CO Code § 24-77-104 (2021)
2021 Colorado Code|Title 24 - Government - State|Article 77 - State Fiscal Policies Relating to Section 20 of Article X of the State Constitution|§ 24-77-104. State Emergency Reserve - Creation - Declaration of Emergency

  The state shall hereby establish a state emergency reserve which shall be held by the state for emergencies declared pursuant to subsection (3) of this section. Said state emergency reserve shall be no less than the following:   For fiscal year 1993-94, one percent of state fiscal year spending minus annual bonded debt service;    For fiscal year 1994-95, two percent of state fiscal year spending minus annual bonded debt service;    For fiscal year 1995-96 and each fiscal year thereafter, three percent of state fiscal year spending minus annual bonded debt service.         The state emergency reserve shall consist of such moneys as are annually designated by the general assembly in the general appropriation bill or by separate bill to constitute said emergency reserve. For the fiscal year 1996-97 and each fiscal year thereafter, the principal of the controlled maintenance trust fund created in section 24-75-302.5 (2), may constitute all or some portion of the state emergency reserve. (2) (a) The state emergency reserve shall consist of such moneys as are annually designated by the general assembly in the general appropriation bill or by separate bill to constitute said emergency reserve. For the fiscal year 1996-97 and each fiscal year thereafter, the principal of the controlled maintenance trust fund created in section 24-75-302.5 (2), may constitute all or some portion of the state emergency reserve.    Repealed.       The state emergency reserve may be expended in any given fiscal year upon:   The declaration of a state emergency by the passage of a joint resolution which is approved by a two-thirds majority of the members of both houses of the general assembly and which is approved by the governor in accordance with section 39 of article V of the state constitution; or    The declaration of a disaster emergency by the governor pursuant to section 24-33.5-704 (4).       Nothing in this section shall be construed to limit, modify, or abridge the powers and duties of the governor to respond to disasters as provided for in part 7 of article 33.5 of this title.    Nothing in this section shall be construed to limit the ability of the general assembly to define the term "emergency" pursuant to section 20 (2)(c) of article X of the state constitution.   If the voters of the state approve the ballot issue set forth in House Joint Resolution 05-1057, enacted at the first regular session of the sixty-fifth general assembly and submitted to the voters as referendum "D", the general assembly may appropriate moneys from the account to the critical needs fund created in section 24-115-111 to make payments on principal and interest on critical needs notes issued pursuant to section 24-115-110. Such an appropriation shall be an authorized use of moneys in the account pursuant to the provisions of section 24-77-103.6 (2)(b), (2)(c), and (2)(d).    If the voters of the state do not approve referendum "D", if the principal and interest on notes issued pursuant to section 24-115-110 is less than the amount set forth in subparagraph (II) of this paragraph (a), or if the general assembly elects not to appropriate moneys to the critical needs fund to repay the principal and interest on notes issued pursuant to section 24-115-110, moneys in the account shall be used in a manner consistent with section 24-77-103.6 (2).        Source: L. 93: Entire article added, p. 1502, § 1, effective June 6. L. 95: (2) amended, p. 1260, § 1, effective June 3. L. 2001: (2) amended, p. 8, § 2, effective February 13. L. 2013: (3)(b) and (4) amended, (HB 13-1300), ch. 316, p. 1685, § 66, effective August 7.   Editor's note: Subsection (2)(b)(II) provided for the repeal of subsection (2)(b), effective July 1, 2002. (SeeL. 2001, p. 8.)