There is hereby created in the state treasury the distance learning cash fund, referred to in this section as the "fund", which shall consist of the cash fees generated by the public and private use of distance learning facilities pursuant to section 28-3-106 (1)(y). The moneys in the fund shall be invested by the state treasurer as provided in sections 24-36-109, 24-36-112, and 24-36-113, C.R.S. Any unexpended and unencumbered moneys remaining in the fund at the end of any fiscal year shall remain in the fund and shall not revert or be credited or transferred to the general fund or be transferred to any other fund. Any interest or income derived from the deposit and investment of moneys in the fund shall remain in the fund and shall not be credited to the general fund. The moneys in the fund shall be continuously appropriated and shall be used to defray the costs associated with operating the distance learning facilities and equipment. Such costs shall include, but need not be limited to, repair, replacement, and salaries involved in the use of said facilities as well as the maintenance and operation of the facilities and equipment.
Source: L. 2003: Entire section added, p. 1908, § 3, effective August 6.