§ 24-53-105 — Contribution fund

Colorado § 24-53-105

• Jurisdiction: Colorado
• Title 24: Government
• Art.: Public Employees' Social Security

Text

(1) There is hereby established a special fund
to be known as the Colorado social security contribution fund, of which the state
treasurer shall be custodian.

(2) (a) The department is authorized to administer said fund and to perform
all acts necessary for such administration, whether or not expressly prescribed in
this article.

(b) The department may establish within such fund, from interest and other
charges accruing thereto not payable to the United States secretary of the
treasury, a contingency account for the purpose of making payments to the United
States secretary of the treasury of amounts claimed by the secretary of the United
States department of health and human services to be due and owing from any
political subdivision, payment of which amounts have not theretofore been made to
the department by said political subdivision. The department may also establish
within such fund, from such interest and other charges, an account from which the
administrative expenses and costs incurred by the department may be paid directly
to the department or to the department of the treasury in reimbursement of such
expenses and costs previously paid. Such accounts shall be subject to annual audit.
All moneys expended by the department from this account shall be appropriated by
the general assembly.

(3) There shall be credited and paid to said contribution fund:

(a) All moneys appropriated thereto by the general assembly;

(b) All contributions, interest, and penalties collected by the department
pursuant to the provisions of sections 24-53-103 and 24-53-104;

(c) Any interest derived from investment of moneys belonging to the fund
and any property or securities received from the use of said moneys;

(d) Any moneys recovered upon the bond of the custodian or otherwise for
losses sustained by the fund and all other moneys received for the fund from any
other source.

(4) (a) Said fund shall be held separate and apart from other state moneys
and shall be used exclusively for the purposes of this article. Payments therefrom
shall be made solely for amounts required to be paid under this article to the United
States secretary of the treasury from time to time pursuant to agreements entered
into pursuant to the provisions of section 24-53-102, for refunds provided for in
section 24-53-103 (3), for refunds of overpayments of political subdivisions not
otherwise adjustable, and for payments made pursuant to the provisions of
subsection (2)(b) of this section.

(b) All such payments shall be made upon vouchers submitted to the office
of the state controller and by warrants drawn upon the state treasurer in the
manner prescribed by law.

(c) Any moneys in the fund not immediately required for such payments
shall, at the direction of the department, be temporarily invested by the state
treasurer, or, at the direction of the department, all amounts in excess of
anticipated expenditures shall be paid annually to the general fund.

(d) If moneys in the fund are paid into the general fund pursuant to the
provisions of paragraph (c) of this subsection (4) and if, subsequent to the payment
to the general fund, the department becomes liable for any expenditure under this
article, the expenditure shall be paid out of moneys in the general fund up to the
amount paid into the general fund by the department.

Legislative History

Source: L. 87: Entire article added, p. 1083, � 2, effective July 1. L. 89: (2)(b) amended, p. 1075, � 1, effective April 5. L. 2010: (4)(b) amended, (HB 10-1181), ch. 351, p. 1631, � 30, effective June 7. L. 2015: (2)(b) amended, (SB 15-264), ch. 259, p. 960, � 69, effective August 5.