§ 24-75-302.5 — Controlled maintenance - trust fund - legislative declaration

Colorado § 24-75-302.5

• Jurisdiction: Colorado
• Title 24: Government
• Art.: State Funds

Text

(1) In light of the fluctuating amounts of state revenues that have been available for
controlled maintenance purposes in the past, the general assembly hereby finds
and declares that a stable, predictable, and consistent source of revenues for
controlled maintenance projects will better allow the state to fund such projects on
a timely basis and avoid higher replacement costs. In order to provide a consistent
source of revenues, the general assembly hereby further finds and declares that it
is appropriate to create a trust fund which will generate an annual amount of
interest which will be dedicated to controlled maintenance.

(2) (a) There is hereby created the controlled maintenance trust fund, the
principal of which shall consist of any general fund revenues appropriated or
transferred thereto by law, moneys credited thereto pursuant to section 24-30-1310, and proceeds of leveraged leasing agreements deposited thereto pursuant to
section 24-82-1003 (3). For the 1996-97 fiscal year and fiscal years thereafter, the
principal of the trust fund may constitute all or some portion of the state
emergency reserve established pursuant to section 24-77-104 and may be
expended in any given fiscal year as provided in said section. The principal of the
trust fund shall not be expended or appropriated for any purpose other than use as
part of the state emergency reserve. The state treasurer may in the state
treasurer's discretion deposit, redeposit, invest, and reinvest moneys accrued or
accruing to the controlled maintenance trust fund in the types of deposits and
investments authorized in sections 24-36-109, 24-36-112, and 24-36-113.

(b) Beginning September 1, 1994, and on September 1 of each year
thereafter, the state treasurer shall certify to the general assembly the amount of
interest actually earned on the principal of the trust fund during the previous fiscal
year and shall also provide an estimate of the interest expected to be earned on
such principal during the current fiscal year.

(c) Beginning with the 1996-97 fiscal year, the interest earned on the
principal of the trust fund balance may be appropriated for controlled maintenance,
as defined in section 24-30-1301 (4), as follows: Up to fifty percent of the amount of
interest expected to be earned on the principal of the trust fund during the current
fiscal year as estimated by the state treasurer and the amount of interest actually
earned on the principal of the trust fund during the previous fiscal year as certified
by the state treasurer, not to exceed a maximum of thirty-five million dollars in any
fiscal year.

(d) The principal of the trust fund and any unappropriated interest earned on
the principal of the trust fund at the close of any fiscal year must remain in the trust
fund and may not revert to the general fund.

(e) (Deleted by amendment, L. 2004, p. 261, � 1, effective April 5, 2004.)

(f) Repealed.

(2.3) For the fiscal year commencing July 1, 2017, the state treasurer shall
transfer twenty million dollars from the general fund to the controlled maintenance
trust fund.

(2.4) For the fiscal year commencing July 1, 2018, the state treasurer shall
transfer thirty million dollars from the general fund to the controlled maintenance
trust fund.

(2.5) For the state fiscal year commencing July 1, 2019, the state treasurer
shall transfer forty-two million dollars from the general fund to the controlled
maintenance trust fund.

(2.7) (a) On December 3, 2020, the state treasurer shall transfer one hundred
million dollars from the general fund to the controlled maintenance trust fund.

(b) (I) Prior to July 1, 2021, the governor may transfer to the disaster
emergency fund, created in section 24-33.5-706 (2)(a), any money in the controlled
maintenance trust fund transferred thereto in accordance with subsection (2.7)(a)
of this section, if the money available in the disaster emergency fund is insufficient
for the public health and emergency response costs associated with the COVID-19
pandemic emergency. No other transfers of this money to the disaster emergency
fund are permitted.

(II) If, after the date of a transfer to the disaster emergency fund under
subsection (2.7)(b)(I) of this section, the state receives a reimbursement from the
federal government for any expenditures from the disaster emergency fund, the
state treasurer shall deposit the reimbursement into the controlled maintenance
trust fund; except that the deposited amount shall not exceed the amount
transferred under subsection (2.7)(b)(I) of this section.

(3) Notwithstanding any other provision of this section to the contrary:

(a) On July 1, 2001, the state treasurer and the controller shall transfer an
amount equal to the principal balance of the trust fund as of June 30, 2001, to the
general fund to be expended or transferred as provided by law.

(b) Repealed.

(4) Notwithstanding any other provision of this section to the contrary, on
March 27, 2002, the state treasurer and the controller shall transfer nine million
five hundred thousand dollars from the trust fund to the general fund.

