reglab/statecodes huggingface dataset:
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 4 - CASH FUNDS (§§ 24-75-401 — 24-75-403) › Section 24-75-401 - Cash funds abolished

(1)
All revenues derived on and after July 1, 1973, from the proceeds of the cash funds subject to the provisions of this part 4 immediately prior to July 1, 1973, without any deduction on account of salaries, fees, costs, charges, expenses, or claims of any description whatsoever shall be transmitted to the office of the state treasurer, and said moneys so transmitted together with all balances remaining in said funds after payment of all obligations of the preceding fiscal year shall be credited to the general fund of the state, and said cash funds are abolished.
(2)
The general assembly shall make appropriations out of the general fund for the fiscal year beginning July 1, 1973, for the state agencies requiring an expenditure for any purpose formerly paid out of any of the cash funds abolished by subsection (1) of this section, and thereafter each such agency shall make a budgetary request for each fiscal year as provided by law.
L. 73: R&RE, p. 1377, § 43. C.R.S. 1963: § 130-5-1.
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 4 - CASH FUNDS (§§ 24-75-401 — 24-75-403) › Section 24-75-403 - Capital reserve - creation - annual appropriation - definitions

(1)
As used in this section:
(a)
"Capital construction" has the same meaning as set forth in section
24-30-1301 (2)
.
(b)
"Capital outlay" has the same meaning as set forth in section
24-75-112 (1)(a)
.
(c)
"Capital renewal" has the same meaning as set forth in section
24-30-1301 (3)
.
(d)
"Cash fund" means any fund established by law for a specific program or purpose; except that "cash fund" does not include the state general fund created by section
24-75-201
, the lottery fund created in section
44-40-111
, the highway users tax fund created in section
43-4-201
, or the limited gaming fund created in section
44-30-701 (1)
.
(e)
"Controlled maintenance" has the same meaning as set forth in section
24-30-1301 (4)
.
(f)
"Depreciation" means an amount calculated in accordance with generally accepted accounting principles.
(g)
"Depreciation period" means a period determined in fiscal procedures issued by the state controller.
(2)
For each cash fund from which moneys are appropriated for capital outlay or capital construction, the principal department responsible for the accounting related to the fund shall identify in the fund balance report a capital reserve, which consists of an amount equal to the depreciation of the depreciable components of the capital outlay or the capital construction, based on the depreciation period.
(2.5)
For each cash fund from which money is appropriated for an information technology capital project, the principal department responsible for the accounting related to the cash fund shall identify in the cash fund balance report an information technology capital reserve, which consists of an amount equal to the depreciation of the depreciable components of the information technology capital project, based on the depreciation period. The provisions of this subsection (2.5) do not apply to cash funds that are excluded from the requirements of section 24-37.5-127 pursuant to section 24-37.5-127 (1)(c).
(3)
Any uncommitted capital reserves at the end of a fiscal year may be used for capital outlay, capital construction, capital renewal, or controlled maintenance, subject to an appropriation in the annual general appropriation act. This appropriation requirement applies even if the moneys in the fund are otherwise continuously appropriated.
Amended by 2024 Ch. 485,§ 3, eff. 6/7/2024.
Amended by 2018 Ch. 31, § 13, eff. 10/1/2018.
Amended by 2018 Ch. 14, § 40, eff. 10/1/2018.
Added by 2015 Ch. 176, § 1, eff. 5/11/2015 and applicable to fiscal years beginning on or after 7/1/2014.
L. 2015: Entire section added, (HB 15-1280), ch. 176, p. 572, § 1, effective May 11. L. 2018: (1)(d) amended, (SB 18-034), ch. 14, p. 248, § 40, effective October 1; (1)(d) amended, (HB 18-1027), ch. 31, p. 364, § 13, effective October 1.
Amendments to subsection (1)(d) by SB 18-034 and HB 18-1027 were harmonized.
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 5 - [Repealed] (§ 24-75-501) › Section 24-75-501 - to 24-75-506 - [Repealed]

L. 85: Entire part repealed, p. 1362, § 21, effective June 28.
This part 5 was added in 1983.
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 6 - FUNDS - LEGAL INVESTMENTS (§§ 24-75-601 — 24-75-605) › Section 24-75-601.2 - Prior investments valid

Nothing in this article shall be construed so as to invalidate any legal investment made prior to July 1, 1989. Such investments shall continue to be authorized through their dates of maturity.
L. 89: Entire section added, p. 1105, § 2, effective July 1.
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 6 - FUNDS - LEGAL INVESTMENTS (§§ 24-75-601 — 24-75-605) › Section 24-75-601.3 - Remedial actions - investments not made in conformance with statute

