Colorado § 24-80-214 - State museum cash fund - repeal.

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

(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.

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.

Cross references: For the legislative declaration contained in the 2008 act enacting this section, see section 1 of chapter 417, Session Laws of Colorado 2008.