Sec 41-191.05. Colorado river land claims revolving fund; use; accounting; audit; disposition of monies

A. A Colorado river land claims revolving fund is established to be administered by the attorney general.

B. Monies in the fund shall be used by the attorney general for payment of costs and expenses incurred by the attorney general and the state land commissioner in the investigation and prosecution of this state's claims of ownership of sovereign lands in the vicinity of the Colorado river, in accordance with the provisions of law governing such claims.

C. On or before October 15 of each year, the attorney general shall file with the governor, with copies to the director of the department of administration, the president of the senate and the speaker of the house of representatives, a full and complete account of the receipts and disbursements from the fund in the previous year. The auditor general shall audit the fund once a year.

D. Monies recovered by the state from the settlement of this state's sovereign land claims shall be transmitted to the state land commissioner to be deposited in the state general fund, except that twenty-five per cent of the monies recovered shall be deposited in the revolving fund established in subsection A of this section.

E. Monies in the fund are exempt from the lapsing provisions of section 35-190, except that any monies remaining unexpended or unencumbered on June 30, 1990 shall revert to the state general fund.