The audit of the financial statements of public entities required by part 6 of article
1
of title
29
, C.R.S., shall, in addition to all other requirements, include a supplemental listing of all investments held by the public entity at the date of the financial statement. The public entity shall divest itself of any investment which is not included as a lawful investment in section
24-75-601.1
or other statutory authority within six months of the initial disclosure of the existence of such investment.
L. 89: Entire section added, p. 1105, § 2, effective July 1.
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 6 - FUNDS - LEGAL INVESTMENTS (§§ 24-75-601 — 24-75-605) › Section 24-75-601.4 - Liability of officials of public entities

Elected or appointed officials or employees of public entities who, in the good faith performance of their duties as public officials, comply with the standards established in this part 6 for the investment of public funds in securities shall not be liable for any loss of public funds resulting from such investment.
L. 89: Entire section added, p. 1105, § 2, effective July 1.
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 6 - FUNDS - LEGAL INVESTMENTS (§§ 24-75-601 — 24-75-605) › Section 24-75-601.5 - Liability for sale of unlawful investments to public entities

(1)
Any person who sells or causes to be sold to a public entity any investment which is not a lawful investment for such public entity pursuant to section
24-75-601.1
or other authority, and who knew or should have known that said investment was not a lawful investment, shall be liable to such public entity for any loss of investment principal resulting from such investment and, in addition, shall be liable for any reasonably foreseeable costs resulting from such loss, including but not limited to:
(a)
Attorney fees; and
(b)
Interest on the principal which would have resulted from the investment of said principal on the day the unlawful investment was made in one-year United States treasury bills at the market yield on such bills on such day.
L. 89: Entire section added, p. 1105, § 2, effective July 1.
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 6 - FUNDS - LEGAL INVESTMENTS (§§ 24-75-601 — 24-75-605) › Section 24-75-602 - Bonds of housing authority as legal investments

Notwithstanding any restrictions on investments contained in any laws of this state, all banks, bankers, trust companies, savings banks and institutions, savings and loan associations, investment companies, and other persons carrying on a banking business and all insurance companies, insurance associations, and other persons carrying on an insurance business may legally invest any sinking funds, moneys, or other funds belonging to them or within their control in any bonds or other obligations issued by a housing authority pursuant to the "Housing Authorities Law", part 2 of article
4
of title
29
, C.R.S., or issued by any public housing authority or agency in the United States when such bonds or other obligations are secured by a pledge of annual contributions to be paid by the United States government or any agency thereof, and such bonds and other obligations shall be authorized security for all public deposits. It is the purpose of this section to authorize any persons, firms, corporations, and associations, public or private, to use any funds owned or controlled by them, including, but not limited to, sinking, insurance, investment, retirement, compensation, pension, and trust funds, and funds held on deposit, for the purchase of any such bonds or other obligations. Public entities, as defined in section
24-75-601 (1)
, may invest public funds in such bonds or other obligations only if said bonds or other obligations satisfy the investment requirements established in this part 6. Nothing contained in this section shall be construed as relieving any person, firm, or corporation from any duty of exercising reasonable care in selecting securities.
L. 39: p. 415, § 1. CSA: C. 176, § 126(2). CRS 53: § 83-1-2. C.R.S. 1963: § 83-1-2. L. 89: Entire section amended, p. 1129, § 65, effective July 1.
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 6 - FUNDS - LEGAL INVESTMENTS (§§ 24-75-601 — 24-75-605) › Section 24-75-604 - Investments in bonds issued by member institutions of the farm credit system

All savings banks, insurance companies, assurance, casualty, fidelity, and guaranty companies, and savings and loan associations which are permitted or directed by the laws of the state of Colorado to invest any of their moneys or deposits in securities may invest such moneys or deposits in bonds issued by any federal land bank or joint-stock land bank organized pursuant to an act of congress known as the "Farm Credit Act of 1971", and acts amendatory thereto. Such bonds shall be accepted as security for all public deposits and in all cases where bonds are required by law to be deposited with any department or public official of the state of Colorado; but this section shall not be so construed as to prohibit such moneys or deposits from being invested in such other securities as are provided for by law.
L. 57: p. 274, § 3. CRS 53: § 83-1-4. C.R.S. 1963: § 83-1-4. L. 75: Entire section amended, p. 216, § 52, effective July 16.
For the "Farm Credit Act of 1971", see 85 Stat. 583, 12 U.S.C. §2001 .
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 7 - INVESTMENT FUNDS - LOCAL GOVERNMENT POOLING (§§ 24-75-701 — 24-75-709) › Section 24-75-702 - Local governments - authority to pool surplus funds

