(1) (a) The higher education federal mineral lease revenues fund is hereby created in the state treasury. For the 2008-09 fiscal year and for each succeeding fiscal year through the quarterly transfer for the quarter commencing on October 1 of the 2015-16 fiscal year, the lesser of the first fifty million dollars of the total amount of moneys required to be transferred to the revenues fund and the maintenance and reserve fund pursuant to section 34-63-102 (5.5), C.R.S., or all of such moneys shall be transferred to the revenues fund and the remainder of such moneys shall be transferred to the maintenance and reserve fund. For the quarterly transfers for the quarters commencing on January 1, 2016, and April 1, 2016, for the 2016-17 fiscal year and for each fiscal year thereafter, money shall be transferred to the revenues fund as required by section 34-63-102 (5.5), C.R.S. Interest and income derived from the deposit and investment of the revenues fund shall remain in the revenues fund and shall not be transferred to the general fund or any other fund at the end of any fiscal year. The state treasurer may invest the revenues fund in any investment in which the board of trustees of the public employees' retirement association may invest the funds of the association pursuant to section 24-51-206, C.R.S.
(a.5) On April 14, 2016, the treasurer shall transfer all money in the maintenance and reserve fund to the revenues fund.
The general assembly may annually appropriate moneys in the revenues fund to thedepartment of higher education for transfer to the state treasurer to directly pay for or pay the costs of financing capital construction projects at state-supported institutions of higher education that are included on a prioritized list of such projects specified in a joint resolution that has taken effect in accordance with section 39 of article V of the state constitution after being sponsored by the joint budget committee of the general assembly, approved by the general assembly, and presented to the governor pursuant to section 23-1-106.3 (1)(b), enacted by Senate Bill 08-233, enacted at the second regular session of the sixty-sixth general assembly. Money transferred to the treasurer is continuously appropriated to the treasurer for the purpose of making payments related to the capital construction projects. The general assembly may also appropriate moneys in the revenues fund to the department of education for distribution by the department, or any board or division within the department that the department may designate, to school districts for capital construction projects at area technical colleges, as defined in section 23-60-103 (1). In making such appropriations, the general assembly shall give priority consideration to capital construction projects at state-supported institutions of higher education that are located in communities that are substantially impacted by energy production or conversion activities, and the department, or any board or division within the department designated to distribute moneys appropriated to the department pursuant to this paragraph (b), shall give priority consideration to capital construction projects at area technical colleges that are located in such communities. Only capital construction projects that will be used exclusively or primarily for academic purposes shall be eligible for funding pursuant to this paragraph (b).
Notwithstanding any other provision of this subsection (1) to the contrary, on May 5,2010, the state treasurer shall deduct seven hundred fifty thousand dollars from the revenues fund and transfer such sum to the general fund.
Notwithstanding any other provision of this subsection (1) to the contrary, on July 1,2010, the state treasurer shall deduct seven million dollars from the revenues fund and transfer such sum to the general fund.
(2) Repealed.
Source: L. 2008: Entire article added, p. 2157, § 2, effective June 4; (2)(b) amended, p. 717, § 2, effective May 12. L. 2009: (2)(b)(III) added, (SB 09-208), ch. 149, p. 622, § 15, effective April 20; (2)(b)(II) amended, (SB 09-228), ch. 410, p. 2256, § 5, effective July 1. L. 2010: (2)(b)(IV) added, (HB 10-1327), ch. 135, p. 449, § 1, effective April 15; (1)(c) and (1)(d) added, (HB 10-1389), ch. 206, p. 897, § 8, effective May 5. L. 2011: (2)(b)(V) added, (SB 11222), ch. 153, p. 532, § 1, effective May 5. L. 2016: (1)(a) amended, (1)(a.5) added, and (2)(b) repealed, (HB 16-1229), ch. 84, p. 237, § 3, effective April 14; (2)(a) repealed, (HB 16-1229), ch. 84, p. 237, § 3, effective April 15; (1)(b) amended, (HB 16-1229), ch. 84, p. 237, § 3, effective July 1; (1)(b) amended, (HB 16-1082), ch. 58, p. 147, § 24, effective August 10.
Editor's note: Amendments to subsection (1)(b) by HB 16-1229 and HB 16-1082 were harmonized.