2023 Colorado Revised Statutes › Title 24 - GOVERNMENT - STATE (§§ 24-1-101 — 24-116-102) › OTHER AGENCIES (§§ 24-40-101 — 24-49.9-102) › Article 48.5 - OFFICE OF ECONOMIC DEVELOPMENT (§§ 24-48.5-101 — 24-48.5-706) › Part 6 - COLORADO LOANS FOR INCREASING MAIN STREET BUSINESS ECONOMIC RESILIENCY ACT (§§ 24-48.5-601 — 24-48.5-609) › Section 24-48.5-609 - [Effective 9/1/2024] Transfer of functions - continuity of existence

(1)
On September 1, 2024, the powers, duties, and functions of the department in connection with the small business recovery and resiliency loan program pursuant to the former part 2 of article 36 of this title 24 are transferred to the office pursuant to this section.
(2)
(a)
On and after September 1, 2024, the officers and employees of the department whose powers, duties, and functions concern the small business recovery and resiliency loan program and whose employment is deemed necessary to carry out the small business recovery and resiliency loan program are transferred to the division of business funding and incentives within the office and become employees thereof.
(b)
Any employees who are transferred to the office pursuant to this subsection (2) and who are classified employees in the state personnel system shall retain all rights to the personnel system and retirement benefits pursuant to the laws of the state, and their services shall be deemed to have been continuous. All transfers and any abolishment of positions in the state personnel system shall be made and processed in accordance with state personnel system laws and regulations.
(3)
On or before September 1, 2024, all items of property, real and personal, including office furniture and fixtures, books, documents, and records of the department pertaining to the powers, duties, and functions transferred to the office are transferred to and become the property of the office.
(4)
Whenever the department or the state treasurer is referred to or designated by a contract or other document in connection with the powers, duties, and functions transferred to the office pursuant to this section, such reference or designation will be deemed to apply to the office, as applicable. All contracts entered into by the department or the state treasurer prior to September 1, 2024, in connection with the small business recovery and resiliency loan program are hereby validated, with the office succeeding to all the rights and obligations of such contracts. Any appropriations of money from prior fiscal years open to satisfy obligations incurred pursuant to such contracts are transferred and appropriated to the office for the payment of such obligations.
(5)
All policies and guidelines of the department in connection with the powers, duties, and functions transferred to the office pursuant to this section continue to be effective until revised, amended, repealed, or nullified pursuant to law.
(6)
The relocation of the CLIMBER Act from the department to the office pursuant to this part 6 does not affect the validity of any agreements entered into by or tax credit certificates issued by the state treasurer or the department pursuant to the authority contained in part 2 of article 36 of title 24 as it existed prior to September 1, 2024.
Added by 2024 Ch. 355,§ 1, eff. 9/1/2024.