BY SENATORS Lacy, Blickensderfer, Rizzuto, Arnold, Coffman, Congrove, and Norton;
also REPRESENTATIVES Owen, Grampsas, Romero, Adkins,
Agler, Gotlieb, Kaufman, Lawrence, McElhany, Musgrave, and Taylor.
CONCERNING THE ELIMINATION OF THE MANAGEMENT FEE
IMPOSED ON THE INVESTMENT OF CERTAIN STATE MONEYS BY THE STATE
TREASURER.
Be it enacted by the General Assembly of the State
of Colorado:
SECTION 1. Repeal. 2436114
(2), Colorado Revised Statutes, is repealed as follows:
2436114. How interest earnings
credited management fee. (2) (a) There
is hereby imposed, on every fund or account consisting of state
moneys invested by the state treasurer, a monthly management fee
in the amount of fifteen percent of the investment earnings during
the preceding calendar month. The state treasurer shall deduct
the fee from the investment income or any other available revenues
of the fund or account and shall credit the fee to the general
fund.
(b) The provisions of this subsection
(2) shall not apply to any fund or account whose investment earnings
are credited to the general fund in accordance with subsection
(1) of this section.
(c) The provisions of this subsection
(2) shall not apply to the highway users tax fund or to any other
fund or account where such application would be contrary to the
state constitution.
(d) If the state board of stock
inspection commissioners requires one payment of all assessments
for an entire fiveyear period pursuant to section 3543115
(3), C.R.S., then the management fee imposed by this subsection
(2) shall not be imposed on the brand assessment account, created
pursuant to section 3543115 (4), C.R.S., anytime during
such fiveyear assessment period.
(e) The provisions of this subsection
(2) shall not apply to the wildlife cash fund or to any fund or
account where, in the opinion of the attorney general, such application
would result in the loss of federal funds pursuant to federal
statute or regulation.
(f) The provisions of this subsection
(2) shall not apply to the funds invested on behalf of the university
of Colorado, 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.
(g) The provisions of this subsection
(2) shall not apply to the special revolving enterprise account
designated as the correctional industries account in section 1724113
(3), C.R.S.
(h) The provisions of this subsection
(2) shall not apply to the Colorado uninsurable health insurance
plan cash fund.
(i) The provisions of this subsection
(2) shall not apply to any account in the Colorado water conservation
board construction fund.
SECTION 2. 1724113
(3), Colorado Revised Statutes, is amended to read:
1724113. Business operations
and budget. (3) All revenues
collected by the division from the sale of industry goods and
services and from the transfer, sale, lease, or disposal of excess
or surplus equipment and supplies shall be transmitted to the
state treasurer, who shall credit the same to a special revolving
enterprise account designated as the correctional industries account.
All interest derived from the deposit and investment of moneys
in the correctional industries account shall be credited to said
account. No investment earnings or
other moneys in the correctional industries account shall be subject
to the management fee imposed pursuant to section 2436114,
C.R.S. All moneys in said account
shall be used for the purchase of requirements necessary for the
production of industry goods and services, for the responsibilities
set forth in section 1724106.6, and for all necessary
personnel, in accordance with the annual appropriation by the
general assembly; but such account shall not exceed the requirements
of activities authorized by this article, as determined necessary
by the director, and any excess, upon order of the director, shall
be transferred to the general fund by the state treasurer.
SECTION 3. 2330106
(1), Colorado Revised Statutes, 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 pursuant to section
2436114, C.R.S.
SECTION 4. 2340103.5
(1), Colorado Revised Statutes, is amended 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.
SECTION 5. 2350103.5
(1), Colorado Revised Statutes, is amended 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.
SECTION 6. 2360107
(1), Colorado Revised Statutes, is amended 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.
SECTION 7. No appropriation. The
general assembly has determined that this act can be implemented
within existing appropriations, and therefore no separate appropriation
of state moneys is necessary to carry out the purposes of this
act.
SECTION 8. Effective
date. This act shall take effect on September 1,
1998, unless a referendum petition is filed during the ninetyday
period after final adjournment of the general assembly that is
allowed for submitting a referendum petition pursuant to article
V, section 1 (3) of the state constitution. If such a referendum
petition is filed against this act or an item, section, or part
of this act within such period, then the act, item, section, or
part, if approved by the people, shall take effect on February
1, 1999.
____________________________ ____________________________
Tom Norton Charles E. Berry
PRESIDENT OF SPEAKER OF THE HOUSE
THE SENATE OF REPRESENTATIVES
____________________________ ____________________________
Patricia K. Dicks Judith M. Rodrigue
ASSISTANT SECRETARY OF CHIEF CLERK OF THE HOUSE
THE SENATE OF REPRESENTATIVES
APPROVED________________________________________
_________________________________________
Roy Romer
GOVERNOR OF THE STATE
OF COLORADO