CO Code § 23-3.3-1005 (2021)
2021 Colorado Code|Title 23 - Postsecondary Education|Article 3.3 - Student Financial Assistance|Part 10 - Colorado Opportunity Scholarship Initiative|§ 23-3.3-1005. Colorado Opportunity Scholarship Initiative Fund - Created - Rules - Repeal

  There is created in the state treasury the Colorado opportunity scholarship initiative fund, which consists of:   Any moneys appropriated to the fund by the general assembly;    Any moneys transferred to the fund from any other fund; and    Any moneys received by the department as gifts, grants, or donations pursuant to subsection (3) of this section.       The moneys in the fund are continuously appropriated to the department for the purposes described in this part 10. All interest derived from the deposit and investment of moneys in the fund must remain in the fund. Any unexpended or unencumbered moneys remaining in the fund at the end of a fiscal year must remain in the fund and not be transferred or credited to the general fund or another fund.    The department is authorized to accept any gifts, grants, or donations from any private or public source on behalf of the state for the purposes described in this part 10. The department shall transmit all such gifts, grants, and donations to the state treasurer, who shall credit the same to the fund.    The department is authorized to spend from the fund an amount of money equal to not more than seven and one-half percent of the total expenditures from the fund for the prior fiscal year to pay the direct and indirect costs of administering the initiative in any fiscal year; except that the general assembly may authorize additional spending for administrative costs in any fiscal year through a footnote in the annual general appropriation act.    The board may promulgate rules for the administration of the fund.      For the 2021-22 state fiscal year, the general assembly shall appropriate money from the workers, employers, and workforce centers cash fund, created in section 24-75-231, to the fund for the purposes described in section 23-3.3-1006. In addition to the amounts described in subsections (4) and (7) of this section, the department is authorized to spend up to five percent of the appropriated amount to pay the direct and indirect costs of administering the distribution of the amount described in this subsection (6) as provided in section 23-3.3-1006.    This subsection (6) is repealed, effective July 1, 2026.         For the 2021-22 state fiscal year, the general assembly shall appropriate from the workers, employers, and workforce centers cash fund, created in section 24-75-231, to the fund one million five hundred thousand dollars for the purposes described in section 23-3.3-1007. In addition to the amounts described in subsections (4) and (6) of this section, the department is authorized to spend from the appropriated amount up to one hundred thousand dollars annually for the costs incurred in implementing section 23-3.3-1007, which costs may include providing technical assistance, collecting and sharing best practices, and providing an evaluation of the student aid applications completion grant program in the annual report prepared pursuant to section 23-3.3-1004 (4)(c).    This subsection (7) is repealed, effective July 1, 2026.        History. Source: L. 2014: Entire part added,(HB 14-1384), ch. 347, p. 1558, § 1, effective August 6. L. 2020: (4) amended,(SB 20-006), ch. 26, p. 95, § 4, effective September 14. L. 2021: (6) and (7) added,(HB 21-1330), ch. 377, p. 2495, § 4, effective June 29.    Editor's note:   Section 17 of chapter 377 (HB 21-1330), Session Laws of Colorado 2021, provides that the act adding subsection (6) and (7) of this section takes effect only if HB 21-1264 (chapter 308) becomes law and takes effect either upon the effective date of HB 21-1330 or one day after the passage of HB 21-1264, whichever is later. HB 21-1264 became law and took effect June 23, 2021, and HB 21-1330 took effect June 29, 2021.   Cross references:   For the legislative declaration in HB 21-1330, see section 1 of chapter 377, Session Laws of Colorado 2021.