15-34-115. Coal producer's license tax allocation. Coal producer's license taxes collected pursuant to 15-34-101 must be deposited in the coal producer's license tax bond account established in 90-3-1004 to pay debt service on outstanding bonds issued pursuant to Title 17, chapter 5, part 7. The state treasurer shall determine, on July 1 of each year, the amount necessary to meet all principal and interest payments on outstanding coal severance tax bonds and on outstanding coal severance tax school bond contingency loan bonds. If coal severance tax receipts retained in the coal severance tax bond fund and in the coal severance tax school bond contingency loan fund are insufficient to meet all principal and interest payments in that year, then the amount that is deficient must be retained in the coal producer's license tax bond account. At no time may the total amount retained in the coal severance tax bond fund, the coal severance tax school bond contingency loan fund, and the coal producer's license tax bond account exceed the amount necessary to make annual debt service payments for coal severance tax bonds and coal severance tax school bond contingency loan bonds. All coal producer's license tax revenue in excess of the amount retained for payment of annual debt service on outstanding coal severance tax bonds and coal severance tax school contingency loan bonds must be allocated as follows:
     (1) for the fiscal year beginning July 1, 1999, and until June 30, 2001, $2.3 million each fiscal year is allocated to the treasure state endowment special revenue account provided for in 17-5-703(4)(b), and beginning July 1, 2001, $600,000 is allocated to that account each fiscal year;
     (2) $2.5 million is allocated to the agriculture seed capital account, provided for in 90-9-301, to be used for purposes of Title 90, chapter 1, part 1, and Title 90, chapter 9, part 2;
     (3) beginning July 1, 2001, $1.7 million each year is allocated to the treasure state endowment regional water system special revenue account provided for in 90-6-715;
     (4) for fiscal year 2000 and future years, there is $600,000 allocated to the department of administration for tax increment financing industrial districts; and
     (5) the amount remaining after the allocation in subsections (1) through (3) is allocated as follows:
     (a) 33.33% is allocated to the research and commercialization expendable trust fund established in 90-3-1002;
     (b) 16.99% is allocated to the long-range building program account established in 17-7-205;
     (c) 11.15% is allocated to the account in the state special revenue fund provided for in 15-35-108(3) to be used as provided in that subsection;
     (d) 1.70% is allocated to the nonexpendable trust for parks acquisition or management to be used as provided in Title 23, chapter 1, part 1;
     (e) 1.27% is allocated to the debt service fund type to the credit of the renewable resource loan debt service fund;
     (f) 0.86% is allocated to the cultural and aesthetic trust fund provided for in 15-35-108(6);
     (g) beginning July 1, 1999, and ending June 30, 2007, 1.74% is allocated to the long-range building program fund in the debt service fund type to fund the bonds issued for the purchase of Virginia City and Nevada City property; and
     (h) the remainder is allocated to the state general fund.

     History: En. Sec. 16, Ch. 563, L. 1999; amd. Secs. 22, 24, Ch. 563, L. 1999.