(1)
In accordance with this part 7, it is lawful for any local government to pool any money in its treasury, which is not immediately required to be disbursed, with the same money in the treasury of any other local government and to invest such money in a local government investment pool trust fund in order to more efficiently and safely invest their funds.
(2)
Any trust fund formed pursuant to this part 7 shall be subject to part 4 of article 6 and part 2 of article
72
of this title and shall be considered a local public body for purposes of those provisions.
Amended by 2019 Ch. 279, § 3, eff. 8/2/2019.
L. 93: Entire part R&RE, p. 320, § 1, effective July 1.
This section is similar to former § 24-75-701 as it existed prior to 1993.
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 7 - INVESTMENT FUNDS - LOCAL GOVERNMENT POOLING (§§ 24-75-701 — 24-75-709) › Section 24-75-704 - Investments - limitations

(1)
The investments made with local government investment pool trust fund moneys shall be limited to those instruments which all participating local governments may individually invest in by law. The trust fund shall not be used to circumvent such statutory limitations on the investment authority of participating local government entities.
(2)
In order to assure compliance with subsection (1) of this section, the securities commissioner may, by rule or order, require trust funds to be in substantial compliance with the rules and regulations regarding money market funds promulgated by the securities and exchange commission under section 270 of the federal "Investment Company Act of 1940". The securities commissioner may, by rule or order, waive or modify such rules or orders if the securities commissioner finds that their application in a particular instance is not necessary in the public interest.
L. 93: Entire part R&RE, p. 323, § 1, effective July 1.
This section is similar to former § 24-75-702 as it existed prior to 1993.
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 7 - INVESTMENT FUNDS - LOCAL GOVERNMENT POOLING (§§ 24-75-701 — 24-75-709) › Section 24-75-705 - Board of trustees - duties - liabilities

(1)
The board of trustees of any local government investment pool trust fund moneys authorized by this section shall invest in compliance with the requirements of this section and with that degree of judgment and care, under the circumstances then prevailing, which persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not for speculation, but for investment, considering the probable safety of their capital and need for liquidity as well as the probable income to be derived.
(2)
The board shall exercise the functions over which such board has substantial discretion solely in the interest of the participating local governments and for the exclusive purpose of providing earnings and defraying expenses incurred in administering the trust fund. The board shall act in accordance with the provisions of this part 7 and with the care, skill, and due diligence in light of the circumstances then prevailing that a person in like capacity and familiar with such matters would use in the conduct of an enterprise of like character and with like aims.
(3)
It is unlawful for a member of the board to engage in any activities which might result in a conflict of interest with such member's functions as a fiduciary of the trust fund.
L. 93: Entire part R&RE, p. 323, § 1, effective July 1.
This section is similar to former § 24-75-702 as it existed prior to 1993.
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 7 - INVESTMENT FUNDS - LOCAL GOVERNMENT POOLING (§§ 24-75-701 — 24-75-709) › Section 24-75-706 - Custodian - location - unlawful activities

(1)
It is unlawful for any custodian of a local government investment pool trust fund to:
(a)
Maintain the primary records of the assets of the trust fund anywhere but within the state of Colorado;
(b)
Act as a trustee, administrator, or investment adviser of the trust fund, except that a financial institution, or any person employed by or directly associated with a financial institution, acting as a custodian for a trust fund is not prohibited from also acting as administrator or in any advisory capacity for such trust fund;
(c)
Effect any transaction to relinquish possession of, distribute, expend, or transfer any of the assets of the trust fund without the prior written authorization of the board, except for:
(I)
The purchase or sale of authorized investments or the exchange of such assets for other assets of equal or greater value provided that such sale, purchase, or exchange is solely in the accounts of the trust fund;
(II)
Distributions to participating local governments; or
(III)
The payment of routine fees and expenses that have been authorized by the board of trustees in the annual budget of the trust fund; or
(d)
Execute any transaction with any of the assets of the trust fund without the written instruction of the investment adviser or a financial institution acting in an advisory capacity.
(2)
The custodian shall reconcile the accounts of a trust fund on a daily basis.
L. 93: Entire part R&RE, p. 324, § 1, effective July 1.
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 7 - INVESTMENT FUNDS - LOCAL GOVERNMENT POOLING (§§ 24-75-701 — 24-75-709) › Section 24-75-707 - Investment adviser - duties - unlawful activities