(5) Notwithstanding any other provision of this section to the contrary, on
June 1, 2006, the state treasurer and controller shall transfer one hundred eighty-five million six hundred twenty-seven thousand eight hundred one dollars from the
trust fund to the general fund.

(6) Repealed.

(7) Notwithstanding any provision of this section to the contrary, on July 1,
2009, the state treasurer shall deduct eight hundred three thousand six hundred
ten dollars from the trust fund and transfer such sum to the general fund.

(8) Notwithstanding any provision of this section to the contrary, on July 1,
2014, the state treasurer shall deduct nine million six hundred seventy-two
thousand dollars from the trust fund and transfer such sum to the general fund for
the purpose of supporting a fiscal year 2014-15 appropriation for the Colorado
firefighting air corps created in section 24-33.5-1228.

(9) Notwithstanding any provision of this section to the contrary, on July 1,
2016, the state treasurer and the controller shall transfer one million dollars from
the interest earned on the principal of the trust fund balance to the capital
construction fund created in section 24-75-302.

(10) Notwithstanding any provision of this section to the contrary, on July 1,
2021, the state treasurer and the controller shall transfer one hundred ten million
dollars from the general fund to the controlled maintenance trust fund for
controlled maintenance budget requests prioritized by the office of the state
architect as level one and level two priority projects under section 24-30-1303
(1)(t)(II).

(11) Notwithstanding any provision of this section to the contrary, on July 1,
2024, the state treasurer shall transfer eighty-four million eight hundred seventy-five thousand four hundred sixty-two dollars from the controlled maintenance trust
fund to the capital construction fund created in section 24-75-302.

(12) Notwithstanding any provision of this section to the contrary, the state
treasurer shall transfer all unexpended and unencumbered money in the controlled
maintenance trust fund on July 31, 2024, to the general fund.

Legislative History

Source: L. 93: Entire section added, p. 1859, � 4, effective July 1. L. 95: (2) amended, p. 1261, � 3, effective June 3. L. 97: (2)(a) amended, p. 373, � 4, effective August 6. L. 2001: (3) added, p. 8, � 1, effective February 13; (3)(a) amended, p. 1288, � 84, effective June 5. L. 2002: (4) added, p. 156, � 14, effective March 27; (3)(b) amended, p. 391, � 1, effective April 30. L. 2003: (3)(b) amended, p. 1469, � 2, effective May 1; (2)(a) amended, p. 1719, � 2, effective May 14; (2)(a) amended and (2)(e) added, p. 2502, � 4, effective June 5. L. 2004: (2)(a) and (2)(e) amended and (2)(f) added, p. 261, � 1, effective April 5; (3)(b) repealed, p. 538, � 1, effective April 21. L. 2005: (2)(a) amended and (5) added, p. 1025, � 2, effective June 2; (6) added, p. 1044, � 1, effective June 2. L. 2006: (6)(a) amended, p. 2011, � 78, effective July 1. L. 2009: (7) added, (SB 09-279), ch. 367, p. 1929, � 15, effective June 1; (2)(a) amended, (SB 09-228), ch. 410, p. 2263, � 14, effective July 1. L. 2014: (8) added, (SB 14-189), ch. 197, p. 724, � 1, effective May 15; (1), (2)(c), and (2)(d) amended, (HB 14-1387), ch. 378, p. 1848, � 51, effective June 6. L. 2015: (2)(a) amended, (SB 15-211), ch. 179, p. 587, � 5, effective May 11. L. 2016: (9) added, (HB 16-1417), ch. 140, p. 417, � 2, effective May 4. L. 2017: (2.3) added, (SB 17-263), ch. 166, p. 612, � 2, effective April 28. L. 2018: (2.4) added, (HB 18-1340), ch. 347, p. 2068, � 2, effective May 30. L. 2019: (2.5) added, (SB 19-214), ch. 142, p. 1747, � 2, effective May 3. L. 2020, 1st Ex. Sess.: (2.7) added, (SB 20B-004), ch. 1, p. 2, � 2, effective December 3. L. 2021: (10) added, (SB 21-224), ch. 67, p. 270, � 2, effective April 29. L. 2022: (10) amended, (HB 22-1340), ch. 141, p. 936, � 4, effective April 25. L. 2024: (11) added, (HB 24-1425), ch. 139, p. 516, � 3, effective April 29; (12) added, (HB 24-1426), ch. 140, p. 517, � 1, effective April 29; (6)(c) added by revision, (HB 24-1399), ch. 76, pp. 255, 260, �� 15, 33.