Gov. Ritter and President Jordan at the press conference announcing the collection of 137,000 signatures to put the Colorado Promise Scholarship Initiative on the November ballot.

Metro State President Stephen Jordan stood by Gov. Bill Ritter on Monday to support a ballot initiative that would divert money from the oil and gas industry into college scholarships.

Initiative 113, also known as the Scholarship Fund Initiative, would end property-tax exemptions for the oil and gas industry and direct 60 percent of new revenues to the proposed Colorado Promise Scholarship Fund.

At Civic Center Plaza near the Capitol Monday, Jordan described the “Colorado Paradox,” in which the state boasts among the highest percentage of college graduates but actually imports many of those from out of state, with a relatively low percentage of its own high school graduates finishing college. He then introduced Ritter, calling him an “advocate for higher education” and saying that “No single step can help accomplish more than helping families with the rising cost of college tuition.”

Ritter announced the successful petition drive to gather the 76,000 signatures required to get the initiative on the November ballot. The drive collected 137,000 signatures, and its supporters turned the petitions in to the Secretary of State’s Office on Monday to be certified.

Jordan said no single step can help accomplish more than helping families with the rising cost of college tuition.

Jordan spoke at the event on vacation time; the law prohibits public officials from spending paid time on ballot initiatives.

Preliminary estimates from the Colorado Department of Higher Education (CDHE) presented in July indicate that the scholarships would range from $1,000 to $6,000 for eligible students from low- to middle-income families.

If the measure is approved for the November ballot and passes, the CDHE would adopt regulations to implement the scholarship program. The department voted unanimously in July to support the ballot proposal. The legislature could also weigh in on the rules.

Scholarship amounts would be affected by amount of federal aid a student receives and recipients would be expected to maintain a minimum grade- point average. A portion of the money raised under the program would be distributed as additional aid based on academic merit.

The remaining 40 percent of new revenues not going to scholarships would go to local communities affected by oil and gas drilling, protecting wildlife habitat and creating clean-energy projects. Renewable energy advocate Michael Bowman also spoke Monday in favor of the initiative. CU President Bruce Benson, who formerly chaired the Metro State Board of Trustees, has spoken publicly in favor of the initiative.

The initiative is opposed by the oil and gas industry. The opposition campaign, Coloradans for a Stable Economy, argues that the initiative could cause gas prices to rise and that it doesn’t address the real higher education funding problem of operating expenses.

Should the initiative pass, students could start receiving scholarships in the fall of 2009.