Department of the Treasury

C.R.S. tit. 24, art. 36
in effect

C.R.S. § 24-36-101 State treasurer head of department

24-36-101. State treasurer head of department. The state treasurer is the chief executive officer of the department of the treasury. He has all of the powers, duties, and obligations conferred upon him by the state constitution and is the official custodian of all state moneys and securities, unless otherwise expressly provided by law.

C.R.S. § 24-36-102 Function of department - employees

24-36-102. Function of department - employees. (1) The principal function of the treasury department is to receive all state moneys collected by or otherwise coming into the hands of any officer, department, institution, or agency of the state government as required in section 24-36-103 (1) and to deposit and disburse the same in the manner prescribed by law. It shall have no tax collection or enforcement functions whatsoever. (2) Employees of the treasury department shall be appointed pursuant to the provisions of section 24-2-102, except for one deputy permitted by law, who shall be appointed by the state treasurer.

C.R.S. § 24-36-103 All state moneys to be transmitted to department

24-36-103. All state moneys to be transmitted to department. (1) It is the duty of every officer, department, institution, and agency of the state government charged with the responsibility of collecting the various taxes, licenses, fees, and permits imposed by law and of collecting or accepting tuition, rentals, receipts from the sale of property, and moneys of any other nature accruing to the state from any source whatsoever to transmit the same to the treasury department in such manner and under such procedures as may be prescribed by law or by fiscal rule of the controller. (2) Where a department, institution, or agency collects or receives moneys of a trust or quasi-trust nature, or moneys derived from the operation of a business-type enterprise, or moneys in which the interest, share, or proportion of the state has not yet been determined, such department, institution, or agency may, upon application to the office of the state controller and upon the written approval of the controller and the state treasurer, deposit such moneys in any depository authorized in section 24-75-603, under the same conditions as required in articles 10.5 and 47 of title 11, C.R.S., with respect to the deposit of other state moneys. Such department, institution, or agency shall file such reports as shall be required by fiscal rules adopted by the controller. (3) Repealed. (4) The treasury department shall be the transaction-approving authority for all moneys transmitted to and received by it. One copy of the transaction shall be retained in the files of the department.

C.R.S. § 24-36-104 Moneys to be deposited

24-36-104. Moneys to be deposited. (1) All moneys received by the treasury department shall be promptly deposited in such national or state banks doing business in this state as the state treasurer shall select. Accounts in such depositories shall be carried in the name of "Treasurer, State of Colorado", and withdrawals therefrom shall be made and signed in such manner as the state treasurer shall direct. The state treasurer may make payments, without appropriation, of all actual and necessary charges made by such depositories for expenses related to the deposit and withdrawal of moneys received by the treasury department in accordance with the constitution or statutes of Colorado. Such payments shall be made from investment income or any other available revenues. The state treasurer shall contract for all such bank services in accordance with the provisions of the "Procurement Code", articles 101 to 112 of this title. The state treasurer shall make the criteria used in selecting a vendor for bank services available to the finance committees of both houses of the general assembly prior to the award of a contract and shall make all contracts submitted or entered into pursuant to this section available for public inspection in accordance with the provisions of part 2 of article 72 of this title. (1.5) As used in this article: (a) "Deposit" means the payment and reconciliation of moneys received by the treasury department or an authorized department, institution, or agency by means of cash, check, draft, or alternative forms of payment, as defined in section 24-19.5-101 (1). (b) "Withdrawal" means the disbursement and reconciliation of moneys received by the treasury department or an authorized department, institution, or agency by means of cash, check, draft, or alternative forms of payment, as defined in section 24-19.5-101 (1). (2) The state treasurer may authorize any department, institution, or agency collecting or otherwise receiving state moneys to deposit the same to his credit in any such depository in lieu of transmitting the same to the treasury department under procedures approved jointly by himself and the controller. (2.5) Notwithstanding the provisions of section 11-10.5-111, C.R.S., and section 24-75-202, at the discretion of the state treasurer and the state controller, state moneys may be deposited in bank accounts in other states and in foreign countries to enable a state agency or institution, including institutions of higher education, to operate projects located in other states and foreign countries. Such state agencies and institutions, including institutions of higher education, shall exercise due regard and have full responsibility for the safety of deposits under this article, and the state shall not assume liability for any risk, casualty, or loss of such deposits. r institution, including institutions of higher education, to operate projects located in other states and foreign countries. Such state agencies and institutions, including institutions of higher education, shall exercise due regard and have full responsibility for the safety of deposits under this article, and the state shall not assume liability for any risk, casualty, or loss of such deposits. (3) For the purpose of managing deposits of state moneys, the state treasurer may, on a daily basis only, borrow moneys from any such depository to cover advances made by any depository to the state on state warrants and state checks paid by the depository but not yet reimbursed by the state and on uncollected deposits. The state treasurer may negotiate a line of credit with any such depository sufficient to cover anticipated requirements for such advances in the current fiscal year. The state treasurer may pay interest on such moneys borrowed at a rate to be negotiated by the state treasurer and the lending depository and may take such measures as are necessary to implement the provisions of this subsection (3). All such moneys borrowed shall be repaid, together with any interest, before the end of the fiscal year in which the moneys are borrowed, and the state shall not be liable to repay such moneys borrowed from revenues of any later fiscal year. This subsection (3) shall not be construed to expressly or impliedly authorize the state treasurer to do any act or take any action with respect to deposits of state moneys, or with respect to the moneys of any department or agency of the state, other than the acts specifically authorized by this subsection (3). (4) The state treasurer is authorized to receive and deposit moneys from the United States government. Such federal moneys shall be transmitted to the treasury department as required in section 24-36-103 (1) and deposited as provided in subsection (1) of this section. The state treasurer is authorized to make payments, without appropriation, of interest to the United States government on such federal moneys deposited with the state treasurer in accordance with the federal "Cash Management Improvement Act of 1990", as amended, 31 U.S.C. sec. 6501 et seq. Such payments shall be made from investment income or any other available revenues. The interest rate payable on such deposits shall be the federal discount rate or such other rate established by federal law.

C.R.S. § 24-36-105 Accounts to be kept - daily report

24-36-105. Accounts to be kept - daily report. (1) The treasury department shall keep adequate accounts in which shall be recorded all moneys received and disbursed. (2) As of the close of business each day, a report of the amount of all receipts and disbursements during said day shall be furnished to the office of the state controller; except that the receipts and disbursements shall not be reported by category as to the several funds created by law and the accounts within such funds.

C.R.S. § 24-36-106 Record of warrants and checks - order of payment - paid warrants and checks - validation

24-36-106. Record of warrants and checks - order of payment - paid warrants and checks - validation. (1) The treasury department shall maintain a list of all warrants and checks drawn upon the state treasurer by the office of the state controller and of those warrants and checks issued and outstanding. Such lists shall be open during regular business hours for the inspection and examination of every person desiring to inspect or examine the same. (2) Warrants and checks shall be paid in the order in which presented to the treasury department for payment. The state treasurer may validate any warrant or any check presented for payment after six months from its date of issue for a period of time not longer than thirty days from the date upon which it is so presented. (3) All paid warrants and checks shall be canceled and, after being microfilmed or copied through image technology such as optical storage and other recognized state-of-the-art storage technologies, shall be destroyed pursuant to part 1 of article 80 of this title. The treasury department is authorized to enter into an arrangement that allows any bank holding canceled warrants or checks to microfilm or copy through other recognized state-of-the-art storage technologies and to store said warrants and checks for the benefit and use of the treasury department, but no bank shall destroy any canceled warrant or any canceled check without written authorization from the treasury department. Any bank producing microfilm or using other recognized state-of-the-art storage technologies pursuant to this subsection (3) shall transmit such microfilm or the product of such other recognized state-of-the-art storage technologies to the treasury department, where it shall be kept and stored. The treasury department is not authorized to enter into such an arrangement if the cost of the service charged by the bank exceeds the cost which the state would incur by providing the same service.

