Definitions

As used in this article 1, unless the context otherwise requires: (1) "Commercial real property" means real property intended to generate income either from capital gain or rental income, such as office buildings. (1.5) "Department" means the department of natural resources created in section 24-33-101 (1). (1.7) "Division of parks and wildlife" means the division of parks and wildlife created in section 33-9-104 (1). (2) "Land" means any ground, soil, water, real property, commercial real property, minerals, mineral resources, or earth whatsoever. (2.4) "Long-term benefits and returns to the state" means, with regard to the long-term stewardship trust: (a) Benefitting future generations in recognition of the perpetual, intergenerational public trust obligations; (b) Protecting the underlying natural resource base and asset value to ensure returns for future generations of beneficiaries and achieve intergenerational equity; and (c) Utilizing sound stewardship to maintain long-term value. (2.5) "Long-term productivity" means sustainable economic potential, productivity, and value of state trust lands. (2.6) "Long-term stewardship trust" or "stewardship trust" means the long-term stewardship trust established by the state board of land commissioners pursuant to section 10 (1)(b)(I) of article IX of the state constitution and section 36-1-107.5 (1). (2.7) "Long-term value" means the option to preserve a natural benefit for a future economic use or productivity, even if the natural benefit is not currently in use or being monetized or if the likelihood of future use or monetization is unknown. (3) "Minerals" or "mineral resources" means any valuable inert or lifeless substance formed or deposited in its present position through natural agencies and which is found either in or on the soil or rock of the earth, including without limitation those commodities subject to regulation under articles 32, 32.5, 33, and 60 of title 34, C.R.S., including but not limited to oil, gas, coal, sand, gravel, and other minerals. (4) "Permanent school fund" means the public school fund created in section 3 of article IX of the state constitution, which is the same as the public school fund described in section 22-41-102, C.R.S. (5) "Real property" means buildings, structures, fixtures, and improvements on land, and every estate, interest, privilege, tenement, easement, right-of-way, and other right in land, legal or equitable, including leasehold interests. (5.5) "Sound stewardship" means the use of natural resources on state trust lands in manners that produce reasonable and consistent income over time and that will protect the long-term economic value and long-term productivity of the state trust lands for future generations of beneficiaries. (6) "State board of land commissioners" or "state board" means the state board of land commissioners described in section 36-1-101.5. (7) "State school lands" means an endowment of land assets held in a perpetual, intergenerational public trust for the support of public schools. (8) "Work group" means the state trust lands conservation and recreation work group convened pursuant to section 36-1-152.3.