Colorado § 24-48.5-406 - Regional talent development initiative grant program fund - repeal.

§ 24-48.5-406. Regional talent development initiative grant program fund - repeal.

(1) (a) There is created in the state treasury the regional talent development initiative grant program fund. The fund consists of money transferred to the fund pursuant to this subsection (1) and money transferred to the fund from the ARPA refinance state money cash fund pursuant to section 24-75-226.5. Three days after May 26, 2022, the state treasurer shall transfer ninety-one million dollars from the workers, employers, and workforce centers cash fund created in section 24-75-231 (2)(a) to the fund as follows:

(I) Eighty-nine million one hundred twenty-three thousand one hundred eighty-four dollars from money the state received from the federal coronavirus state fiscal recovery fund under section 9901 of Title IX, subtitle M of the "American Rescue Plan Act of 2021"; and

(II) One million eight hundred seventy-six thousand eight hundred sixteen dollars from money that originated from the general fund.

(a.5) (I) On July 1, 2024, the state treasurer shall transfer three million eight hundred thousand dollars from the general fund to the fund for use for achieving the goal set forth in section 24-48.5-405 (1)(c)(IV).

(II) Of the amount transferred to the fund pursuant to subsection (1)(a.5)(I) of this section, not more than seven percent may be used for the administrative costs incurred by the office and the selection committee in administering the regional talent development initiative grant program.

(III) This subsection (1)(a.5) is repealed, effective July 1, 2028.

(b) The money in the fund is continuously appropriated to the office for use in accordance with this part 4.

(2) Of the amount transferred to the fund pursuant to subsection (1) of this section, not more than seven percent may be used for the administrative costs incurred by the office, the departments, the steering committee, and the program administrator in administering the grant program.

(3) The office and any person that receives money from the office, including a grant recipient, the program administrator, a consultant, a contractor, or an intermediary, shall adhere to the compliance, reporting, record-keeping, and program evaluation requirements established by the office of state planning and budgeting and the state controller in accordance with section 24-75-226 (5).

Source: L. 2022: Entire part added, (HB 22-1350), ch. 233, p. 1725, § 1, effective May 26. L. 2024: IP(1)(a) amended, (HB 24-1466), ch. 429, p. 2941, § 25, effective June 5; (1)(a.5) added, (HB 24-1365), ch. 478, p. 3347, § 3, effective August 7.

Cross references: For the legislative declaration in HB 24-1466, see section 1 of chapter 429, Session Laws of Colorado 2024. For the legislative declaration in HB 24-1365, see section 1 of chapter 478, Session Laws of Colorado 2024.