C.R.S. § 24-36-107 Warrants or checks endorsed when not paid - exception

24-36-107. Warrants or checks endorsed when not paid - exception. (1) Whenever upon presentation for payment of any issued and outstanding warrant or any issued and outstanding check there are insufficient funds in the state treasury to pay the same, the state treasurer shall endorse thereon the following: "Presented for payment (insert date). Insufficient funds. This warrant or check shall draw interest from this date at the rate of six percent per annum." and shall return such warrant or check to the person presenting it for payment. (2) Noninterest-bearing general fund warrants and checks lawfully issued pursuant to the provisions of section 24-75-208 are exempt from the provisions of this section.

C.R.S. § 24-36-108 Notice of payment - when interest ceases

24-36-108. Notice of payment - when interest ceases. (1) The treasury department shall maintain a record of the number and amount of each warrant and each check presented for payment and endorsed by the state treasurer as provided in section 24-36-107. Whenever there are sufficient moneys in the state treasury to pay part or all of such endorsed warrants and checks, the state treasurer shall give notice of the date of payment of the same through publication, twice, in some newspaper published in Denver, listing the numbers and amounts of the warrants and checks that he or she is prepared to pay on said date. Interest on the warrants and checks so listed shall cease at the expiration of fifteen days from the last date of publication of said notice. (2) The state treasurer is authorized to pay interest on any such warrant and any such check at the rate endorsed thereon out of any moneys in the state treasury to the credit of the general fund or such other fund out of which the warrant or check is payable and to charge the amount of interest so paid to such fund. (3) Interest paid on any such warrant or any such check shall be receipted for thereon by the payee or assignee thereof.

C.R.S. § 24-36-109 Time deposits

24-36-109. Time deposits. (1) Subject to the requirements of subsection (2) of this section, the state treasurer is authorized to deposit state moneys with national or state banks doing business in this state for fixed periods of time, not exceeding two years, at such rate of interest as may be negotiated from time to time. For the purpose of making such deposits, the state treasurer may, in his or her discretion, appoint in writing one or more persons to act as custodians of the moneys. Such persons shall give surety bonds in such amounts and form and for such purposes as the state treasurer requires. (2) (a) The state treasurer shall deposit state moneys for fixed periods in national or state banks that have applied and are eligible as depositories for state moneys pursuant to subsection (1) of this section and pursuant to the time deposit rules established by the department of the treasury that are in effect at that time in accordance with the procedure established in paragraph (b) of this subsection (2) or in paragraph (c) of this subsection (2). Such procedure utilized shall be at the discretion of the treasurer. (b) (I) Except as provided in paragraph (c) of this subsection (2), when state moneys become available for time deposits pursuant to subsection (1) of this section, the state treasurer shall announce the interest rate at which such moneys may be deposited for a fixed period in eligible national or state banks but shall not disclose the amount of state moneys available for deposit. (II) An eligible national or state bank may request the state treasurer to deposit a specified amount of state moneys with that bank at the interest rate announced by the treasurer. Except as otherwise provided by subparagraph (III) of this paragraph (b), the treasurer shall deposit all or a portion of the state moneys available for deposit with any eligible national or state bank or banks making such a request in an amount equal to the amount requested by that bank. (III) In the event that the total amount of state moneys requested for deposit by all eligible national or state banks pursuant to subparagraph (II) of this paragraph (b) exceeds the amount of state moneys available for deposit, the state treasurer shall determine the total amount of state moneys that all such banks requested for deposit and calculate the percentage of such total that each eligible national or state bank requested. The state treasurer shall deposit with each eligible national or state bank an amount equal to the product of such percentage multiplied by the total amount of state moneys available for deposit. (c) (I) In the alternative to paragraph (b) of this subsection (2), when state moneys become available for time deposits pursuant to subsection (1) of this section, the state treasurer shall announce the amount of state moneys available for deposit for a fixed period in any eligible national or state bank but shall not announce the interest rate at which such moneys shall be deposited. (II) Except as provided by subparagraph (III) of this paragraph (c), any eligible national or state bank may submit a bid to the state treasurer specifying the interest rate that such bank will pay if state moneys are deposited in such bank and the amount of such moneys the bank will accept for deposit at that interest rate. The bank submitting a bid with the highest interest rate shall be awarded the deposit of state moneys in the full amount requested or the full amount available for deposit at that time, whichever is less. ate treasurer specifying the interest rate that such bank will pay if state moneys are deposited in such bank and the amount of such moneys the bank will accept for deposit at that interest rate. The bank submitting a bid with the highest interest rate shall be awarded the deposit of state moneys in the full amount requested or the full amount available for deposit at that time, whichever is less. (III) In the event that two or more eligible national or state banks submit the highest bid for the same interest rate and the total amount requested for deposit by the banks exceeds the amount of state moneys available for deposit at that time, the state treasurer shall determine the total amount of state moneys that all such banks requested for deposit and calculate the percentage of such total that each eligible national or state bank requested. The state treasurer shall deposit with each eligible national or state bank an amount equal to the product of such percentage multiplied by the total amount of state moneys available for deposit. (IV) In the event that depositing state moneys in the highest bidding eligible national or state bank or banks does not exhaust the total amount of state moneys available for deposit at that time, the state treasurer shall deposit the remaining state moneys in other eligible banks giving priority to the highest remaining bidders. (V) The state treasurer shall have the authority to establish a minimum acceptable bid for an interest rate. The rate shall be announced before the start of the bidding by any eligible national or state bank.

C.R.S. § 24-36-110 Surety bond or collateral security required

24-36-110. Surety bond or collateral security required. (Repealed)

C.R.S. § 24-36-111 Authority to accept deposits

24-36-111. Authority to accept deposits. Any state bank or any national bank having its principal office in this state is authorized to accept and hold deposits of state moneys as provided in sections 24-36-104 and 24-36-109 and to give surety bonds or pledge collateral security as provided in article 10.5 of title 11, C.R.S.

C.R.S. § 24-36-111.5 Authority to invest in real property owned by a school district

24-36-111.5. Authority to invest in real property owned by a school district. Whenever there are moneys in the state treasury that are not immediately required to be disbursed, the state treasurer may, in the state treasurer's discretion, invest such moneys in real property owned by a school district pursuant to the provisions of section 22-54-110 (2)(d), C.R.S. The state treasurer shall ensure that the investment in real property shall yield a fair and equitable return to the state; except that this requirement shall not apply to an investment in real property that is related to a loan agreement entered into prior to July 1, 2003.

