CO SB142

Requires the United States to cede or extinguish title to all agricultural public lands within Colorado and transfer title to the state by December 31, 2014.

Establishes the state board of land commissioners as manager of transferred lands to produce reasonable and consistent income through prudent protection, sale, exchange, or disposition.

Directs that if agricultural public lands are sold, the United States receives 95% of net sale proceeds and Colorado retains 5%, which is credited to a newly created internal improvements trust fund.

Requires the trust fund principal to remain inviolate with only interest and income expendable: 50% annually credited to the state education fund and 50% available for water storage projects recommended by the Colorado water conservation board.

Effective date is August 7, 2013, unless a referendum petition is filed, in which case the act requires voter approval at the November 2014 general election.