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Ritter, lawmakers want to use energy money for college buildings
DENVER (AP) — Gov. Bill Ritter and some state lawmakers said today they want to use an estimated $30 million in oil and gas revenue to pay for construction projects at the state’s colleges and universities, including a new science building on the Auraria campus.
The plan to tap into federal mineral lease payments would provide about $30 million over three years, which lawmakers could leverage to pay for an estimated $150 million worth of projects. About $60 million is needed to finish a science building. Lawmakers cut off funding for the building last week after learning that state revenue was expected to drop next year.
Currently, natural gas producers pay a 12.5 percent tax to the federal government, which in turn gives 6.25 percent to Colorado, amounting to about $165 million a year. About half of the state’s share of the mineral lease revenue goes to communities affected by oil and gas development and the other half goes into a savings account for kindergarten through 12th grade schools.
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