C.R.S. § 24-36-112 Deposits in savings and loan associations

24-36-112. Deposits in savings and loan associations. (1) Subject to the requirements of subsection (4) of this section, the state treasurer is authorized to deposit state moneys with any state-chartered savings and loan association, or federally chartered savings and loan association having its principal office in this state, for fixed periods of time not exceeding three years, at such rate of interest as may be negotiated from time to time, but in no event shall any such deposit be in excess of the amount insured by the federal deposit insurance corporation or its successor, unless such savings and loan association has been designated as an eligible public depository by the state commissioner of financial services, pursuant to the provisions of article 47 of title 11, C.R.S. (2) Any such savings and loan association is authorized to accept deposits of state moneys to the extent permitted in this section. (3) For the purpose of making such deposits, the state treasurer may, in his discretion, appoint in writing one or more persons to act as custodians of the moneys. Such persons shall give surety bonds in such amounts and form and for such purposes as the state treasurer requires. (4) (a) The state treasurer shall deposit state moneys for fixed periods in state-chartered or federally chartered savings and loan associations that have applied and are eligible as depositories for state moneys pursuant to subsection (1) of this section and pursuant to the time deposit rules established by the department of the treasury that are in effect at that time in accordance with the procedure established in paragraph (b) of this subsection (4) or in paragraph (c) of this subsection (4). Such procedure utilized shall be at the discretion of the treasurer. (b) (I) Except as provided in paragraph (c) of this subsection (4), when state moneys become available for time deposits pursuant to subsection (1) of this section, the state treasurer shall announce the interest rate at which state moneys may be deposited for a fixed period in eligible state-chartered or federally chartered savings and loan associations but shall not disclose the amount of state moneys available for deposit. (II) An eligible state-chartered or federally chartered savings and loan association may request the state treasurer to deposit a specified amount of state moneys in that savings and loan association at the interest rate announced by the treasurer. Except as otherwise provided by subparagraph (III) of this paragraph (b), the treasurer shall deposit all or a portion of the state moneys available for deposit with any eligible state-chartered or federally chartered savings and loan association or associations making such a request in an amount equal to the amount requested by that savings and loan association. (III) In the event that the total amount of state moneys requested for deposit by all eligible state-chartered or federally chartered savings and loan associations pursuant to subparagraph (II) of this paragraph (b) exceeds the amount of state moneys available for deposit, the state treasurer shall determine the total amount of state moneys that all such savings and loan associations requested for deposit and calculate the percentage of such total that each eligible state-chartered or federally chartered savings and loan association requested. The state treasurer shall deposit with each eligible state-chartered or federally chartered savings and loan association an amount equal to the product of such percentage multiplied by the total amount of state moneys available for deposit. uested for deposit and calculate the percentage of such total that each eligible state-chartered or federally chartered savings and loan association requested. The state treasurer shall deposit with each eligible state-chartered or federally chartered savings and loan association an amount equal to the product of such percentage multiplied by the total amount of state moneys available for deposit. (c) (I) In the alternative to paragraph (b) of this subsection (4), when state moneys become available for time deposits pursuant to subsection (1) of this section, the state treasurer shall announce the amount of state moneys available for deposit for a fixed period in any eligible state-chartered or federally chartered savings and loan associations but shall not announce the interest rate at which such moneys shall be deposited. (II) Except as provided by subparagraph (III) of this paragraph (c), any eligible state-chartered or federally chartered savings and loan association may submit a bid to the state treasurer specifying the interest rate that the eligible savings and loan association will pay if state moneys are deposited in such savings and loan association and the amount of such moneys the savings and loan association will accept for deposit at that interest rate. The savings and loan association submitting a bid with the highest interest rate shall be awarded the deposit of state moneys in the full amount requested or the full amount available for deposit at that time, whichever is less. (III) In the event that two or more eligible state-chartered or federally chartered savings and loan associations submit the highest bid for the same interest rate and the total amount requested for deposit by the eligible savings and loan associations exceeds the amount of state moneys available for deposit at that time, the state treasurer shall determine the total amount of state moneys that all such savings and loan associations requested for deposit and calculate the percentage of such total that each eligible state-chartered or federally chartered savings and loan association requested. The state treasurer shall deposit with each eligible state-chartered or federally chartered savings and loan association an amount equal to the product of such percentage multiplied by the total amount of state moneys available for deposit. (IV) In the event that depositing state moneys in the highest bidding eligible state-chartered or federally chartered savings and loan association or associations does not exhaust the state moneys available for deposit at that time, the state treasurer shall deposit the remaining moneys in other eligible savings and loan associations giving priority to the highest remaining bidders. (V) The state treasurer shall have the authority to establish a minimum acceptable bid for an interest rate. The rate shall be announced before the start of the bidding by any eligible state-chartered or federally chartered savings and loan association.

C.R.S. § 24-36-113 Investment of state money - limitations

24-36-113. Investment of state money - limitations. (1) (a) Whenever there are moneys in the state treasury that are not immediately required to be disbursed, the state treasurer is authorized to invest the same in fixed income securities denominated in United States dollars. In making such investments, the state treasurer shall use prudence and care to preserve the principal and to secure the maximum rate of interest consistent with safety and liquidity. The state treasurer shall formulate investment policies regarding liquidity, maturity, and diversification appropriate to each fund or pool of funds in the state treasurer's custody available for investment. (b) (I) If the state treasurer invests state moneys through an investment firm offering for sale corporate stocks, bonds, notes, debentures, or a mutual fund that contains corporate securities, the investment firm shall disclose, in any research or other disclosure documents provided in support of the securities being offered, to the state treasurer whether the investment firm has an agreement with a for-profit corporation that is not a government-sponsored enterprise, whose securities are being offered for sale to the state treasurer and because of such agreement the investment firm: (A) Had received compensation for investment banking services within the most recent twelve months; or (B) May receive compensation for investment banking services within the next three consecutive months. (II) For the purposes of this paragraph (b), "investment firm" means a bank, brokerage firm, or other financial services firm conducting business within this state, or any agent thereof. (2) Such moneys may be invested, without limitation, in debt obligations of the United States treasury, any agency of the United States government, or United States government-sponsored corporations. (2.5) The state treasurer may, in the state treasurer's discretion, invest such moneys in municipal bonds rated in one of the two highest rating categories by a nationally recognized rating organization. (3) The state treasurer may, in the state treasurer's discretion, invest such moneys in repurchase agreements, in banker's acceptances or bank notes issued by banks rated at least investment grade by a nationally recognized rating organization, in commercial paper of prime quality as so classed by a nationally recognized rating organization, and in money market funds that are registered as an investment company under the federal "Investment Company Act of 1940", as amended. (3.5) The state treasurer may, in the state treasurer's discretion, invest such moneys in corporate debt obligations rated at least investment grade by a nationally recognized rating organization. (3.6) The state treasurer may, in the state treasurer's discretion, invest such moneys in asset-backed securities and covered bonds rated in one of the two highest rating categories by a nationally recognized rating organization. (3.7) Repealed. (3.8) The state treasurer may, in the state treasurer's discretion, invest such moneys in mortgage pass-through securities and collateralized mortgage obligations that are issued by any agency of the United States government or a United States government-sponsored corporation or that are rated in one of the two highest rating categories by a nationally recognized rating organization. (3.9) Repealed. (4) The state treasurer may make such arrangements for the custody, safekeeping, and registration of all investment securities as will enable the state treasurer to make prompt delivery thereof upon maturity or in the event of sale. (5) The state treasurer may engage in reverse repurchase agreements and securities lending programs for any securities in the state treasurer's custody and may purchase loans if, in the state treasurer's discretion, the purchase of loans will yield a fair and equitable return to the state. es as will enable the state treasurer to make prompt delivery thereof upon maturity or in the event of sale. (5) The state treasurer may engage in reverse repurchase agreements and securities lending programs for any securities in the state treasurer's custody and may purchase loans if, in the state treasurer's discretion, the purchase of loans will yield a fair and equitable return to the state. (6) Notwithstanding any restrictions on the investment of state moneys set forth in this section or in any other provision of law, the state treasurer may authorize the escrow agent appointed pursuant to section 1 of the escrow agreement entered into in connection with, and attached as exhibit B to, the master settlement agreement entered by the court in the case denominated State of Colorado, ex rel. Gale A. Norton, Attorney General v. R.J. Reynolds Tobacco Co.; American Tobacco Co., Inc.; Brown & Williamson Tobacco Corp.; Liggett & Myers, Inc.; Lorillard Tobacco Co., Inc.; Philip Morris, Inc.; United States Tobacco Co.; B.A.T. Industries, P.L.C.; The Council For Tobacco Research--U.S.A., Inc.; and Tobacco Institute, Inc., Case No. 97 CV 3432, in the district court for the city and county of Denver, to invest any tobacco litigation settlement moneys held in escrow for the state of Colorado pursuant to the master settlement agreement and the escrow agreement in any manner permitted by section 5 of the escrow agreement. (6.1) The state treasurer may, in the state treasurer's discretion, invest such money in securities that are issued by a sovereign, national, or supranational entity and are rated at least investment grade by a nationally recognized rating organization. (7) Repealed.

