La Plata county to establish fund - requirements

(1) The board of county commissioners of La Plata county shall establish a fund to be known as the tribal property impact mitigation fund, referred to in this part 2 as the "impact fund", to which all moneys contributed, transferred, appropriated, or otherwise made available for mitigating the impacts of acquisitions of property by the Southern Ute Indian tribe on local governments pursuant to section 3.02 of the taxation compact between the Southern Ute Indian tribe, La Plata county, and the state of Colorado, as set forth in House Bill 96-1367, enacted at the second regular session of the sixtieth general assembly, shall be deposited. (2) Moneys from any source, including but not limited to the state or the United States, may be deposited in the impact fund and released to La Plata county for distribution to taxing authorities within La Plata county to mitigate the revenue impacts addressed in section 3.02 of the taxation compact between the Southern Ute Indian tribe, La Plata county, and the state of Colorado, as set forth in House Bill 96-1367, enacted at the second regular session of the sixtieth general assembly. (3) The impact fund shall be under the control of a three-member board comprised of the chairman of the La Plata county board of county commissioners, the chairman of the Southern Ute Indian tribal council, and the governor, or their respective designees. (4) Moneys may be distributed from the impact fund upon an affirmative vote of a majority of the members of the board described in subsection (3) of this section and all distributions shall be made in accordance with the direction of said board.