(1) Any amount paid as a premium for an interest-bearing obligation in excess of the amount realized upon disposition of said obligation must be recovered as a return of principal out of interest thereafter derived from the public school fund. Such recovery must be made and recorded on a systematic basis applied consistently from year to year.
(2) Interest and income that is not distributed as specified in section 22-41-102 (3) on June 30 of any fiscal year becomes part of the principal of the public school fund.
Source: L. 73: R&RE, p. 1241, § 1. C.R.S. 1963: § 123-4-5. L. 77: Entire section amended, p. 1056, § 3, effective July 15. L. 2016: Entire section amended, (SB 16-035), ch. 250, p. 1026, § 5, effective August 10.
Cross references: For the legislative declaration in SB 16-035, see section 1 of chapter 250, Session Laws of Colorado 2016.