C.R.S. § 24-36-114 How interest earnings credited - management fee

24-36-114. How interest earnings credited - management fee. (1) All interest derived from the deposit and investment of state moneys shall be credited to the general fund unless otherwise expressly provided by law. (2) and (3) Repealed.

C.R.S. § 24-36-115 Moneys not immediately creditable - special purpose moneys

24-36-115. Moneys not immediately creditable - special purpose moneys. Moneys received by the treasury department that are not immediately creditable to a particular fund or account or moneys received that are designated by law for a special purpose shall be held in custody by the state treasurer and may be subsequently withdrawn from his or her custody upon warrants or checks drawn pursuant to law.

C.R.S. § 24-36-116 Moneys paid under protest - disposition

24-36-116. Moneys paid under protest - disposition. (1) Moneys in the form of taxes, licenses, fees, or permits imposed by law which are paid under protest shall nonetheless be transmitted to the treasury department, which shall credit the same to an account designated "moneys paid under protest". (2) If any person paying such moneys under protest has not filed a claim for refund of the same in the manner provided by law or has not commenced an action in a court of competent jurisdiction for recovery of the same within one year from the date of payment or within one year from April 24, 1971, whichever date occurs later, then the amount so paid shall be credited forthwith to the fund or account to which it would have been credited had it not been paid under protest. (3) If a claim for refund of such money is filed and subsequently disallowed and an action is not commenced in a court of competent jurisdiction for recovery of the same within six months from the date of such disallowance, then the amount so paid shall be credited forthwith to the fund or account to which it would have been credited had it not been paid under protest.

C.R.S. § 24-36-117 Governor may make examination

24-36-117. Governor may make examination. The governor may at any time examine, or cause to be examined, the books, records, warrants, and checks kept in the treasury department and the securities held in the custody of the state treasurer, and for such purpose he or she shall be permitted full and free access.

C.R.S. § 24-36-118 Applications for licenses - authority to suspend licenses - rules

24-36-118. Applications for licenses - authority to suspend licenses - rules. (1) Every application by an individual for a license issued by the department of the treasury or any authorized agent of such department shall require the applicant's name, address, and social security number. (2) The department of the treasury or any authorized agent of the department shall deny, suspend, or revoke any license pursuant to the provisions of section 26-13-126, C.R.S., and any rules promulgated in furtherance thereof, if the department or agent thereof receives a notice to deny, suspend, or revoke from the state child support enforcement agency because the licensee or applicant is out of compliance with a court or administrative order for current child support, child support debt, retroactive child support, child support arrearages, or child support when combined with maintenance or because the licensee or applicant has failed to comply with a properly issued subpoena or warrant relating to a paternity or child support proceeding. Any such denial, suspension, or revocation shall be in accordance with the procedures specified by rule of the department of the treasury, rules promulgated by the state board of human services, and any memorandum of understanding entered into between the department of the treasury or an authorized agent thereof and the state child support enforcement agency for the implementation of this section and section 26-13-126, C.R.S. (3) (a) The department of the treasury shall enter into a memorandum of understanding with the state child support enforcement agency, which memorandum shall identify the relative responsibilities of the department of the treasury and the state child support enforcement agency in the department of human services with respect to the implementation of this section and section 26-13-126, C.R.S. (b) The appropriate rule-making body of the department of the treasury is authorized to promulgate rules to implement the provisions of this section. (4) For purposes of this section, "license" means any recognition, authority, or permission that the department of the treasury or any authorized agent of such department is authorized by law to issue for an individual to practice a profession or occupation or for an individual to participate in any recreational activity. "License" may include, but is not necessarily limited to, any license, certificate, certification, letter of authorization, or registration issued for an individual to practice a profession or occupation or for an individual to participate in any recreational activity.

C.R.S. § 24-36-119 State pension obligation notes - state-assisted firefighters' and police officers' old hire pension plans - legislative declaration

24-36-119. State pension obligation notes - state-assisted firefighters' and police officers' old hire pension plans - legislative declaration. (Repealed)

C.R.S. § 24-36-120 Authority to assess transaction fees

24-36-120. Authority to assess transaction fees. (1) Except as provided in subsection (4) of this section, for the 2002-03 fiscal year and each fiscal year thereafter, the state treasurer is authorized to assess a fee for each eligible transaction performed by the state treasurer on behalf of state departments and agencies. Notwithstanding any other provision of law, the state treasurer shall deduct the fee from the interest earnings attributable to the fund for which the transaction was performed. (2) The amount of the fee assessed pursuant to subsection (1) of this section shall be determined annually by dividing an amount equal to the total amount appropriated to the department of the treasury for administration in the annual general appropriations act for the current fiscal year by the total number of eligible transactions performed by the state treasurer in the immediately preceding fiscal year. (3) The fees deducted by the state treasurer pursuant to subsection (1) of this section shall be subject to annual appropriation by the general assembly to the department of the treasury to fund the administration of the department. (4) The state treasurer shall not assess a fee for an eligible transaction involving any of the following funds: (a) The state education fund created in section 17 (4) of article IX of the state constitution; (b) The highway users tax fund created in section 43-4-201, C.R.S.; (c) The great outdoors Colorado trust fund created in section 2 of article XXVII of the state constitution; (d) The public school fund described in section 3 of article IX of the state constitution; (e) The old age pension fund created in section 1 of article XXIV of the state constitution; (f) Any other fund against which the assessment of a fee would be contrary to the state constitution; and (g) The college opportunity fund created in section 23-18-202, C.R.S. (5) The state treasurer shall notify each state department and agency for which the state treasurer performs eligible transactions of the amount of fees that will be deducted from any fund managed by the state department or agency no later than July 1 of the fiscal year in which the fees will be deducted. (6) As used in this section, "eligible transaction" means any cash management transaction that affects a cash balance, including, but not limited to, electronic fund transfers, payroll and other automated disbursements, payments, cash receipts, warrant transactions, check transactions, and journal entries.

C.R.S. § 24-36-121 Authority to manage state public financing - state public financing cash fund - rules - legislative declaration - definitions