(1)
An investment adviser, a broker-dealer, or a financial institution acting in an advisory capacity for a local government investment pool trust fund which contracts with the board of trustees of such trust fund shall be held to the standard of conduct set forth in section
24-75-705
with respect to those functions over which such investment adviser, broker-dealer, or financial institution has substantial discretion.
(2)
It is unlawful for any investment adviser to a local government investment pool trust fund or any investment adviser representative of such investment adviser to:
(a)
Act as a member of the board of trustees or custodian of that trust fund; or
(b)
Maintain the primary records of the trust fund anywhere but within this state; except that, the securities commissioner may, by rule or order, and subject to such terms and conditions as prescribed therein, permit the maintenance of such records in another state if the securities commissioner finds that maintenance of such records in this state is not necessary in the public interest and for the protection of participating local governments.
(3)
It is unlawful for any broker-dealer or financial institution acting in an advisory capacity to a local government investment pool trust fund or any person employed by or directly associated with a broker-dealer or financial institution acting in an advisory capacity to such a trust fund to:
(a)
Act as a member of the board of trustees of that trust fund; or
(b)
Maintain the primary records of the trust fund anywhere but within this state; except that, the securities commissioner may, by rule or order, and subject to such terms and conditions as prescribed therein, permit the maintenance of such records in another state if the securities commissioner finds that maintenance of such records in this state is not necessary in the public interest and for the protection of participating local governments.
L. 93: Entire part R&RE, p. 324, § 1, effective July 1.
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 7 - INVESTMENT FUNDS - LOCAL GOVERNMENT POOLING (§§ 24-75-701 — 24-75-709) › Section 24-75-708 - Administrator - duties - unlawful activities

(1)
Every local government investment pool trust fund shall be administered by an administrator in this state appointed by the board of trustees of such pool. The administrator shall have such duties as may be prescribed by the securities commissioner by rule.
(2)
It is unlawful for an administrator to:
(a)
Act as a trustee or custodian of a local government investment pool trust fund, except that a financial institution, or any person employed by or directly associated with a financial institution, acting as the administrator for a trust fund is not prohibited from also acting as custodian for such trust fund; or
(b)
Maintain the primary records of the trust fund anywhere but within this state; except that, the securities commissioner may, by rule or order, and subject to such terms and conditions as prescribed therein, permit the maintenance of such records in another state if the securities commissioner finds that maintenance of such records in this state is not necessary in the public interest and for the protection of participating local governments.
L. 93: Entire part R&RE, p. 325, § 1, effective July 1.
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 7 - INVESTMENT FUNDS - LOCAL GOVERNMENT POOLING (§§ 24-75-701 — 24-75-709) › Section 24-75-709 - Administration and enforcement

This part 7 shall be administered and enforced by the securities commissioner pursuant to section
11-51-902
, C.R.S.
L. 93: Entire part R&RE, p. 326, § 1, effective July 1.
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 8 - [Repealed] (§ 24-75-801) › Section 24-75-801 - to 24-75-803 - [Repealed]

(1) This part 8 was added in 1983 and was not amended prior to its repeal in 1987.
(2) Section 24-75-803 provided for the repeal of this part 8, effective July 1, 1987. (See L. 83, p. 1013.)
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 9 - FUNDS MANAGEMENT ACT OF 1986 (§§ 24-75-901 — 24-75-915) › Section 24-75-901 - Short title

This part 9 shall be known and may be cited as the "Funds Management Act of 1986".
L. 86: Entire part R&RE, p. 967, § 1, effective July 1.
This section is similar to former § 24-75-901 as it existed prior to 1986.
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 9 - FUNDS MANAGEMENT ACT OF 1986 (§§ 24-75-901 — 24-75-915) › Section 24-75-902 - Legislative declaration

The general assembly hereby finds and declares that, since the state currently experiences and may hereafter experience fluctuations in revenues and expenditures and temporary cash flow deficits resulting in the temporary inability to pay proper expenses from currently budgeted and appropriated revenues of its various funds and since the state must maintain its reputation for timely payment to its creditors and suppliers, this part 9 is necessary for the immediate preservation of the public peace, health, and safety.
L. 86: Entire part R&RE, p. 967, § 1, effective July 1.
This section is similar to former § 24-75-902 as it existed prior to 1986.
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 9 - FUNDS MANAGEMENT ACT OF 1986 (§§ 24-75-901 — 24-75-915) › Section 24-75-903 - Definitions

As used in this part 9, unless the context otherwise requires:
(1)
"Book entry" means a form of issuance under which no physical instrument is issued and the rights to principal and interest payments are evidenced by and may be transferred only through a bookkeeping entry in a central registry.
(1.5)
"Expenditure" means any cash expenditure or other cash disbursement which may be made from revenue duly credited to a particular fund.
(2)
"Fund" means any fund or group of accounts to which state moneys are credited, including, but not limited to: The general fund, the highway users tax fund, the Pinnacol Assurance fund, the Colorado water conservation board construction fund, the department of personnel revolving fund, the correctional industries account, the capital construction fund, the severance tax trust fund, and the higher education fund.
(3)
"Note" means any note or other evidence of borrowing made under the authority of this part 9.
(4)
"Revenue" means any cash income or other cash receipt duly credited to a particular fund.
(5) and (6)
Repealed.
Amended by 2018 Ch. 274, § 56, eff. 5/29/2018.
L. 86: Entire part R&RE, p. 967, § 1, effective July 1. p. 539, § 50. L. 89: (1) R&RE and (1.5) added, p. 1137, §§ 1, 2, effective March 21. L. 90: (2) amended, p. 1276, § 2, effective May 9. L. 96: (2), (5), and (6) amended, p. 1528, § 84, effective June 1. L. 97: (5) and (6) repealed, p. 1022, § 41, effective August 6. L. 2002: (2) amended, p. 1896, § 66, effective July 1. L. 2018: (2) amended, (HB 18-1375), ch. 274, p. 1713, § 56, effective May 29.
This section is similar to former § 24-75-903 as it existed prior to 1986.
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 9 - FUNDS MANAGEMENT ACT OF 1986 (§§ 24-75-901 — 24-75-915) › Section 24-75-904 - Computations

