2023 Colorado Revised Statutes › Title 23 - POSTSECONDARY EDUCATION (§§ 23-1-101 — 23-81-102) › STATE UNIVERSITIES AND COLLEGES (§§ 23-1-101 — 23-56-111) › GENERAL AND ADMINISTRATIVE (§§ 23-1-101 — 23-19.9-102) › Article 3.1 - STUDENT LOAN PROGRAM (§§ 23-3.1-101 — 23-3.1-311) › Part 2 - STUDENT OBLIGATIONS AND INSTITUTIONAL LOANS (§§ 23-3.1-201 — 23-3.1-226) › Section 23-3.1-205.4 - Collegeinvest fund - creation - control - use

(1)
(a)
There is hereby created in the state treasury the Colorado student obligation bond authority fund, to be known and referred to on and after July 1, 2004, as the collegeinvest fund, which shall be under the control of the authority in accordance with the provisions of this part 2 and part 3 of this article. The moneys in the collegeinvest fund shall be invested by the state treasurer. Except as otherwise allowed by section
24-36-103(2)
, C.R.S., and except for amounts received in connection with the prepaid expense program and the savings programs in part 3 of this article, all moneys received or acquired by the authority, whether by appropriation, grant, contract, gift, sale or lease of surplus real or personal property, or any other means, whose disposition is not otherwise provided for by law or by a trust indenture, and all interest derived from the deposit and investment of moneys in the fund shall be credited to said fund, including moneys received pursuant to sections
23-3.1-206(1)(k)
and
23-3.1-304(1)(h)
. Except as provided in paragraph (b) of this subsection (1), the moneys in the fund are hereby continuously appropriated to the authority and shall remain in the fund and shall not be transferred or revert to the general fund of the state at the end of any fiscal year.
(b)
Notwithstanding the provisions of paragraph (a) of this subsection (1), if the authority sells, transfers, or enters into a contract with another entity concerning all or a substantial portion of the authority's power to make, originate, disburse, or service loans, the proceeds of the sale, transfer, or contract shall not be used by the authority without further appropriation by the general assembly.
(c)
Notwithstanding any provision of paragraph (a) of this subsection (1) to the contrary, if the authority or any other division of the department sells, transfers, or enters into a contract with another entity concerning all or any portion of the authority's or division's interest in any student loans or student obligations, the authority or the division shall deposit the net proceeds of the sale, transfer, or contract as follows:
(I)
Up to five million dollars shall remain in the reserve account in the collegeinvest fund, which account is hereby created, and may be used: To fund the repurchase of student loans sold by the authority if a guarantee agency refuses to honor a claim filed with respect to any such loans on account of an event that occurred prior to the sale; and to pay all liabilities, costs, and expenses with respect to the authority's programs to undertake forgiveness of indebtedness under such student loans sold by the authority.
(II)
After the retention of the amount required in subparagraph (I) of this paragraph (c), up to five million dollars of the remaining proceeds shall remain in the transition account in the collegeinvest fund, which account is hereby created to pay costs and expenses associated with the transition and wind-down of the authority's student loan program. Any expenditure from the transition account in excess of one hundred thousand dollars shall require the approval of the executive director.
(III) to (IV)
Repealed.
(2)
The moneys in the collegeinvest fund may be used by the authority for the payment of salaries and operating and administrative expenses of the authority and for the payment of any other expenses incurred by the authority in carrying out its statutory powers and duties.
(3)
The moneys in the collegeinvest fund that are not needed for immediate use by the authority may be invested by the state treasurer in investments authorized by sections
24-36-109
,
24-36-112
, and
24-36-113
, C.R.S. The authority shall determine the amount of moneys in the fund that may be invested and shall notify the state treasurer in writing of such amount.
(4)
The authority may request authorization to transfer or loan moneys from the collegeinvest fund to the prepaid expense trust fund, created in section
23-3.1-206.7
, or to any fund created for the implementation of the savings programs, established pursuant to part 3 of this article, as necessary to carry out the authority's powers and duties under this part 2 and part 3 of this article. The authority shall submit any such transfer or loan request to the executive director for approval. The authority shall not transfer or loan moneys from the collegeinvest fund to the prepaid expense trust fund or to any fund created for the implementation of the savings programs unless such transfer or loan is approved by the executive director.
Amended by 2015 Ch. 269,§ 14, eff. 6/3/2015.
Amended by 2014 Ch. 347,§ 4, eff. 8/6/2014.
Amended by 2014 Ch. 302,§ 18, eff. 5/31/2014.
L. 2000: Entire section added, p. 1274, § 6, effective May 26. L. 2003: (4) added, p. 552, § 1, effective August 6. L. 2004: Entire section amended, p. 564, § 11, effective July 1. L. 2006: (1) amended, p. 514, § 13, effective July 1. L. 2008: (2) amended, p. 203, § 1, effective August 5. L. 2010: (1)(c) and (1)(c)(III.5) added and (1)(c)(IV) amended, (HB 10-1428), ch. 390, p. 1828, 1831, §§ 2, 10, effective June 9. L. 2014: (1)(c)(III.5) repealed and (1)(c)(IV) amended, (HB 14-1363), ch. 302, p. 1266, § 18, effective May 31; (1)(c)(I) and (1)(c)(II) amended and (1)(c)(III) and (1)(c)(IV) repealed, (HB 14-1384), ch. 347, p. 1559, § 4, effective August 6. L. 2015: (1)(a) and (4) amended, (HB 15-1359), ch. 269, p. 1054, § 14, effective June 3.
Subsection (1)(c)(IV) was amended in HB 14-1363. Those amendments were superseded by the repeal of subsection (1)(c)(IV) in HB 14-1384.