24-36-121. Authority to manage state public financing - state public financing cash fund - rules - legislative declaration - definitions. (1) The general assembly hereby finds, determines, and declares that: (a) The state's public financing matters are currently decentralized. Many state agencies incur financial obligations and directly or indirectly pledge or use the credit of the state without centralized management. (b) Centralized management could have a positive impact on the state's credit rating because credit rating agencies would have a centralized point of contact with the state for state public financing matters; (c) The issuance and incurrence of financial obligations and the state's outstanding financial obligations should be managed as a whole, by personnel with financial experience and securities market understanding, so that the issuance and incurrence of state financial obligations and the state's outstanding financial obligations can be managed as efficiently and cost effectively as possible, allowing the state to maximize refinancing opportunities; (d) Centralized management provides a better method of ensuring that federal tax and securities law post-issuance compliance requirements for state financial obligations are met by the state; (e) Due to changes in the public securities market, increased regulatory requirements, evolving credit criteria, recent technological developments, recent downgrading of certain government credit ratings, and the benefits set forth in this subsection (1), it is necessary to designate the state treasurer as a centralized manager for the issuance and incurrence of financial obligations by the state acting by and through a state agency; (f) It is also important that the state treasurer develop and promulgate a state public financing policy and, in so doing, collaborate with various experts, including but not limited to the state controller, the office of state planning and budgeting, bond counsel, and the attorney general. Such a policy demonstrates a commitment to long-term financial planning, identifies policy goals, provides for appropriate financing structures, and improves the quality of decision-making. Furthermore, credit rating agencies, the federal internal revenue service, and the federal securities and exchange commission view the existence of state public financing policies favorably. (g) Senate Bill 12-150, enacted in 2012, is not intended to grant the state treasurer any authority that supersedes a state agency's authority to enter into or incur a financial obligation, nor is Senate Bill 12-150 intended to affect other state laws regarding the general assembly's approval of any financed purchase of an asset or certificate of participation agreement over five hundred thousand dollars. (2) Nothing in this section authorizes the state treasurer or any other public agency to waive an election otherwise required under section 20 of article X or article XI of the state constitution or to hold an election inconsistent with the election requirements of said section 20 of article X. References to financial obligations, debt, or bonds in this section are for reference only and shall not be construed to create debt or a multiple fiscal-year financial obligation contrary to section 20 of article X or article XI of the state constitution. (3) As used in this section, unless the context otherwise requires: consistent with the election requirements of said section 20 of article X. References to financial obligations, debt, or bonds in this section are for reference only and shall not be construed to create debt or a multiple fiscal-year financial obligation contrary to section 20 of article X or article XI of the state constitution. (3) As used in this section, unless the context otherwise requires: (a) (I) "Financial obligation" means any financial contract, note, warrant, check, bond, certificate, instrument, debenture, or other security, the principal amount of which is one million dollars or more, that is authorized to be issued or entered into by the state acting by and through a state agency under the laws of this state, that is fully or partially secured by any state revenues, and that is directly or indirectly related to the state's credit rating. "Financial obligation" includes, but is not limited to: (A) Any financed purchase of an asset or certificate of participation agreement the principal amount of which is one million dollars or more authorized pursuant to section 24-82-102 and part 8 of article 82 of this title 24; and (B) Any payment obligation constituting a portion of or related to an energy performance contract as defined in section 24-30-2001 (1) or a capital project financed through a utility cost-savings contract authorized by section 24-38.5-106. (II) Notwithstanding subparagraph (I) of this paragraph (a), for purposes of the department of transportation, "financial obligation" does not include: (A) Any financial contract, note, warrant, check, bond, certificate, instrument, debenture, or other contract, agreement, or security that is authorized to be issued or entered into by or in support of such obligations of the high-performance transportation enterprise created in section 43-4-806 (2), C.R.S.; and (B) Any financial contract, note, warrant, check, bond, certificate, instrument, debenture, or other contract, agreement, or security that is authorized to be issued or entered into by or in support of such obligations of the statewide bridge enterprise created in section 43-4-805 (2), C.R.S. (b) "Internal revenue code" means the federal "Internal Revenue Code of 1986", as amended, and any regulations thereunder. (c) (I) "State agency" means a department, board, bureau, commission, division, institution, quasi-governmental entity, or other agency or instrumentality of the state, including a state institution of higher education. "State agency" also includes an enterprise, as defined in section 24-77-102 (3), a nonprofit corporation organized under the laws of this state and created solely for the purpose of issuing financial obligations on behalf of the state acting by and through a state agency, and a trust that may be formed by the state or a state agency to implement financed purchase of an asset or certificate of participation financing. (II) "State agency" does not include: (A) A county or city and county; (B) A municipality; (C) A school district; (D) A charter school; (E) A water conservancy district; (F) Collegeinvest as described in section 23-3.1-205.5, C.R.S.; (G) A district or authority organized or acting pursuant to the provisions of title 29, 30, 31, or 32, C.R.S.; (H) A special purpose authority listed in section 24-77-102 (15)(b); or (I) Any other political subdivision of the state or other entity that constitutes a local public body as defined in section 24-6-402 (1)(a). (d) "State institution of higher education" has the same meaning as set forth in section 23-18-102 (10), C.R.S. For purposes of this section,"state institution of higher education" also includes the Auraria higher education center established in article 70 of title 23, C.R.S. tical subdivision of the state or other entity that constitutes a local public body as defined in section 24-6-402 (1)(a). (d) "State institution of higher education" has the same meaning as set forth in section 23-18-102 (10), C.R.S. For purposes of this section,"state institution of higher education" also includes the Auraria higher education center established in article 70 of title 23, C.R.S. (e) "State revenues" means all income of the state that is received into the state treasury from taxes, fees, and other sources and appropriated for the payment of the state's expenses. (4) (a) (I) Notwithstanding any other law to the contrary and except as provided in subparagraph (II) of this paragraph (a), for the 2012-13 state fiscal year and each state fiscal year thereafter, when a state agency obtains the required approval for the financing of a capital project as specified in law, the state treasurer shall act as the issuing manager, subject to the criteria established in the state public financing policy promulgated as specified in subsection (5) of this section, for all approved financial obligations of the state acting by and through a state agency. The state treasurer has the sole discretion to manage the issuance or incurrence of financial obligations of the state acting by and through a state agency, including all post-issuance compliance with federal and state tax and securities laws, such as arbitrage, rebate, and remedial action requirements. The state treasurer's duties with respect to the management of the issuance or incurrence of financial obligations include, but are not limited to, the following: (A) Determining the financing structure and term; (B) Deciding the market timing; (C) Selecting or hiring, as applicable, the state financing team, including, where appropriate, the lessor, purchaser, underwriter, bond or disclosure counsel, trustee, escrow agent, paying agent, credit enhancer, rating agency, placement agent, liquidity provider, credit support provider, interest rate exchange agreement counterparty, and financial advisor; (D) Determining the advisability of a state agency entering into an interest rate exchange agreement pursuant to article 59.3 of title 11, C.R.S.; and (E) Determining whether to enter into competitive or negotiated sales of financial obligations. (II) For a state institution of higher education, for the 2012-13 state fiscal year and each state fiscal year thereafter, the state treasurer shall act as the issuing manager, subject to the criteria established in the state public financing policy promulgated as specified in subsection (5) of this section, for any financed purchase of an asset or certificate of participation agreement similar to those authorized in section 23-1-106.3, and any financial contract, note, warrant, check, bond, certificate, instrument, debenture, or other security, the principal amount of which is one million dollars or more, that is authorized under the laws of this state to be issued or entered into by the state acting by and through a state agency other than a state institution of higher education and that finances improvements that benefit a state institution of higher education. The state treasurer has the sole discretion to manage the issuance or incurrence of such financial obligations for a state institution of higher education and shall manage the issuance or incurrence of such financial obligations in accordance with the duties set forth in subsections (4)(a)(I)(A) to (4)(a)(I)(E) of this section. The state treasurer shall not act as the issuing manager for any bonds subject to the higher education revenue bond intercept program established in section 23-5-139. al obligations for a state institution of higher education and shall manage the issuance or incurrence of such financial obligations in accordance with the duties set forth in subsections (4)(a)(I)(A) to (4)(a)(I)(E) of this section. The state treasurer shall not act as the issuing manager for any bonds subject to the higher education revenue bond intercept program established in section 23-5-139. (b) (I) (A) Not less than sixty days prior to the date on which a state agency expects that a financial obligation of the state acting by and through the state agency will be incurred, a state agency shall provide written notice to the state treasurer of that expectation. (B) Not less than thirty days prior to the date on which a state agency expects that a refinancing of a financial obligation of the state acting by and through the state agency will be incurred, a state agency shall provide written notice to the state treasurer of that expectation. (II) The state agency shall provide the state treasurer with the information that the state treasurer considers necessary to act as the issuing manager for the issuance or incurrence of the financial obligation, including, if necessary, assumptions of underlying cash flow projections associated with the repayment of the financial obligation. The state agency shall provide the state treasurer with the information that the state treasurer considers necessary to comply with federal and state tax and securities laws and contractual covenants. (c) In performing his or her duties as the issuing manager, the state treasurer shall consider any relevant factors that the state treasurer considers necessary to protect the financial integrity of the state. (d) The state treasurer is the elected representative for the purpose of approving the issuance or incurrence of financial obligations by the state acting by and through a state agency when such approval is required under the internal revenue code and is the required signatory on all forms required by the federal internal revenue service to be filed in connection with the issuance or incurrence of financial obligations by the state acting by and through a state agency. (5) No later than ninety days after May 24, 2012, the state treasurer shall promulgate by rule, in accordance with article 4 of this title, a state public financing policy, and, in so doing, shall collaborate with various experts, including but not limited to the state controller, the office of state planning and budgeting, bond counsel, and the attorney general. The state treasurer shall present the state public financing policy to the capital development committee at the earliest meeting of the capital development committee at which time is available in the meeting schedule after the policy is finalized and shall provide a copy of the final state public financing policy to the joint budget committee. The state treasurer shall notify the capital development committee and the joint budget committee, in writing, of any substantive changes that are subsequently made to the state public financing policy. For purposes of this subsection (5), the attorney general is the legal advisor to the state treasurer. The state public financing policy shall include, but shall not be limited to, the following components: (a) The use of moral obligation pledges; (b) The criteria for the issuance or incurrence of financial obligations by the state acting by and through a state agency; (c) The use of derivatives; (d) The use of variable rate financial obligations; (e) Credit objectives; (f) The structuring practices for each type of financial obligation, including, but not limited to, information about the term, maturity, and type of interest; (g) Acceptable methods of sale; (h) Policies for determining when selection of external financial professionals is appropriate; (i) Policies related to the refunding of financial obligations; nancial obligations; (e) Credit objectives; (f) The structuring practices for each type of financial obligation, including, but not limited to, information about the term, maturity, and type of interest; (g) Acceptable methods of sale; (h) Policies for determining when selection of external financial professionals is appropriate; (i) Policies related to the refunding of financial obligations; (j) Policies related to primary and continuing disclosure requirements for financial obligations; (k) Policies related to post-issuance compliance with federal and state tax and securities laws, including arbitrage, rebate, and remedial action requirements; and (l) Policies for investment of proceeds where not otherwise covered by law. (6) (a) No later than ten days after a state institution of higher education enters into or issues a financial obligation in a principal amount of one million dollars or more that is secured in whole or in part by state revenues or revenues of the institution and that the state treasurer does not manage pursuant to subsection (4) of this section, including any bonds subject to the higher education revenue bond intercept program established in section 23-5-139, C.R.S., the state institution of higher education shall notify the state treasurer that it has entered into the financial obligation. The notification shall include at least the following information: (I) A copy of any official statement or other offering document for the issuance or incurrence of the financial obligation; (II) A copy of any filings or correspondence with the federal internal revenue service with respect to the issuance or incurrence, including, if applicable, a copy of each form 8038 or form 8038G; (III) A copy of the continuing disclosure undertaking; and (IV) Any other information that is described in the state public financing policy promulgated pursuant to subsection (5) of this section related to the issuance or incurrence. (b) No later than ten days after the high-performance transportation enterprise created in section 43-4-806 (2), C.R.S., or the statewide bridge enterprise created in section 43-4-805 (2), C.R.S., enters into the financial contracts or instruments specified in sub-subparagraphs (A) and (B) of subparagraph (II) of paragraph (a) of subsection (3) of this section, the enterprises shall notify the state treasurer that they have entered into or issued such a financial contract or instrument. The notification shall include at least the following information: (I) A copy of any official statement or other offering document for the issuance or incurrence of such a financial contract or instrument; (II) A copy of any filings or correspondence with the federal internal revenue service with respect to the issuance or incurrence, including, if applicable, a copy of each form 8038 or form 8038G; (III) A copy of the continuing disclosure undertaking; and (IV) Any other information that is described in the state public financing policy promulgated pursuant to subsection (5) of this section related to the issuance or incurrence. respondence with the federal internal revenue service with respect to the issuance or incurrence, including, if applicable, a copy of each form 8038 or form 8038G; (III) A copy of the continuing disclosure undertaking; and (IV) Any other information that is described in the state public financing policy promulgated pursuant to subsection (5) of this section related to the issuance or incurrence. (7) (a) On and after July 1, 2012, the issuance or incurrence of every financial obligation by the state acting by and through a state agency that the state treasurer manages pursuant to subsection (4) of this section shall include, to the extent allowed by the internal revenue code, an amount determined by the state treasurer not to exceed the lesser of one hundred thousand dollars or two percent of the principal proceeds of the issuance or incurrence to be paid to the state treasurer. The state treasurer shall credit the moneys to the state public financing cash fund, which is hereby created in the state treasury. The fund consists of moneys deposited in the fund pursuant to this paragraph (a) and shall be used solely for the purposes described in paragraph (b) of this subsection (7). The moneys in the fund are continuously appropriated to the state treasurer. All unexpended and unencumbered moneys in the fund and all interest and income earned on the deposit and investment of moneys in the fund shall remain in the fund and shall not revert to the general fund or any other fund at the end of a fiscal year. (b) To the extent permitted by bond counsel, the money in the state public financing cash fund shall be used to reimburse the state treasurer for verifiable costs incurred in performing or overseeing the state's primary issuance compliance and post-issuance compliance responsibilities over the term of a financial obligation, including complying with or monitoring compliance with the requirements of the internal revenue code, making public disclosures or continuing disclosure undertakings required pursuant to federal securities laws or ensuring that such disclosures are made, and performing or coordinating requirements in connection with the financial obligation. The state treasurer may also expend up to one hundred twenty-five thousand dollars from the state public financing cash fund to fund the completion of the study of the feasibility of using security token offerings for state capital financing required by section 24-36-121.5 (3). (8) No later than ninety days after May 24, 2012, the state treasurer shall create and maintain a correct and current inventory of all state-owned real property described in section 24-30-1303.5 that is leased property or collateral in any type of financial obligation. The state treasurer shall annually provide a copy of the inventory to the capital development committee.