In computing the amount of revenue in a particular fund, there shall not be considered the proceeds of any note or other borrowing credited to such fund or any income from the investment of revenue or of such proceeds. Likewise, in computing the amount of expenditure in a particular fund, there shall not be considered the payments of principal, interest, or premium on any note or other borrowing payable from such fund.
L. 86: Entire part R&RE, p. 968, § 1, effective July 1.
This section is similar to former § 24-75-904 as it existed prior to 1986.
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 9 - FUNDS MANAGEMENT ACT OF 1986 (§§ 24-75-901 — 24-75-915) › Section 24-75-905 - Authority to issue and sell notes

(1)
The state treasurer, on behalf of the state, may, by resolution, issue from time to time and sell notes payable from the anticipated revenue of any fund in order to accomplish any of the purposes of this part 9. The proceeds of the notes may be applied for the payment of the costs of issuing the notes, for the payment of any expenditure otherwise payable from the revenue of the fund upon which the notes are issued, for the payment of the principal of, the interest on, or any premium due in connection with the redemption, purchase, or payment of any notes, or for the payment of any combination thereof. Pending such application, such proceeds may be invested or deposited as provided in this part 9.
(2)
The state treasurer has the following powers in order to accomplish any of the purposes of this part 9, in addition to the powers otherwise granted by law:
(a)
To use the seal of the state treasurer;
(b)
To issue notes for the purposes provided in this part 9;
(c)
To adopt resolutions;
(d)
To engage the services of consultants, financial advisors, underwriters, attorneys, paying agents, registrars, remarketing agents, indexing agents, depositories, and other agents whose services may be required in connection with the notes;
(e)
To enter into contracts and agreements in connection with the notes, including but not limited to contracts with persons specified in paragraph (d) of this subsection (2) and contracts providing for the purchase or repurchase of the notes; and
(f)
To do all things necessary and convenient to carry out the purposes of this part 9 and in connection with the issuance of notes.
(3)
The controller and the director of the office of state planning and budgeting shall, at the request of the state treasurer, assist and advise the state treasurer concerning the amount of notes to be issued and the terms and conditions under which the notes are to be issued.
L. 86: Entire part R&RE, p. 968, § 1, effective July 1.
This section is similar to former § 24-75-905 as it existed prior to 1986.
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 9 - FUNDS MANAGEMENT ACT OF 1986 (§§ 24-75-901 — 24-75-915) › Section 24-75-906 - Limitation on amount of notes

The principal amount of notes payable from any fund shall be limited to fifty percent of the amount of revenue anticipated but not yet credited to the fund for the applicable fiscal year.
L. 86: Entire part R&RE, p. 969, § 1, effective July 1.
This section is similar to former § 24-75-906 as it existed prior to 1986.
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 9 - FUNDS MANAGEMENT ACT OF 1986 (§§ 24-75-901 — 24-75-915) › Section 24-75-908 - Execution of notes

(1)
The notes shall be signed on behalf of the state by the state treasurer and countersigned by the controller, and the seal of the state treasurer shall be affixed thereto; except that no such signatures or seal shall be required if the notes are issued in book entry form pursuant to section
24-75-907 (1)
. The resolution authorizing the issuance of the notes may provide that the notes may be authenticated prior to delivery by the authorized representative of the registrar, paying agent, or depository.
(2)
Pursuant to article
55
of title
11
, C.R.S., any signature required by subsection (1) of this section may be a facsimile signature imprinted, engraved, stamped, or otherwise placed on the notes. If all signatures of public officials on the notes are facsimile signatures, provision shall be made for a manual authenticating signature on the notes by or on behalf of a designated authenticating agent. If an official ceases to hold office before delivery of the notes signed by such official, the signature or facsimile signature of the official is nevertheless valid and sufficient for all purposes. A facsimile of the seal of the state treasurer may be imprinted, engraved, stamped, or otherwise placed on the notes.
L. 86: Entire part R&RE, p. 969, § 1, effective July 1. L. 89: Entire section amended, p. 1138, § 4, effective March 21.
This section is similar to former § 24-75-908 as it existed prior to 1986.
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 9 - FUNDS MANAGEMENT ACT OF 1986 (§§ 24-75-901 — 24-75-915) › Section 24-75-909 - Manner of sale of notes

