(1) The retaining teachers fund is hereby created in the state treasury. The fund consists of money that the general assembly may appropriate or transfer to the fund.
The state treasurer shall credit all interest and income derived from the deposit andinvestment of money in the fund to the fund.
The money in the fund is continuously appropriated to the department to implementthe grant program. In each budget year, the department may use up to two percent of the amount appropriated to the fund for the direct costs incurred in implementing the grant program, including any costs incurred in providing technical support to local education providers as provided in section 22-98-103 (3)(b).
(3.5) (a) Notwithstanding any provision of this section to the contrary, on July 1, 2020, the state treasurer shall transfer all unexpended and unencumbered state money in the retaining teachers fund to the state education fund created in section 17 (4) of article IX of the state constitution.
(b) This subsection (3.5) is repealed, effective July 1, 2021.
(4) The state treasurer shall transfer all unexpended and unencumbered money in the fund on July 1, 2022, to the general fund.
Source: L. 2018: Entire article added, (HB 18-1412), ch. 239, p. 1494, § 1, effective May 24. L. 2020: (3.5) added, (HB 20-1418), ch. 197, p. 948, § 26, effective June 30.
Cross references: For the legislative declaration in HB 20-1418, see section 1 of chapter 197, Session Laws of Colorado 2020.