C.R.S. § 24-36-121.5 Use of security tokens for state capital financing - feasibility study - authorization of use - legislative declaration - definitions

24-36-121.5. Use of security tokens for state capital financing - feasibility study - authorization of use - legislative declaration - definitions. (1) (a) The general assembly hereby finds and declares that: (I) Section 3 of article XI of the state constitution prohibits the state from issuing general obligation debt, and section 20 of article X of the state constitution generally requires the state to obtain voter approval in advance before incurring any multiple-fiscal year direct or indirect district debt or other financial obligation whatsoever; (II) Due to these limitations, the state typically engages in capital financing by: (A) Issuing short-term tax or revenue anticipation notes, which the state must repay within the same state fiscal year in which they are issued for the purpose of smoothing general fund cash flow; and (B) Entering into annually renewable financed purchase of an asset or certificate of participation agreements, which grant purchasers of certificates of participation the right to receive lease payments, for the purpose of financing the construction, improvement, or acquisition of capital assets; (III) Certificates of participation issued in connection with a financed purchase of an asset or certificate of participation agreement evidence proportionate interests in the base rentals paid by the state pursuant to the agreement; and (IV) The use of financed purchase of an asset or certificate of participation agreements by the state for capital financing may limit the universe of investors that can invest in the state and assist in financing state capital projects and may increase the state's capital financing costs. (b) The general assembly further finds and declares that: (I) The emergence of decentralized, secure blockchain technology allows security token offerings to be used for capital financing; (II) A security token offering is a capital financing method in which security tokens, which are digital, liquid contracts made verifiable and secure through the use of blockchain technology that establish a token owner's right to a fraction of a financial asset, are sold to investors; (III) If the general assembly, after a study by the state treasurer of the feasibility of using security token offerings for state capital financing, authorizes the state to use this new and innovative method of capital financing, the state could substantially reduce its capital financing costs by: (A) Allowing a much broader range of investors, including ordinary individuals, to invest in underlying financial assets such as certificates of participation issued in connection with financed purchase of an asset or certificate of participation agreements by purchasing security tokens that evidence their investments, thereby increasing investor demand for the underlying financial assets and reducing the rate of interest that the state must pay to investors; and (B) Reducing the state's dependence on commercial banks, institutional investors, mutual funds, and pension funds when obtaining capital financing and the high underwriting fees, interest, and other transactional costs that result from that dependence; (IV) In addition to reducing costs, if authorized by the general assembly, the state's use of security token offerings for capital financing will allow ordinary Coloradans, who as taxpayers collectively own state-owned capital assets, to also share in the ownership of leased state capital assets until the state has paid all of its lease obligations and obtained ownership of the assets; and (V) Because the state has not previously used security token offerings for capital financing and the state treasurer has substantial experience and institutional expertise in capital financing and provides centralized capital financing management on behalf of many state agencies, it is necessary and appropriate to: te has paid all of its lease obligations and obtained ownership of the assets; and (V) Because the state has not previously used security token offerings for capital financing and the state treasurer has substantial experience and institutional expertise in capital financing and provides centralized capital financing management on behalf of many state agencies, it is necessary and appropriate to: (A) Require the state treasurer to study the feasibility of using security token offerings for state capital financing; and (B) Authorize the state treasurer to recommend to the general assembly that the general assembly enact legislation to authorize the use of security token offerings for state capital financing if, after completing the feasibility study, the state treasurer determines such use to be in the best interest of the state. (2) As used in this section, unless the context otherwise requires: (a) "Blockchain technology" means a mathematically secured, chronological, decentralized, distributed, and digital ledger or database that consists of records of transactions that cannot be altered retroactively. (b) "Security token" means a digital, liquid contract made verifiable and secure through the use of blockchain technology that establishes its owner's right to a fraction of a financial asset such as a stock, bond, or certificate of participation. (c) "Security token offering" means a capital financing method in which security tokens representing fractional interests in a financial asset are sold to investors in lieu of selling the actual financial asset to investors. (3) The state treasurer shall study the feasibility of using security token offerings for state capital financing and determine the extent to which the use of security token offerings of state capital financing would be in the best interest of the state. The state treasurer shall complete the study and report the study findings to the house of representatives finance committee and the senate finance committee, or their successor committees, and to the joint budget committee by March 1, 2023. If the state treasurer determines, after completing the feasibility study, that the use of security tokens for state capital financing is in the best interest of the state, the state treasurer may recommend as part of the report that the general assembly enact legislation to authorize such use. The state treasurer shall also post the study findings on the department of the treasury's website.