Notes may be sold at public or private sale and may be sold at, above, or below par.
L. 86: Entire part R&RE, p. 970, § 1, effective July 1.
This section is similar to former § 24-75-909 as it existed prior to 1986.
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 9 - FUNDS MANAGEMENT ACT OF 1986 (§§ 24-75-901 — 24-75-915) › Section 24-75-910 - Investment or deposit of proceeds - income therefrom

The state treasurer may invest and reinvest the proceeds of the notes in any securities which are legal investments for the fund from which the notes are payable or may deposit such proceeds in any eligible public depository. Notwithstanding the provisions of any other statute to the contrary, the income from any such investment or deposit shall be credited to the fund from which such notes are payable and shall be retained therein.
L. 86: Entire part R&RE, p. 970, § 1, effective July 1.
This section is similar to former § 24-75-910 as it existed prior to 1986.
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 9 - FUNDS MANAGEMENT ACT OF 1986 (§§ 24-75-901 — 24-75-915) › Section 24-75-911 - No debt created

Notes shall be payable solely from the revenues pledged thereto, and the owners or holders of the notes may not look to any other source for repayment of the principal of or interest on the notes. In every case, the revenues pledged shall be those which are the subject of appropriation for the current fiscal year and are yet to be credited to the applicable fund. The notes shall not constitute a debt or an indebtedness of the state within the meaning of any applicable provision of the state constitution or statutes.
L. 86: Entire part R&RE, p. 970, § 1, effective July 1.
This section is similar to former § 24-75-911 as it existed prior to 1986.
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 9 - FUNDS MANAGEMENT ACT OF 1986 (§§ 24-75-901 — 24-75-915) › Section 24-75-912 - Notes as legal investments and eligible collateral

Notwithstanding the provisions of any other statute to the contrary, notes meeting the investment requirements established in part 6 of this article shall be legal investments for any political subdivision or public body of the state and shall be eligible for use as collateral for deposits of public funds.
L. 86: Entire part R&RE, p. 970, § 1, effective July 1. L. 89: Entire section amended, p. 1129, § 66, effective July 1.
This section is similar to former § 24-75-912 as it existed prior to 1986.
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 9 - FUNDS MANAGEMENT ACT OF 1986 (§§ 24-75-901 — 24-75-915) › Section 24-75-913 - Construction with other statutes

The powers conferred by this part 9 shall constitute an additional and separate grant of powers for the issuance and payment of the notes and all other acts in connection therewith authorized by this part 9. The powers conferred by this part 9 are in addition to any other powers conferred by statute. If there is any inconsistency between the provisions of this part 9 and any other statutes, the provisions of this part 9 shall apply to the issuance of notes under this part 9.
L. 86: Entire part R&RE, p. 970, § 1, effective July 1.
This section is similar to former § 24-75-913 as it existed prior to 1986.
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 9 - FUNDS MANAGEMENT ACT OF 1986 (§§ 24-75-901 — 24-75-915) › Section 24-75-914 - State auditor - report

The state auditor shall annually prepare and submit a report to the legislative audit committee and to the finance committees of the senate and the house of representatives, which shall include, but need not be limited to, a review and analysis of the sales, purchases, and rates of any notes issued under this part 9 and any other information deemed by the state auditor to be necessary to judge the effectiveness of this part 9.
L. 86: Entire part R&RE, p. 970, § 1, effective July 1.
This section is similar to former § 24-75-914 as it existed prior to 1986.
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 9 - FUNDS MANAGEMENT ACT OF 1986 (§§ 24-75-901 — 24-75-915) › Section 24-75-915 - Saving clause

The repeal and reenactment of this part 9, effective July 1, 1986, shall not affect the validity of any notes or any agreements in connection with such notes issued by the state treasurer pursuant to the authority contained in this part 9 prior to July 1, 1986.
L. 86: Entire part R&RE, p. 970, § 1, effective July 1.
This section is similar to former § 24-75-915 as it existed prior to 1986.
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 10 - HIGHER EDUCATION FUND (§ 24-75-1001) › Section 24-75-1001 - Higher education fund

