2023 Colorado Revised Statutes › Title 24 - GOVERNMENT - STATE (§§ 24-1-101 — 24-116-102) › STATE FUNDS (§§ 24-75-101 — 24-75-1401) › Article 75 - STATE FUNDS (§§ 24-75-101 — 24-75-1401) › Part 2 - GENERAL FUND (§§ 24-75-201 — 24-75-232) › Section 24-75-226.5 - ARPA refinance state money cash fund - creation - reduction in general fund appropriations - legislative intent - definitions - repeal

(1)
As used in this section, unless the context otherwise requires:
(a)
"American Rescue Plan Act of 2021" means the federal "American Rescue Plan Act of 2021", Pub.L. 117-2, as the act may be subsequently amended.
(b)
"Cash fund" means the ARPA refinance state money cash fund created in this section.
(c)
"Companion fund" means a companion cash fund created by the state controller pursuant to section 24-75-226 (4)(c) that is associated with a cash fund and that includes only the money the state received from the coronavirus state fiscal recovery fund.
(d)
"Coronavirus state fiscal recovery fund" has the same meaning as set forth in section 24-75-226 (1)(a.5).
(e)
"Refinance discretionary account" means the refinance discretionary account created in the cash fund pursuant to subsection (1)(c) of this section.
(2)
(a)
The ARPA refinance state money cash fund is created in the state treasury. The cash fund consists of money transferred to the cash fund pursuant to subsection (3) of this section and any other money that the general assembly may appropriate or transfer to the cash fund.
(b)
In accordance with section 24-36-114 (1), the state treasurer shall credit all interest and income derived from the deposit and investment of money in the cash fund to the general fund.
(c)
There is created in the cash fund the refinance discretionary account. The refinance discretionary account consists of money credited to the account pursuant to subsection (4)(a) of this section. The account is continuously appropriated to any department designated by the governor for any allowable purpose under the "American Rescue Plan Act of 2021", including expenditures necessary to respond to the public health emergency with respect to COVID-19.
(3)
On July 1, 2024, the state treasurer shall transfer one billion three hundred ninety-four million six hundred twenty-three thousand six hundred sixteen dollars and sixty-two cents from the general fund to the cash fund.
(4)
On July 1, 2024, the state treasurer shall transfer the following amounts from the cash fund:
(a)
Two hundred forty-eight million two hundred forty-four thousand eighty-three dollars and sixty-two cents to the refinance discretionary account created in the cash fund pursuant to subsection (2)(c) of this section;
(b)
Two hundred twelve million eight hundred eighty-one thousand five hundred seventy-six dollars to the behavioral and mental health Cash fund, created in section 24-75-230;
(c)
Fourteen million five hundred thousand dollars to the broadband administrative fund, created in section 24-37.5-119;
(d)
Seven million one hundred thirty-four thousand two hundred eighty-two dollars to the Colorado economic development fund, created in section 24-46-105;
(e)
Ten million three hundred sixty-eight thousand one hundred fifty-nine dollars to the Colorado heritage communities fund, created in section 24-32-3207;
(f)
Eleven million five hundred forty-five thousand three hundred seven dollars to the Colorado opportunity scholarship initiative fund, created in section 23-3.3-1005;
(g)
Seven million dollars to the Colorado water conservation board construction fund, created in section 37-60-121;
(h)
Ninety million nine hundred eighty thousand dollars to the connecting Coloradans experiencing homelessness with services, recovery care, and housing supports fund, created in section 24-32-732;
(i)
Eleven million two thousand five hundred twenty-nine dollars to the digital inclusion grant program fund, created in section 24-37.5-904;
(j)
One hundred twenty-nine million two hundred ninety-three thousand two hundred forty-two dollars to the economic recovery and relief cash fund, created in section 24-75-228;
(k)
Three million dollars to the healthy forests and vibrant communities fund, created in section 23-31-313;
(l)
Twenty thousand dollars to the housing development grant fund, created in section 24-32-721;
(m)
Twenty-nine million two hundred nine thousand five hundred seventy-six dollars to the infrastructure and strong communities grant program fund, created in section 24-32-133;
(n)
Seventeen million dollars to the judicial department information technology cash fund, created in section 13-32-114;
(o)
One hundred twenty-five million six hundred thousand dollars to the local investments in transformational affordable housing fund, created in section 24-32-729;
(p)
Ninety-six million one hundred sixty thousand dollars to the multimodal transportation and mitigation options fund, created in section 43-4-1103;
(q)
Forty-nine million six hundred fifty-two thousand nine hundred thirty-six dollars to the regional navigation campus cash fund, created in section 24-32-727;
(r)
Sixty-eight million seven hundred thirty thousand dollars to the regional talent development initiative grant program fund, created in section 24-48.5-406;
(s)
One hundred sixty-three million five hundred forty-one thousand five hundred sixty-five dollars to the revenue loss restoration cash fund, created in section 24-75-227;
(t)
Two million three hundred thousand dollars to the rural provider access and affordability fund, created in section 25.5-1-207;
(u)
Seventy-five million three hundred thirty thousand dollars to the state highway fund, created in section 43-1-219;
(v)
Forty thousand dollars to the wildfire mitigation capacity development fund, created in section 24-33-117; and
(w)
Twenty-one million ninety thousand three hundred sixty-one dollars to the workers, employers, and workforce centers cash fund, created in section 24-75-231.
(5)
(a)
The money in the cash fund is subject to annual appropriation by the general assembly.
(b)
It is the intent of the general assembly that money be appropriated from the cash fund as necessary to maintain the funding for programs initially funded by money that originated from the coronavirus state fiscal recovery fund.
(6)
Money that originated from the cash fund that was transferred to another fund, other than the money in the refinance discretionary account, must be spent by December 31, 2026. Effective December 31, 2026, the state controller shall transmit any unexpended and unencumbered money transferred to a fund, other than the refinance discretionary account, pursuant to subsection (4) of this section that remains in that fund to the cash fund.
(7)
On January 2, 2027, the state treasurer shall transfer all unexpended and unencumbered money in the cash fund, other than the money in the refinance discretionary account, to the general fund.
(8)
On June 1, 2027, the state treasurer shall transfer all unexpended money in the refinance discretionary account to the general fund.
(9)
This section is repealed, effective July 1, 2027.
Added by 2024 Ch. 429,§ 3, eff. 6/5/2024.