SENATE BILL 97015
BY SENATORS Dennis, Alexander, Bishop, Chlouber, Johnson, Norton, Phillips, Tanner, and Wham;
also REPRESENTATIVES Owen, Dean, Tucker, and T. Williams.
CONCERNING THE MANAGEMENT OF FUNDS BY CERTAIN HIGHER
EDUCATION GOVERNING BOARDS, AND IN CONNECTION THEREWITH, CREATING
THE BOARD OF TRUSTEES FOR THE UNIVERSITY OF NORTHERN COLORADO
FUND, THE TRUSTEES OF THE STATE COLLEGES IN COLORADO FUND, AND
THE STATE BOARD FOR COMMUNITY COLLEGES AND OCCUPATIONAL EDUCATION
FUND, AND PROVIDING FOR THE CONTROL AND USE THEREOF.
Be it enacted by the General Assembly of the State
of Colorado:
SECTION 1. Article
40 of title 23, Colorado Revised Statutes, 1995 Repl. Vol., is
amended BY THE ADDITION OF A NEW SECTION to read:
2340103.5. Board of trustees
for the university of northern Colorado fund creation
control use. (1) THERE
IS HEREBY CREATED IN THE STATE TREASURY THE BOARD OF TRUSTEES
FOR THE UNIVERSITY OF NORTHERN COLORADO FUND WHICH SHALL BE UNDER
THE CONTROL OF AND ADMINISTERED BY THE BOARD OF TRUSTEES FOR THE
UNIVERSITY OF NORTHERN COLORADO IN ACCORDANCE WITH THE PROVISIONS
OF THIS ARTICLE. EXCEPT AS OTHERWISE ALLOWED BY SECTION 2436103 (2),
C.R.S., ALL MONEYS RECEIVED OR ACQUIRED BY THE BOARD OF TRUSTEES
FOR THE UNIVERSITY OF NORTHERN COLORADO OR BY THE UNIVERSITY OF
NORTHERN COLORADO, WHETHER BY APPROPRIATION, GRANT, CONTRACT,
OR GIFT, BY SALE OR LEASE OF SURPLUS REAL OR PERSONAL PROPERTY,
OR BY ANY OTHER MEANS, WHOSE DISPOSITION IS NOT OTHERWISE PROVIDED
FOR BY LAW, AND ALL INTEREST DERIVED FROM THE DEPOSIT AND INVESTMENT
OF MONEYS IN THE FUND SHALL BE CREDITED TO SAID FUND. THE MONEYS
IN THE FUND ARE HEREBY CONTINUOUSLY APPROPRIATED TO THE BOARD
OF TRUSTEES FOR THE UNIVERSITY OF NORTHERN COLORADO AND SHALL
REMAIN IN THE FUND AND SHALL NOT BE TRANSFERRED OR REVERT TO THE
GENERAL FUND OF THE STATE AT THE END OF ANY FISCAL YEAR. NO INVESTMENT
EARNINGS OR OTHER MONEYS IN THE FUND SHALL BE SUBJECT TO THE MANAGEMENT
FEE IMPOSED PURSUANT TO SECTION 2436114, C.R.S.
(2) THE MONEYS IN THE BOARD OF TRUSTEES
FOR THE UNIVERSITY OF NORTHERN COLORADO FUND SHALL BE USED BY
THE BOARD OF TRUSTEES FOR THE UNIVERSITY OF NORTHERN COLORADO
FOR THE PAYMENT OF SALARIES AND OPERATING EXPENSES OF THE BOARD
OF TRUSTEES AND OF THE UNIVERSITY OF NORTHERN COLORADO AND FOR
THE PAYMENT OF ANY OTHER EXPENSES INCURRED BY THE BOARD OF TRUSTEES
IN CARRYING OUT ITS STATUTORY POWERS AND DUTIES.
(3) MONEYS IN THE BOARD OF TRUSTEES FOR
THE UNIVERSITY OF NORTHERN COLORADO FUND WHICH ARE NOT NEEDED
FOR IMMEDIATE USE BY THE BOARD OF TRUSTEES FOR THE UNIVERSITY
OF NORTHERN COLORADO MAY BE INVESTED BY THE STATE TREASURER IN
INVESTMENTS AUTHORIZED BY SECTIONS 2436109, 2436112,
AND 2436113, C.R.S. THE BOARD SHALL DETERMINE THE
AMOUNT OF MONEYS IN THE FUND WHICH MAY BE INVESTED AND SHALL NOTIFY
THE STATE TREASURER IN WRITING OF SUCH AMOUNT.
