CO Code § 8-13.3-518 (2021)
2021 Colorado Code|Title 8 - Labor and Industry|Article 13.3 - Family and Medical Leave|Part 5 - Paid Family and Medical Leave Insurance|§ 8-13.3-518. Family and Medical Leave Insurance Fund - Establishment and Investment - Repeal

  There is hereby created in the state treasury the family and medical leave insurance fund. The fund consists of premiums paid pursuant to section 8-13.3-507 and revenues from revenue bonds issued in accordance with section 8-13.3-508 (2)(d). Money in the fund may be used only to pay revenue bonds; to repay the general fund loan provided in subsection (3) of this section; to reimburse employers who pay family and medical leave insurance benefits directly to employees in accordance with section 8-13.3-515 (1); and to pay benefits under, and to administer, the program pursuant to this part 5, including technology costs to administer the program and outreach services developed under section 8-13.3-520. Interest earned on the investment of money in the fund remains in the fund. Any money remaining in the fund at the end of a fiscal year remains in the fund and does not revert to the general fund or any other fund. State money in the fund is continuously appropriated to the division for the purpose of this section. The general assembly shall not appropriate money from the fund for the general expenses of the state.    The division may seek, accept, and expend gifts, grants, and donations, including program-related investments and community reinvestment funds, to finance the costs of establishing and implementing the program.      On June 14, 2021, or as soon as possible thereafter, the state treasurer shall transfer one million five hundred thousand dollars from the general fund to the fund for the purpose of defraying expenses incurred by the division before it receives premium revenue or revenue bond proceeds. Notwithstanding any other law, the division may accept and expend any money so transferred, and, notwithstanding any state fiscal rule or generally accepted accounting principle that could otherwise be interpreted to require a contrary conclusion, such a transfer is a loan from the state treasurer to the division that is required to be repaid and is not a grant for purposes of section 20 (2)(d) of article X of the state constitution or as defined in section 24-77-102 (7). Loan liabilities that are recorded in the fund but are not required to be paid in the current fiscal year shall not be considered when calculating sufficient statutory fund balance for purposes of section 24-75-109.    No later than December 31, 2023, the division shall repay the loan of one million five hundred thousand dollars received pursuant to subsection (3)(a) of this section and accumulated interest from the fund. Interest accrues on the money borrowed at a rate equivalent to the rate per annum on the most recently issued ten-year United States treasury note, rounded to the nearest one-tenth of one percent, as reported by the “Wall Street Journal”, as of the date the transfer required by subsection (3)(a) of this section is made. Interest accrues at the rate specified in this subsection (3)(b) beginning on that date, until the date on which the money is repaid.    This subsection (3) is repealed, effective December 1, 2024.         History. Source: Initiated 2020: Entire part added, Proposition 118, L. 2021, p. 4240 , effective upon proclamation of the Governor, December 31, 2020. L. 2021: (1) amended and (3) added,(SB 21-251), ch. 224, p. 1200, § 1, effective June 14.    Editor's note:   This section was originally numbered as 8-13.3-418 in Proposition 118 but was renumbered on revision for ease of location.