(1)
There is hereby created the higher education fund, which shall consist of all moneys which shall be allocated thereto by the state treasurer pursuant to subsection (2) of this section.
(2)
The moneys annually allocated to the higher education fund shall be the amount of the total annual general fund appropriations to the department of higher education for that fiscal year. Such allocation shall be made, as moneys become available, on a periodic basis during such fiscal year commencing on July 1 or the beginning of such fiscal year.
(3)
The higher education fund shall be separate from the general fund and considered a special fund under section
24-75-201
.
(4)
Nothing in subsection (1) of this section shall be construed to supersede the provisions of sections
23-20-117.5
and
23-30-106
, C.R.S.
L. 90: Entire part added, p. 1276, § 1, effective May 9. L. 94: (4) amended, p. 1650, § 95, effective May 31; (4) amended, p. 538, § 3, effective July 1.
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 11 - TOBACCO SETTLEMENT FUNDS (§§ 24-75-1101 — 24-75-1107) › Section 24-75-1101 - Legislative declaration

The general assembly hereby finds and declares that, pursuant to the master settlement agreement between several states, including Colorado, and certain tobacco companies, the state will receive substantial moneys for several years, and that such moneys may be reduced based on several factors, such as decreased sales of tobacco products. The general assembly further finds that such moneys will enable Colorado to enact tobacco use prevention, education, and cessation programs, related health programs, and literacy programs and that such programs must involve cost-effective programs at the state and local levels. For such purposes, the policies in this part 11 shall apply to all moneys received by the state from the master settlement agreement.
L. 2000: Entire part added, p. 588, § 1, effective May 18.
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 11 - TOBACCO SETTLEMENT FUNDS (§§ 24-75-1101 — 24-75-1107) › Section 24-75-1102 - Definitions

As used in this part 11, unless the context otherwise requires:
(1)
"Master settlement agreement" means the master settlement agreement, the smokeless tobacco master settlement agreement, and the consent decree approved and entered by the court in the case denominated
State of Colorado, ex rel. Gale A. Norton, Attorney General v. R.J. Reynolds Tobacco Co.; American Tobacco Co., Inc.; Brown &Williamson Tobacco Corp.; Liggett & Myers, Inc.; Lorillard Tobacco Co., Inc.; Philip Morris, Inc.; United States Tobacco Co.; B.A.T. Industries, P.L.C.; The Council For Tobacco Research--U.S.A., Inc.; and Tobacco Institute, Inc.
, Case No. 97 CV 3432, in the district court for the city and county of Denver.
(2)
"Settlement moneys" means the moneys received pursuant to the master settlement agreement, other than attorney fees and costs.
(2.5)
"Strategic contribution fund moneys" means settlement moneys received by the state from the strategic contribution fund created under the terms of the master settlement agreement.
(3)
"Tobacco settlement program" means any program that receives appropriations from moneys received by the state pursuant to the master settlement agreement.
L. 2000: Entire part added, p. 588, § 1, effective May 18. L. 2007: (2.5) added, p. 1998, § 3, effective June 1.
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 11 - TOBACCO SETTLEMENT FUNDS (§§ 24-75-1101 — 24-75-1107) › Section 24-75-1103 - Policy on use of tobacco settlement funds

(1)
No settlement moneys shall be used for a tobacco settlement program unless such program is expressly authorized by statute or is within the authority of the department or local government requesting funding. Nothing in this part 11 nor the establishment of any tobacco settlement program shall be deemed to create an entitlement to services or funding under this part 11 or other state law.
(2)
Local governments are integral participants in the development and implementation of any tobacco prevention, education, and cessation programs. In addition to the ability to participate in any state programs, a portion of the settlement moneys may be dedicated to local governments for locally operated tobacco use prevention, education, and cessation programs and related health programs.
(3)
The majority of the moneys received by the state from the master settlement agreement shall be dedicated to improving the health of the citizens of Colorado, including tobacco use prevention, education, and cessation programs and related health programs. Such moneys are intended to supplement any moneys appropriated to health-related programs established prior to May 18, 2000.
(4)
Repealed.
(5)
A portion of the settlement moneys shall be used to strengthen and enhance the health of all residents of Colorado by supplementing and expanding statewide and local public health programs.
(6)
A portion of the settlement moneys shall be allocated to methods of addressing tobacco-related health problems, including but not limited to programs designed for tobacco use prevention, reduction, cessation, and education and the reduction of second-hand smoke.
(7)
A portion of the settlement moneys shall be invested in tobacco-related in-state research, including but not limited to research in such areas as tobacco-related disease, illness, education, evaluation, cessation, and prevention.
(8)
A portion of the settlement moneys shall be invested in improving the literacy of Colorado's children through reading programs implemented by public schools throughout the state.
Amended by 2016 Ch. 153, § 26, eff. 7/1/2016.
L. 2000: Entire part added, p. 589, § 1, effective May 18. L. 2002: (4) amended, p. 564, § 8, effective May 24. L. 2003: (4) amended, p. 2548, § 6, effective June 5. L. 2016: (4) repealed, (HB 16-1408), ch. 153, p. 472, § 26, effective July 1.
Section 24-75-1106 provided for the repeal of subsection (4)(b) effective December 15, 2003, unless the state treasurer and the tobacco litigation settlement financing corporation enter into at least one property sale contract pursuant to article
82.5
of this title. No such contract had been entered into as of December 15, 2003. (See L. 2003, p. 2550.)
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 11 - TOBACCO SETTLEMENT FUNDS (§§ 24-75-1101 — 24-75-1107) › Section 24-75-1104 - [Repealed]