SECTION 2. Article
50 of title 23, Colorado Revised Statutes, 1995 Repl. Vol., is
amended BY THE ADDITION OF A NEW SECTION to read:
2350103.5. Trustees of
the state colleges in Colorado fund creation control
use. (1) THERE IS HEREBY
CREATED IN THE STATE TREASURY THE TRUSTEES OF THE STATE COLLEGES
IN COLORADO FUND WHICH SHALL BE UNDER THE CONTROL OF AND ADMINISTERED
BY THE TRUSTEES OF THE STATE COLLEGES IN COLORADO IN ACCORDANCE
WITH THE PROVISIONS OF THIS ARTICLE. EXCEPT AS OTHERWISE ALLOWED
BY SECTION 2436103 (2), C.R.S., ALL MONEYS RECEIVED
OR ACQUIRED BY THE BOARD OR BY ANY OF THE INSTITUTIONS IT GOVERNS,
WHETHER BY APPROPRIATION, GRANT, CONTRACT, OR GIFT, BY SALE OR
LEASE OF SURPLUS REAL OR PERSONAL PROPERTY, OR BY ANY OTHER MEANS,
WHOSE DISPOSITION IS NOT OTHERWISE PROVIDED FOR BY LAW, AND ALL
INTEREST DERIVED FROM THE DEPOSIT AND INVESTMENT OF MONEYS IN
THE FUND SHALL BE CREDITED TO SAID FUND. THE MONEYS IN THE FUND
ARE HEREBY CONTINUOUSLY APPROPRIATED TO THE BOARD AND SHALL REMAIN
IN THE FUND AND SHALL NOT BE TRANSFERRED OR REVERT TO THE GENERAL
FUND OF THE STATE AT THE END OF ANY FISCAL YEAR. NO INVESTMENT
EARNINGS OR OTHER MONEYS IN THE FUND SHALL BE SUBJECT TO ANY MANAGEMENT
FEE IMPOSED PURSUANT TO SECTION 2436114, C.R.S.
(2) THE MONEYS IN THE TRUSTEES OF THE
STATE COLLEGES IN COLORADO FUND SHALL BE USED BY THE TRUSTEES
OF THE STATE COLLEGES IN COLORADO FOR THE PAYMENT OF SALARIES
AND OPERATING EXPENSES OF THE BOARD AND OF THE INSTITUTIONS IT
GOVERNS AND FOR THE PAYMENT OF ANY OTHER EXPENSES INCURRED BY
THE BOARD IN CARRYING OUT ITS STATUTORY POWERS AND DUTIES.
(3) MONEYS IN THE TRUSTEES OF THE STATE
COLLEGES IN COLORADO FUND WHICH ARE NOT NEEDED FOR IMMEDIATE USE
BY THE TRUSTEES OF THE STATE COLLEGES IN COLORADO MAY BE INVESTED
BY THE STATE TREASURER IN INVESTMENTS AUTHORIZED BY SECTIONS 2436109,
2436112, AND 2436113, C.R.S. THE BOARD
SHALL DETERMINE THE AMOUNT OF MONEYS IN THE FUND WHICH MAY BE
INVESTED AND SHALL NOTIFY THE STATE TREASURER IN WRITING OF SUCH
AMOUNT.
SECTION 3. Part
1 of article 60 of title 23, Colorado Revised Statutes, 1995 Repl.
Vol., is amended BY THE ADDITION OF A NEW SECTION to read:
2360107. State board for
community colleges and occupational education fund creation
control use. (1) THERE
IS HEREBY CREATED IN THE STATE TREASURY THE STATE BOARD FOR COMMUNITY
COLLEGES AND OCCUPATIONAL EDUCATION FUND WHICH SHALL BE UNDER
THE CONTROL OF AND ADMINISTERED BY THE BOARD IN ACCORDANCE WITH
THE PROVISIONS OF THIS ARTICLE. EXCEPT AS OTHERWISE ALLOWED BY
SECTION 2436103 (2), C.R.S., ALL MONEYS RECEIVED
OR ACQUIRED BY THE BOARD OR BY ANY OF THE INSTITUTIONS IT GOVERNS,
WHETHER BY APPROPRIATION, GRANT, CONTRACT, OR GIFT, BY SALE OR
LEASE OF SURPLUS REAL OR PERSONAL PROPERTY, OR BY ANY OTHER MEANS,
WHOSE DISPOSITION IS NOT OTHERWISE PROVIDED FOR BY LAW, AND ALL
INTEREST DERIVED FROM THE DEPOSIT AND INVESTMENT OF MONEYS IN
THE FUND SHALL BE CREDITED TO SAID FUND. THE MONEYS IN THE FUND
ARE HEREBY CONTINUOUSLY APPROPRIATED TO THE BOARD AND SHALL REMAIN
IN THE FUND AND SHALL NOT BE TRANSFERRED OR REVERT TO THE GENERAL
FUND OF THE STATE AT THE END OF ANY FISCAL YEAR. NO INVESTMENT
EARNINGS OR OTHER MONEYS IN THE FUND SHALL BE SUBJECT TO ANY MANAGEMENT
FEE IMPOSED PURSUANT TO SECTION 2436114, C.R.S.
