§ 24-75-203 — Loans and advances

(1) (a) Upon the prior written approval of
the governor and the controller as to purpose and amount, the state treasurer may
lend the approved amount, out of any moneys in the state treasury not immediately
required to be disbursed, to any department, institution, or agency to provide it with
working capital for the operation of business enterprises by institutions of higher
education the primary purpose of which is not teaching or research and which are,
or may be, in competition with private enterprise or any other self-maintaining
program in other state agencies which generate their own revenues and which in
the judgment of the state treasurer have the capacity to repay loans on the terms
described in this subsection (1). Except as provided in section 17-24-106 (1)(j), C.R.S.,
any such loan shall bear interest at the earnings rate calculated monthly by the
state treasurer. Loans shall be repaid to the state treasury by the borrower out of
moneys to be subsequently received by it from the activities specified in this
subsection (1) at such times as the controller shall direct. Loans made pursuant to
this section shall be reviewed at least annually by the controller to determine if
such loans have a continuing purpose and necessity. The general assembly may,
through appropriation or notation in the general appropriation bill, place limitations
on the amount to be loaned either in total or to any department, institution, or
agency.

(b) Notwithstanding the provisions of paragraph (a) of this subsection (1), for
purposes of the loan approved to the Colorado state fair authority created in
section 35-65-401, C.R.S., the authority may repay the loan with the appropriation
specified in section 24-49.7-106 (5)(a).

(2) The controller may authorize an advance without interest to be made to
any department, institution, or agency of the state government to provide it with
working capital for the operation of programs other than those enterprises listed in
subsection (1) of this section or for federal programs for which federal advances or
letters of credit are not available in such amount as he may determine, but the
amount advanced shall not exceed twelve million dollars to any such department,
institution, or agency, out of any moneys available in the state treasury as provided
in section 24-36-103 (1), and upon such authorization the state treasurer may make
such advance. Under procedures prescribed by the controller, such department,
institution, or agency may pay out of such advance any items which would be
allowable if submitted on a regular voucher. Any such advance shall be repaid to
the state treasury at such time as the controller shall direct. Advances authorized
pursuant to this section shall be reviewed at least annually by the controller to
determine if such advances have a continuing purpose and necessity. The general
assembly may, through appropriation or notation in the general appropriation bill,
place limitations on the amount to be advanced either in total or to any agency,
department, or institution.

(3) and (4) Repealed.

Legislative History

Source: L. 49: p. 680, � 4. CSA: C. 153, � 80. CRS 53: � 130-4-3. C.R.S. 1963: � 130-4-3. L. 71: p. 100, � 3. L. 79: (2)(b) amended, p. 707, � 2, effective May 22; (4) added, p. 1666, � 138, effective December 29; (3) added, p. 1203, � 2, effective January 1, 1980. L. 80: (1) and (2) R&RE, p. 615, � 1, effective September 1. L. 81: (4) amended, p. 1289, � 8, effective January 1, 1982. L. 87: (1), (2), and (4) amended, p. 347, � 2, effective July 1. L. 90: (1) amended, p. 1272, � 1, effective July 1. L. 92: (4) amended, p. 1007, � 4, effective July 1. L. 95: (4) amended, p. 655, � 74, effective July 1. L. 2004: (4) repealed, p. 310, � 11, effective August 4. L. 2006: (1) amended, p. 1651, � 2, effective June 5.