(1) For the 2004-05 budget year through the 2008-09 budget year, each institute charter school shall annually allocate the minimum per pupil dollar amount specified in section 22-54-105 (2)(b), multiplied by the number of students enrolled in the institute charter school who are not students enrolled in an online program or online school, as defined in sections 22-30.7-102 (9) and 22-30.7-102 (9.5), to a fund created by the institute charter school for capital reserve purposes, as set forth in section 22-45-103 (1)(c) and (1)(e), or solely for the management of risk-related activities, as identified in section 24-10-115, C.R.S., and article 13 of title 29, C.R.S., or among such allowable funds. Said moneys shall be used for the purposes set forth in section 22-45-103 (1)(c) and (1)(e) and may not be expended by the institute charter school for any other purpose. Any moneys remaining in the fund that have not been expended prior to the 2009-10 budget year shall be budgeted for the purposes set forth in section 22-45103 (1)(c) and (1)(e) in the 2009-10 budget year or any budget year thereafter.
(2) For the 2004-05 budget year through the 2008-09 budget year, each institute charter school shall annually allocate the minimum per pupil dollar amount specified in section 22-54105 (1)(b), multiplied by the number of students enrolled in the institute charter school who are not students enrolled in an online program or online school, as defined in sections 22-30.7-102 (9) and 22-30.7-102 (9.5), to accounts created by the institute charter school for instructional supplies and materials, instructional capital outlays, or other instructional purposes, as set forth in section 22-45-103 (1)(a)(II), or among such accounts. Moneys may be transferred among the three accounts. The moneys in the accounts shall be used for the purposes set forth in section 2245-103 (1)(a)(II) and may not be expended by the institute charter school for any other purpose. Any moneys in the accounts that are not projected to be expended during a budget year shall be budgeted for the purposes set forth in section 22-45-103 (1)(a)(II) in the next budget year. Nothing in this subsection (2) shall be construed to require that interest on moneys in the accounts be specifically allocated to the accounts. Any moneys remaining in the accounts that have not been expended prior to the 2009-10 budget year shall be budgeted for the purposes set forth in section 22-45-103 (1)(a)(II) in the 2009-10 budget year or any budget year thereafter.
Source: L. 2004: Entire part added, p. 1616, § 1, effective July 1. L. 2007: (1) and (2) amended, p. 1091, § 22, effective July 1. L. 2009: Entire section amended, (SB 09-256), ch. 294,
p. 1556, § 15, effective May 21. L. 2012: Entire section amended, (HB 12-1240), ch. 258, p. 1318, § 33, effective June 4.