| Summary |
The office of just transition (office) in the department of labor and
employment provides money to support programs that implement the just
transition plan, provide supplemental funding for targeted investment in
coal transition communities, and provide grants and other support to coal
transition communities. The bill requires the office to coordinate with
councils of government representing regions established by the
department of local affairs (department) that have coal transition
communities, employee associations that represent workers in coal
transition communities, and economic development councils formed by
the department to implement the most effective projects and programs for
those communities.
A public entity may invest public funds only as allowed by law.
The bill specifies that the investment of a payment or settlement to offset
the socioeconomic impacts to a community or government from the
closure of a coal mine or coal power generating station is not subject to
these investment limitations.
Currently, 70% of the money credited to the local government
severance tax fund (fund) must be distributed to political subdivisions
that are socially or economically impacted by the development,
processing, or energy conversion of minerals and mineral fuels subject to
taxation and used for the planning, construction, and maintenance of
public facilities and for the provision of public services, and to
compensate political subdivisions for loss of property tax revenue
resulting from the deduction of severance taxes paid in the determination
of the valuation for assessment of producing mines. The bill requires the
executive director of the department (executive director) to annually
expend this money as follows:
•
First, an amount equal to the least of $15 million, the total
amount of money available, or the amount of compensation
applied for to compensate political subdivisions for the loss
of property tax revenue resulting from the deduction of
severance taxes paid in the determination of the valuation
for assessment of producing mines; or incurred by political
subdivisions that are coal transition communities created as
due to the closure of coal-fired power plants. The executive
director must consider the economic needs of a political
subdivision when granting money and must not require a
political subdivision to contribute money to be eligible for
a grant.
•
Second, an amount equal to the least of $75 million, the
total remaining amount of money available, or the amount
of grants applied for through 3 grant cycles per year for
grants to political subdivisions socially or economically
impacted by the development, processing, or energy
conversion of minerals and mineral fuels subject to
severance taxation and used for the planning, construction,
and maintenance of public facilities and for the provision
of public services; and
•
Third, any remaining money in excess of the lesser of $90
million or the total amount of compensation and grants
actually awarded as described above must be distributed
annually by the executive director to political subdivisions
based upon community need as determined in consultation
with the Colorado Municipal League, Colorado Counties,
Inc., and the Special District Association of Colorado, and
to other recipients as provided by existing law.
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