CO SB035

Prohibits all future transfers to the state general fund from five cash funds that receive mineral severance tax or federal mineral lease revenues: the higher education federal mineral lease revenues fund, higher education maintenance and reserve fund, local government permanent fund, local government mineral impact fund, and local government severance tax fund.

Allows one final transfer of $10 million from the local government severance tax fund to the general fund on June 30, 2011, but bars any additional transfers after that date.

Prohibits the governor from restricting moneys in these five funds from being used as required by law, effective January 1, 2011, preventing funds from being reserved for future transfers to the general fund.

Establishes that revenues from mineral severance and federal mineral leases are intended to support local governments impacted by mineral development and fund higher education capital projects in affected communities, not to backfill general fund shortfalls.

Declares the act necessary for immediate preservation of public peace, health, and safety under the safety clause provision.