Colorado § 43-4-1504 - Fuels impact enterprise cash fund - definition.

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

(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.

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