Colorado § 8-77-101 - Unemployment compensation fund - state treasurer custodian.

§ 8-77-101. Unemployment compensation fund - state treasurer custodian.

(1) (a) There is hereby established the unemployment compensation fund, which is a special fund administered by the division exclusively for the purposes of articles 70 to 82 of this title. The state treasurer is the custodian of the fund and is liable under his or her official bond for the faithful performance of all his or her duties in connection with the fund. The state treasurer shall establish and maintain within the fund the accounts specified in this article and such other accounts as may be necessary to reflect the administration of the fund by the division. Notwithstanding any other law, in lieu of or in addition to the assessment described in section 29-4-710.7, C.R.S., the division may pay amounts necessary and appropriate from the unemployment compensation fund to the Colorado housing and finance authority for the repayment of the principal of bonds issued under section 29-4-710.7, C.R.S., and may apply amounts necessary and appropriate from the unemployment compensation fund to the repayment of principal of bonds issued under section 8-71-103 (2)(d).

(b) The unrestricted year-end balance of the unemployment compensation fund, created pursuant to paragraph (a) of this subsection (1), for the 1991-92 fiscal year shall constitute a reserve, as defined in section 24-77-102 (12), C.R.S., and, for purposes of section 24-77-103, C.R.S.:

(I) Any moneys credited to the unemployment compensation fund in any subsequent fiscal year shall be included in state fiscal year spending, as defined in section 24-77-102 (17), C.R.S., for such fiscal year; and

(II) Any transfers or expenditures from the unemployment compensation fund in any subsequent fiscal year shall not be included in state fiscal year spending, as defined in section 24-77-102 (17), C.R.S., for such fiscal year.

(2) The state treasurer, as treasurer and custodian of the unemployment compensation fund, is hereby authorized and directed to cancel of record and refuse to honor warrants or checks issued against any of the accounts established with the unemployment compensation fund which have not been presented for payment within one calendar year from the date of issue.

Source: L. 36, 3rd Ex. Sess.: p. 31, § 9. CSA: C. 167A, § 9. L. 41: p. 780, § 9. L. 43: p. 605, § 5. L. 51: p. 811, § 8. CRS 53: § 82-7-1. C.R.S. 1963: § 82-7-1. L. 73: p. 965, § 1. L. 86: Entire section amended, p. 546, § 11, effective May 28. L. 93: (1) amended, p. 1506, § 4, effective June 6. L. 2012: (1)(a) amended, (HB 12-1120), ch. 27, p. 105, § 16, effective June 1. L. 2012, 1st Ex. Sess.: (1)(a) amended, (HB 12S-1002), ch. 2, p. 2428, § 11, effective June 1.

Editor's note: The effective date for amendments to this section by House Bill 12-1120 (chapter 27, Session Laws of Colorado 2012) was changed from August 8, 2012, to June 1, 2012, by House Bill 12S-1002 (First Extraordinary Session, chapter 2, p. 2432, Session Laws of Colorado 2012).

ANNOTATION

Law reviews. For note, "The Unemployment Compensation Recipient — Should He Accept a Job?", see 44 Den. L.J. 147 (1967).

This section creates the unemployment compensation fund to which contributions must be made by employers who come within the provisions of the act. Cottrell Clothing Co. v. Teets, 139 Colo. 558, 342 P.2d 1016 (1959).