§ 24-80-214 — State museum cash fund - repeal

Colorado § 24-80-214

• Jurisdiction: Colorado
• Title 24: Government
• Art.: State History, Archives, and Emblems

Text

(1) There is hereby created in
the state treasury the state museum cash fund, referred to in this section as the
cash fund. The cash fund consists of all money transferred to the cash fund from
the state historical fund pursuant to section 44-30-1201 (5); money transferred
from the justice center cash fund pursuant to section 13-32-101 (7)(b)(II), as said
subsection existed prior to its repeal in 2015; and any other money appropriated to
the cash fund by the general assembly.

(2) (a) Money in the cash fund shall be subject to annual appropriation by the
general assembly to the state historical society to pay for the planning, design,
acquisition, and construction of and relocation to a new state museum, exhibits for
the museum, and for exhibit planning, development, and build-out at other facilities
owned and operated by the historical society.

(b) In addition to the purposes for which the state historical society may use
money in the cash fund pursuant to subsection (2)(a) of this section, in the 2024-25
state fiscal year, the state historical society may use up to one million six hundred
thousand dollars of money in the cash fund to provide a zero interest loan to the
department of revenue to facilitate the department of revenue's co-location and
consolidation to the Auraria higher education center. The department of revenue
shall repay any loan made by the state historical society pursuant to this subsection
(2)(b) in an amount equal to at least four hundred thousand dollars per year until the
loan is repaid in full and shall complete the loan repayments by June 30, 2029.

(3) (a) Except as otherwise provided in subsection (3)(b) of this section, the
state historical society shall retain three million dollars and compounding interest
earned on this amount beginning July 1, 2015, in the cash fund as a controlled
maintenance reserve for the new state museum. The controlled maintenance
reserve is available for appropriation for controlled maintenance at the museum
beginning in the 2027-28 state fiscal year.

(b) (I) Beginning July 1, 2027, and continuing through June 30, 2029, the state
historical society may reduce the minimum cash fund balance required pursuant to
subsection (3)(a) of this section by the amount of the loan the state historical
society has made to the department of revenue pursuant to subsection (2)(b) of this
section.

(II) This subsection (3)(b) is repealed, effective July 1, 2029.

(4) Appropriations from the cash fund remain available to the state historical
society for a period of four years.

(5) The state treasurer shall invest any money in the cash fund not expended
for the purpose of this section as provided by law. All interest and income derived
from the investment and deposit of money in the cash fund is credited to the cash
fund.

(6) Any unexpended and unencumbered money remaining in the cash fund at
the end of a fiscal year remains in the cash fund and is not credited or transferred
to the general fund or another fund.

Legislative History

Source: L. 2008: Entire section added, p. 2112, � 4, effective June 4. L. 2015: Entire section amended, (SB 15-264), ch. 259, p. 961, � 72, effective August 5. L. 2016: Entire section amended, (HB 16-1352), ch. 132, p. 383, � 1, effective April 22. L. 2018: Entire section amended, (SB 18-034), ch. 14, p. 248, � 42, effective October 1. L. 2024: Entire section amended, (SB 24-222), ch. 310, p. 2088, � 3, effective May 31.