§ 43-4-1504 — Fuels impact enterprise cash fund - definition

Colorado § 43-4-1504

• Jurisdiction: Colorado
• Title 43: Transportation
• Art.: Financing

Text

(1) (a) (I) The
fuels impact enterprise cash fund is created in the state treasury. The fund consists
of fuels impact reduction fee revenue credited to the fund pursuant to section 43-4-1505, any money that the general assembly may transfer or appropriate to the
fund for the implementation of the grant program, and any federal money or gifts,
grants, or donations received. The state treasurer shall credit all interest and
income derived from the deposit and investment of money in the fund to the fund.

(II) Money in the fund is continuously appropriated to the enterprise for the
direct and indirect costs of implementing the grant program.

(III) The state treasurer shall credit all interest and income derived from the
deposit and investment of money in the fund to the fund.

(b) (I) Notwithstanding section 8-20-206.5 (8)(b), if the available fund
balance in the fund is greater than fifteen million dollars, the enterprise shall not
impose, and the department of revenue shall not collect, the fuels impact reduction
fee described in section 8-20-206.5 (8), but if the available balance in the fund is
less than fifteen million dollars within a fiscal year, the enterprise shall impose, and
the department of revenue shall collect, the fuels impact reduction fee in
accordance with section 8-20-206.5 (8)(b).

(II) For the purposes of this subsection (1)(b), available fund balance means
the sum of the current year revenues and the previous fund balance minus the sum
of the obligations approved by the enterprise and the costs incurred by the
department of revenue in collecting the fuels impact reduction fee revenue.

(c) For purposes of this part 15, the enterprise may seek, accept, and expend
money from federal sources.

(2) The department may transfer money from any legally available source to
the enterprise for the purpose of defraying expenses incurred by the enterprise
before it receives fee revenue or revenue bond proceeds. The enterprise may
accept and expend any money so transferred, and, notwithstanding any state fiscal
rule or generally accepted accounting principle that could otherwise be interpreted
to require a contrary conclusion, such a transfer is a loan from the department to
the enterprise that is required to be repaid and is not a grant for purposes of
section 20 (2)(d) of article X of the state constitution, or as defined in section 24-77-102 (7). All money transferred as a loan to the enterprise shall be credited to the
fund. Loan liabilities that are recorded in the fuels impact fund but that are not
required to be paid in the current fiscal year shall not be considered when
calculating sufficient statutory fund balance for purposes of section 24-75-109. As
the enterprise receives sufficient revenue in excess of expenses, the enterprise
shall reimburse the department for the principal amount of any loan made by the
department plus interest at a rate set by the department.

Legislative History

Source: L. 2023: Entire part added, (SB 23-280), ch. 404, p. 2423, � 9, effective August 7.