(1) There is created in the state treasury the Colorado opportunity scholarship initiative fund, which consists of:
Any moneys appropriated to the fund by the general assembly;
Any moneys transferred to the fund from any other fund; and
Any moneys received by the department as gifts, grants, or donations pursuant tosubsection (3) of this section.
The moneys in the fund are continuously appropriated to the department for the purposes described in this part 10. All interest derived from the deposit and investment of moneys in the fund must remain in the fund. Any unexpended or unencumbered moneys remaining in the fund at the end of a fiscal year must remain in the fund and not be transferred or credited to the general fund or another fund.
The department is authorized to accept any gifts, grants, or donations from any private or public source on behalf of the state for the purposes described in this part 10. The department shall transmit all such gifts, grants, and donations to the state treasurer, who shall credit the same to the fund.
The department is authorized to spend from the fund an amount of money equal tonot more than seven and one-half percent of the total expenditures from the fund for the prior fiscal year to pay the direct and indirect costs of administering the initiative in any fiscal year; except that the general assembly may authorize additional spending for administrative costs in any fiscal year through a footnote in the annual general appropriation act.
The board may promulgate rules for the administration of the fund.
Source: L. 2014: Entire part added, (HB 14-1384), ch. 347, p. 1558, § 1, effective August 6. L. 2020: (4) amended, (SB 20-006), ch. 26, p. 95, § 4, effective September 14.