subsection (2) of this section.

(b) "Interest differential" means the increase in interest earned from the deposit and investment of the moneys in the severance tax funds that results from the requirement that amounts withheld pursuant to section 39-29-111 and estimated taxes owed pursuant to section 39-29-112 be paid monthly to the department of revenue, rather than quarterly, and the requirement that such amounts be paid electronically. For purposes of determining the interest differential based on the requirement that the amounts be paid electronically, it shall be assumed that a payment is received by the department two business days earlier than the payment otherwise would have been if it had been mailed.

(c) "Public school" means a school maintained and operated by a school district.

(d) "School district" means a school district organized and existing pursuant to law; except that "school district" does not include a junior college district.

(e) "Severance tax funds" means the state severance tax trust fund created in section 39-29-109 and the local government severance tax fund created in section 39-29-110.

(2) On December 1, 2007, and the first day of every third month thereafter up to and including September 1, 2015, the legislative council staff shall calculate the interest differential earned during the prior calendar quarter and notify the state treasurer of such amount. Upon receiving notice, the treasurer shall transfer an amount equal to the interest differential from the severance tax funds to the public school energy efficiency fund, which is hereby created in the state treasury; except that the total transfer to the fund for any state fiscal year shall not exceed one million five hundred thousand dollars. Moneys in the fund are hereby annually appropriated to the Colorado energy office for the purposes set forth in subsection (3) of this section. All income and interest derived from the deposit and investment of the moneys in the fund shall be credited to the fund.

(3) The Colorado energy office shall use moneys appropriated from the fund to establish and manage a program to improve energy efficiency in public schools. In administering the program, the office shall give consideration to whether a public school or school district is located in an area socially or economically impacted by the development, processing, or energy conversion of minerals and mineral fuels subject to taxation under this article. The program shall include the following features:

(a) Assisting school districts in financing energy efficiency upgrades for public schools through energy performance contracts, as defined in section 29-12.5-101 (3), C.R.S.;

(b) Assisting in the design of new public school buildings that are more energy efficient;

(c) Assisting school districts in increasing the effectiveness of their utility budget management;

(d) Providing training and supporting resources related to energy efficiency for school districts; and

(e) Providing funding for the administration of the renewable energy and energy efficiency for schools loan program created in section 22-92-104, C.R.S.

(4) During the 2007 legislative interim, the interim committee to study the allocation of severance tax and federal mineral lease revenues, which was created in Senate Joint Resolution 07-042, enacted at the first regular session of the sixty-sixth general assembly, shall study the allocation of the interest differential required by this section.

(5) This section is repealed, effective July 1, 2017.