Colorado § 24-80-1401 - Colorado veterans' monument preservation trust fund - state historical society - park name change - report.

§ 24-80-1401. Colorado veterans' monument preservation trust fund - state historical society - park name change - report.

(1) There is hereby created in the state treasury the Colorado veterans' monument preservation trust fund, referred to in this section as the "trust fund", the principal of which consists of money made available from gifts, grants, and donations received by the state historical society, money credited to the trust fund as specified in subsection (4)(e) of this section, and any money transferred to the trust fund by the general assembly. All money deposited in the trust fund and all interest earned in the trust fund remains in the trust for the purposes set forth in this section, and no portion of the trust fund may be expended or appropriated for any other purpose. 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 remain in the trust fund and may not be transferred to or revert to the general fund.

(2) and (3) Repealed.

(4) (a) The purposes of the trust fund are to maintain, enhance, and repair monuments and memorials in Lincoln veterans' memorial park and on the grounds surrounding the state capitol building.

(b) The state historical society created in part 2 of this article 80 has discretion in determining the amount of money to allocate from the trust fund to meet the purposes of this part 14. Except as otherwise provided in subsections (4)(c) to (4)(f) of this section, only the interest derived from the principal in the trust fund may be expended by the state historical society. All interest earned on the investment of money in the trust fund is continuously appropriated to the state historical society. The state historical society shall determine annually how much of the interest generated from the principal in the trust fund will be spent and shall determine and approve what types of maintenance and repair work will be performed for the purposes set forth in subsection (4)(a) of this section.

(c) Subject to appropriation by the general assembly, the state historical society may expend principal from the trust fund for the purposes set forth in subsection (4)(a) of this section in state fiscal year 2027-2028 and once every twenty state fiscal years thereafter.

(d) The state historical society may expend principal from the trust fund for unexpected maintenance that is not covered by insurance, as long as the maintenance is necessary and sufficient principal exists in the trust fund.

(e) Money gifted, granted, donated, or otherwise credited to the trust fund in connection with the placement of an approved object of art or memorial on the grounds surrounding the state capitol building, as described in section 24-82-108 (3)(h)(IV), is continuously appropriated to the state historical society for the lifetime maintenance of the object of art or memorial.

(f) Donations made in connection with a permit to use the Lincoln veterans' memorial park are continuously appropriated to the state historical society for maintaining and restoring monuments and memorials in Lincoln veterans' memorial park.

(5) The state historical society is authorized to receive gifts, grants, and donations from private or public sources for the trust fund. The gifts, grants, and donations must be transmitted to the state treasurer, who shall credit the same to the trust fund. Except as otherwise specified in subsection (4) of this section, all gifts, grants, and donations received by the state historical society pursuant to this subsection (5) must be retained as principal in the trust fund. For purposes of section 20 of article X of the state constitution, any donations received for the trust fund are not included in state fiscal year spending.

(5.5) On or before December 31, 2026, and on or before each December 31 thereafter, the state historical society shall submit a report to the state capitol building advisory committee created in section 24-82-108. The report must include information on:

(a) The state historical society's plans to maintain, enhance, and repair monuments and memorials in Lincoln veterans' memorial park and on the grounds surrounding the state capitol building; and

(b) The actual and planned use of money in the trust fund.

(6) On and after May 31, 2021, the parks previously known as "Lincoln park" and "Liberty park", bounded by Lincoln on the east, Broadway on the west, Fourteenth avenue on the south, and Colfax avenue on the north, shall be collectively known as "Lincoln veterans' memorial park".

Source: L. 2000: Entire part added, p. 786, § 1, effective May 23. L. 2002: (2) amended, p. 359, § 17, effective July 1. L. 2007: (3) amended, p. 186, § 21, effective March 22; (4) amended, p. 1318, § 2, effective September 1. L. 2018: (2) amended, (HB 18-1375), ch. 274, p. 1713, § 57, effective May 29. L. 2021: (4) and (5) amended and (6) added, (HB 21-1257), ch. 294, p. 1755, § 1, effective June 23. L. 2026: (1), (4), and (5) amended, (2) and (3) repealed, and (5.5) added, (SB 26-088), ch. 65, p. 261, § 1, effective April 20.

Cross references: For the legislative declaration contained in the 2002 act amending subsection (2), see section 1 of chapter 121, Session Laws of Colorado 2002.