(Feb. 23) – With a 64-1 vote, the House gave final approval this morning to a bipartisan bill by Rep. Diane Mitsch Bush, D-Steamboat Springs, that will allow federal mineral lease districts, created by energy-impacted communities across the state, to invest up to 50 percent of the funding they receive from federal royalty payments. This will enable them to earn interest or dividends in order to even out the volatility of this revenue.
“This is a simple way to allow our energy-impacted communities to create a more sustainable funding source for projects in the community,” said Rep. Mitsch Bush.
Federal lease money comes from royalty payments on the development of natural resources on federal land, including oil and natural gas drilling and grazing rights. This bill would allow a federal mineral lease district to invest a portion of FML funds to that it can generate more predictable revenue for needed projects.
The vote sends the bill to the Senate.