C.R.S. § 24-36-122 Law enforcement officers and firefighters - work-related death - continuation of medical benefits for dependants - cash fund - created - definitions

24-36-122. Law enforcement officers and firefighters - work-related death - continuation of medical benefits for dependants - cash fund - created - definitions. (1) As used in this section, unless the context otherwise requires: (a) "Board" means the law enforcement officers' and firefighters' continuation of benefits board created in subsection (2) of this section. (b) "Employee" means an active, full-time or part-time salaried employee of an employer whose duties are directly involved with the provision of law enforcement or fire protection, as certified by his or her employer, and who has medical or dental benefit coverage through his or her employer. (c) "Employer" means any county or municipality in the state offering law enforcement or fire protection service employing one or more persons and any special district or county improvement district in the state offering fire protection service employing one or more persons. (d) "Fund" means the law enforcement officers' and firefighters' continuation of benefits fund created in subsection (5) of this section. (e) "Work-related death" means a death that is the proximate result of an injury arising out of and in the course and scope of employment with an employer. (2) (a) There is hereby created in the department of the treasury the law enforcement officers' and firefighters' continuation of benefits board. The board shall review submissions from employers for the continuation of medical and dental benefits for the dependants of any employee who dies in a work-related death and shall oversee the payment of such benefits. In the course of its duties, the board may coordinate and confer with the department of public safety, the department of local affairs, the fire and police pension association, any employer as defined in subsection (1)(c) of this section, or any other entity as deemed necessary and appropriate by the board. (b) The board is composed of the following members: (I) The state treasurer or his or her designee; (II) The executive director of the department of public safety or his or her designee; and (III) The executive director of the fire and police pension association or his or her designee. (c) The members of the board serve without compensation but shall be reimbursed by the department of the treasury for any necessary expenses incurred in the conduct of their official duties and shall suffer no loss of salary from an employer for service on the board. (d) Staff services for the board shall be provided by the department of the treasury. (3) (a) Any employer may request that the board pay the costs of the continuation of benefits for the dependents of an employee who died in a work-related death paid from the fund. (b) (Deleted by amendment, L. 2023.) (c) Nothing in this section shall be construed to prohibit a county, municipality, special district, or county improvement district from independently paying for the continuation of benefits for the dependents of any person it employs and who dies in a work-related death. (4) The dependents of an employee who dies in a work-related death are automatically qualified for the continuation of medical and dental benefits through the employer's medical and dental benefit coverage for twelve months from the end of the month in which the work-related death occurred, so long as the dependents had medical or dental benefits through the employer at the time of the employee's work-related death. The medical or dental benefits allowed to dependents pursuant to this section shall be the same coverage that the dependents were enrolled in at the time of the employee's work-related death. (5) The board shall pay the cost of providing medical or dental benefits on behalf of the employee's dependents for the twelve-month period pursuant to subsection (4) of this section from the fund. The board shall make arrangements with the employer to pay such costs. to this section shall be the same coverage that the dependents were enrolled in at the time of the employee's work-related death. (5) The board shall pay the cost of providing medical or dental benefits on behalf of the employee's dependents for the twelve-month period pursuant to subsection (4) of this section from the fund. The board shall make arrangements with the employer to pay such costs. (6) (a) The law enforcement officers' and firefighters' continuation of benefits fund is hereby created in the state treasury. The fund consists of money credited to the fund pursuant to subsection (6.5) of this section and any other money that the general assembly may appropriate or transfer to the fund. (b) The state treasurer shall credit all interest and income derived from the deposit and investment of money in the fund to the fund. (c) The state treasurer shall credit any unexpended and unencumbered money remaining in the fund at the end of a fiscal year to the fund. (d) Subject to annual appropriation by the general assembly, the board may expend money from the fund to pay the cost of providing medical or dental benefits on behalf of an employee's dependents when the employee died in a work-related death. The board shall make arrangements with the employer to pay such costs. (6.5) On July 1, 2023, and on July 1 each year thereafter through July 1, 2025, the state treasurer shall transfer one hundred fifty thousand dollars from the general fund to the fund. (7) At any time, if an employee dies from a work-related death and the money in the fund is insufficient to cover the costs of the continuation of benefits for the dependents of the employee, the state treasurer shall advance sufficient money from the state treasury to the fund to cover such costs. Any money advanced to the fund shall be repaid by the board on a schedule to be set by the board. (8) The board may develop rules, policies, or procedures to implement this section. Such rules, policies, or procedures may include: (a) and (b) Repealed. (c) The manner in which an employer notifies the board that an employee died in a work-related death and has dependents who are eligible for a continuation of benefits pursuant to this section; (d) Procedures for the payment of continuation of benefits after an employee dies in a work-related death; and (e) Rules, policies, or procedures to address any other issue deemed necessary and appropriate by the board.