L. 2000: Entire part added, p. 590, § 1, effective May 18. L. 2001: (2) amended, p. 353, § 17, effective April 16; (1)(b) and (2) amended and (1)(b.5) added, p. 927, § 2, effective June 4; (2) amended, p. 1149, § 2, effective June 5. L. 2001, 2nd Ex. Sess.: (2.5) added, p. 9, § 2, effective November 1. L. 2002: (1)(b) and (2) amended, p. 564, § 9, effective May 24; (1.5) added, p. 778, § 1, effective May 30; (1)(f) and (2)(c) amended, p. 359, § 16, effective July 1. L. 2003: (1.7) added and IP(2) amended, p. 463, § 4, effective March 5; (1)(c) and IP(2) amended and (1.9), (4), and (5) added, pp. 2548, 2549, §§ 7, 8, effective June 5; (1.7)(d) and IP(2) amended and (1.8) added, pp. 2561, 2562, §§ 3, 4, effective June 5. L. 2004: (6) added, p. 1707, § 3, effective June 4.
Subsection (6) provided for the repeal of this section, effective July 1, 2004. (See L. 2004, p. 1707.)
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 11 - TOBACCO SETTLEMENT FUNDS (§§ 24-75-1101 — 24-75-1107) › Section 24-75-1105 - [Repealed]

Repealed by 2015 Ch. 104, § 3, eff. 4/16/2015.
L. 2000: Entire part added, p. 591, § 1, effective May 18. L. 2002: (1) amended, p. 565, § 10, effective May 24. L. 2006: IP(1) amended, p. 247, § 1, effective August 7. L. 2015: Entire section repealed, (SB 15-189), ch. 104, p. 303, § 3, effective April 16.
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 11 - TOBACCO SETTLEMENT FUNDS (§§ 24-75-1101 — 24-75-1107) › Section 24-75-1106 - [Repealed]

L. 2003: Entire section added, p. 2550, § 9, effective June 5.
This section provided for the repeal of this section, effective December 15, 2003, unless the state treasurer and the tobacco litigation settlement financing corporation entered into at least one property sale contract pursuant to article
82.5
of this title. No such contract had been entered into as of December 15, 2003. (See L. 2003, p. 2550.)
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 11 - TOBACCO SETTLEMENT FUNDS (§§ 24-75-1101 — 24-75-1107) › Section 24-75-1107 - Loss of disputed payments - authorization for transfers to tobacco litigation settlement cash fund

(1)
The attorney general shall immediately notify the governor, the state treasurer, the joint budget committee of the general assembly, the speaker and minority leader of the house of representatives, and the president and minority leader of the senate if an arbitration panel makes any finding regarding the failure of the state to diligently enforce the provisions of part 2 of article
28
of title
39
, C.R.S., that will reduce the amount of any payment of settlement moneys to the state.
(2)
If the attorney general provides notification pursuant to subsection (1) of this section, the governor may instruct the state treasurer to transfer a specific amount of not more than forty million dollars from the general fund to the tobacco litigation settlement cash fund and to further transfer those moneys to programs and funds that receive settlement moneys pursuant to section
24-75-1104.5
as directed by the governor if:
(a)
The general assembly is not in regular session;
(b)
The notification indicates that the next scheduled payment of settlement moneys to the state will be at least thirty-five million dollars less than the most recent amount forecast by the staff of the legislative council when the general assembly was last in regular session;
(c)
The settlement moneys that will no longer be paid to the state were previously expected to be paid within twelve months of the date of the finding that will reduce the amount of a payment of settlement moneys to the state; and
(d)
The amount to be transferred is based on:
(I)
The amount required to cover the amount of working capital advanced from the general fund to tobacco settlement programs before the date of the finding that will reduce the amount of a payment of settlement moneys to the state; and
(II)
Any additional amount needed to allow tobacco settlement programs to meet critical state obligations and reduce program expenditure in an orderly manner through the end of the next January.
Added by 2013 Ch. 318, § 1, eff. 5/28/2013.
L. 2013: Entire section added, (HB 13-1305), ch. 318, p. 1735, § 1, effective May 28.