HB10-1155 Summary

• Creates a state emergency reserve cash fund to receive all severance tax revenue from gold, silver, platinum, and palladium beginning September 1, 2010

• Requires the state treasurer to use all moneys in the fund to purchase precious metals, which are designated as part of the state emergency reserve

• Mandates storage of state precious metals at the state capitol beginning July 1, 2012, with the division of central services providing secure storage and state patrol providing additional security

• Permits media outlets to annually view the state precious metals upon request

• Requires voter approval at the November 2010 general election for the act to take effect, with implementation date of August 11, 2010 if sine die adjournment occurs May 12, 2010