(2) THE MONEYS IN THE STATE BOARD FOR
COMMUNITY COLLEGES AND OCCUPATIONAL EDUCATION FUND SHALL BE USED
BY THE BOARD FOR THE PAYMENT OF SALARIES AND OPERATING EXPENSES
OF THE BOARD AND OF THE INSTITUTIONS IT GOVERNS AND FOR THE PAYMENT
OF ANY OTHER EXPENSES INCURRED BY THE BOARD IN CARRYING OUT ITS
STATUTORY POWERS AND DUTIES.
(3) MONEYS IN THE STATE BOARD FOR COMMUNITY
COLLEGES AND OCCUPATIONAL EDUCATION FUND WHICH ARE NOT NEEDED
FOR IMMEDIATE USE BY THE BOARD MAY BE INVESTED BY THE STATE TREASURER
IN INVESTMENTS AUTHORIZED BY SECTIONS 2436109, 2436112,
AND 2436113, C.R.S. THE BOARD SHALL DETERMINE THE
AMOUNT OF MONEYS IN THE FUND WHICH MAY BE INVESTED AND SHALL NOTIFY
THE STATE TREASURER IN WRITING OF SUCH AMOUNT.
SECTION 4. 2330106 (1),
Colorado Revised Statutes, 1995 Repl. Vol., is amended to read:
2330106. State board of
agriculture fund creation control use.
(1) There is hereby created in the state treasury the
state board of agriculture fund which shall be under the control
of and administered by the state board of agriculture in accordance
with the provisions of this article. Except as otherwise allowed
by section 2436103 (2), C.R.S., all moneys received
or acquired by the state board of agriculture or any of the institutions
it governs, whether by appropriation, grant, contract, or gift,
by sale or lease of surplus real or personal property, or by any
other means, whose disposition is not otherwise provided for by
law, and all interest derived from the deposit and investment
of moneys in the fund shall be credited to said fund. The moneys
in the fund are hereby continuously appropriated to the state
board of agriculture and shall remain in the fund and shall not
be transferred or revert to the general fund of the state at the
end of any fiscal year. No investment earnings or other moneys
in the state board of agriculture fund shall be subject to any
management fee imposed by law for
the benefit of the general fund.
PURSUANT TO SECTION 2436114, C.R.S.
SECTION 5. 2436114 (2) (f),
Colorado Revised Statutes, 1988 Repl. Vol., as amended, is amended
to read:
2436114. How interest earnings
credited management fee. (2) (f) The
provisions of this subsection (2) shall not apply to the funds
invested on behalf of the university of Colorado, or
the state board of agriculture, THE UNIVERSITY OF NORTHERN COLORADO,
THE TRUSTEES OF THE STATE COLLEGES IN COLORADO, OR THE STATE BOARD
FOR COMMUNITY COLLEGES AND OCCUPATIONAL EDUCATION.
SECTION 6. Effective date. This
act shall take effect July 1, 1997.
SECTION 7. Safety clause.
The general assembly hereby finds, determines, and declares that
this act is necessary for the immediate preservation of the public
peace, health, and safety.
____________________________ ____________________________
Tom Norton Charles E. Berry
PRESIDENT OF SPEAKER OF THE HOUSE
THE SENATE OF REPRESENTATIVES
____________________________ ____________________________
Joan M. Albi Judith M. Rodrigue
SECRETARY OF CHIEF CLERK OF THE HOUSE
THE SENATE OF REPRESENTATIVES
APPROVED________________________________________
_________________________________________
Roy Romer
GOVERNOR OF THE STATE OF COLORADO