C.R.S. § 24-36-123 Rent reporting for credit pilot program - Colorado housing and finance authority - appropriations - repeal

24-36-123. Rent reporting for credit pilot program - Colorado housing and finance authority - appropriations - repeal. (Repealed)

C.R.S. § 24-36-124 Financed purchase of an asset or certificate of participation agreements - fund capital costs related projects at four institutions of higher education - definitions

24-36-124. Financed purchase of an asset or certificate of participation agreements - fund capital costs related projects at four institutions of higher education - definitions. (1) As used in this section, unless the context otherwise requires: (a) "Agreement" means one or more financed purchase of an asset or certificate of participation agreements executed as required by subsection (2)(a) of this section. (b) "Applicable board" means either: (I) The board of trustees for the university of northern Colorado established pursuant to section 23-40-104 (1)(a); (II) The board of trustees for Metropolitan state university of Denver established pursuant to section 23-54-102 (1)(a); (III) The board of governors of the Colorado state university system established pursuant to section 23-30-101 (1)(a); or (IV) The state board for community colleges and occupational education created in section 23-60-104 (1)(b). (2) (a) Notwithstanding the provisions of sections 24-82-102 (1)(b) and 24-82-801, and pursuant to section 24-36-121, no later than December 31, 2024, the state, acting by and through the state treasurer, shall execute an agreement for the purposes described in subsection (4) of this section, the total amount of the principal of which agreement shall not exceed two hundred forty-six million nine hundred thirty-six thousand ninety-two dollars, plus reasonable and necessary administrative, monitoring, and closing costs and interest, including capitalized interest. (b) The anticipated annual state-funded payments for the principal and interest components of the amount payable under an agreement entered into pursuant to subsection (2)(a) of this section shall not exceed seventeen million five hundred thousand dollars, with principal amortization not occurring before July 1, 2027. (c) The state, acting by and through the state treasurer, at the state treasurer's sole discretion, may enter into an agreement authorized by subsection (2)(a) of this section with any for-profit or nonprofit corporation, trust, or commercial bank acting as a trustee as the lessor. (d) The agreement must provide that all of the obligations of the state under the agreement are subject to the action of the general assembly in annually making money available for all payments thereunder. Payments under the agreement must be made subject to annual appropriation by the general assembly, as applicable, from the general fund or from any other legally available source of money. (e) The agreement must also provide that the obligations of the state do not create state debt within the meaning of any provision of the state constitution or state law concerning or limiting the creation of state debt and are not a multiple fiscal-year direct or indirect debt or other financial obligation of the state within the meaning of section 20 (4) of article X of the state constitution. If the state does not renew the agreement, the sole security available to the lessor is the property that is the subject of the nonrenewed agreement. (f) (I) The agreement may contain such terms, provisions, and conditions as the state treasurer, acting on behalf of the state, deems appropriate, including all optional terms; except that the agreement must specifically authorize the state or the applicable board to receive fee title to all real and personal property that is the subject of the agreement on or before the expiration of the terms of the agreement. (II) The state treasurer, acting on behalf of the state, has the authority to determine what collateral to use for the agreement as the state treasurer deems appropriate. t the agreement must specifically authorize the state or the applicable board to receive fee title to all real and personal property that is the subject of the agreement on or before the expiration of the terms of the agreement. (II) The state treasurer, acting on behalf of the state, has the authority to determine what collateral to use for the agreement as the state treasurer deems appropriate. (g) The agreement may provide for the issuance, distribution, and sale of instruments evidencing rights to receive rentals and other payments made and to be made under the agreement. The instruments may be issued, distributed, or sold only by the lessor or any person designated by the lessor and not by the state. The instruments do not create a relationship between the purchasers of the instruments and the state or create any obligation on the part of the state to the purchasers. The instruments are not a note, bond, or any other evidence of state debt within the meaning of any provision of the state constitution or state law concerning or limiting the creation of state debt and are not a multiple fiscal-year direct or indirect debt or other financial obligation of the state within the meaning of section 20 (4) of article X of the state constitution. (h) Interest paid under an agreement authorized pursuant to subsection (2)(a) of this section, including interest represented by the instruments, is exempt from Colorado income tax. (i) The state, acting by and the through the state treasurer and the applicable board, is authorized to enter into ancillary agreements and instruments that are necessary or appropriate in connection with an agreement, including but not limited to deeds, ground leases, sub-leases, easements, or other instruments related to the real property on which the facilities are located. (j) The provisions of section 24-30-202 (5)(b) do not apply to an agreement or to any ancillary agreement or instrument entered into pursuant to this subsection (2). The state controller or their designee shall waive any provision of the fiscal rules promulgated pursuant to sections 24-30-202 (1) and (13) that the state controller finds incompatible or inapplicable with respect to an agreement or an ancillary agreement or instrument. (3) (a) Before executing the agreement, in order to protect against future interest rate increases, the state, acting by and through the state treasurer and at the discretion of the state treasurer, may enter into an interest rate exchange agreement pursuant to article 59.3 of title 11. Such interest rate exchange agreement is a proposed public security for the purposes of article 59.3 of title 11. Any payments made by the state under an interest rate exchange agreement entered into pursuant to this subsection (3) must be made solely from money available to the state treasurer from the execution of the agreement entered into pursuant to subsection (2) of this section or from money described in subsection (2)(d) of this section. (b) An interest rate exchange agreement entered into pursuant to this subsection (3) must also provide that the obligations of the state do not create state debt within the meaning of any provision of the state constitution or state law concerning or limiting the creation of state debt or any multiple fiscal-year direct or indirect debt or other financial obligation of the state within the meaning of section 20 (4) of article X of the state constitution. ant to this subsection (3) must also provide that the obligations of the state do not create state debt within the meaning of any provision of the state constitution or state law concerning or limiting the creation of state debt or any multiple fiscal-year direct or indirect debt or other financial obligation of the state within the meaning of section 20 (4) of article X of the state constitution. (c) Any money received by the state under an interest rate exchange agreement entered into pursuant to this subsection (3) must be used to make payments on an agreement entered into pursuant to subsection (2) of this section or to pay the costs related to the purposes set forth in subsection (4) of this section for which an agreement was executed. (4) The proceeds of an agreement entered into pursuant to subsection (2)(a) of this section must be used to fund capital construction costs related to the construction of the following facilities for the following institutions of higher education: (a) University of northern Colorado's college of osteopathic medicine; (b) Metropolitan state university of Denver's health institute tower that will increase health-care-related instructional and training capacity and expand programs in high-need areas related to health care; (c) Colorado state university's veterinary health and education complex; and (d) Trinidad state college's valley campus main building renovation that will increase capacity to provide allied health certificate and degree programs, address deferred maintenance, create an assembly space to serve the college and community, and allow critical student services to move to a more student-accessible location within the building.

C.R.S. § 24-36-204 Small business recovery loan program oversight board - creation - report - repeal

24-36-204. Small business recovery loan program oversight board - creation - report - repeal. (Repealed)

C.R.S. § 24-36-205 Small business recovery loan program - creation - requirements - oversight

24-36-205. Small business recovery loan program - creation - requirements - oversight. (Repealed)

C.R.S. § 24-36-206 Small business recovery tax credits - authorization to issue - terms - report

24-36-206. Small business recovery tax credits - authorization to issue - terms - report. (Repealed)

C.R.S. § 24-36-207 Use of small business recovery tax credits - carry over

24-36-207. Use of small business recovery tax credits - carry over. (Repealed)

C.R.S. § 24-36-208 Small business recovery fund - repeal

24-36-208. Small business recovery fund - repeal. (Repealed)

C.R.S. § 24-36-209 Office of economic development

24-36-209. Office of economic development. (Repealed)

C.R.S. § 24-36-301 Short title

24-36-301. Short title. The short title of this part 3 is the "Colorado Household Financial Recovery Pilot Program Act".

C.R.S. § 24-36-302 Legislative declaration

24-36-302. Legislative declaration. (1) The general assembly finds and declares that: (a) The COVID-19 pandemic has had devastating economic and health consequences across the state, negatively impacting many Coloradans and disproportionately harming individuals and households that were already economically insecure; (b) The COVID-19 pandemic has caused many low- and moderate-income individuals and households to lose income due to the loss of employment, spend down their savings, borrow from friends, and incur more debt; (c) As a result of the recession precipitated by the COVID-19 pandemic, long-term economic challenges continue for many in Colorado, due to, among other factors, damaged consumer credit scores and reduced familial and childhood well-being; (d) Further, many individuals and households facing financial insecurity, including unserved and underserved populations, lack access to financial and banking services, including affordable loans, to help address economic insecurity; (e) Together with financial coaching and safe and affordable banking products, low-cost loans are an important tool to build long-term financial health; (f) By incentivizing financial institutions to issue loans to impacted individuals and households through a loan loss reserve, buying down interest rates, or providing lending capital, the state can foster long-term transformative change for individuals and households impacted by the COVID-19 pandemic or its negative economic impacts; (g) With one-time money, the state can catalyze positive market forces that exist outside of state government, leveraging new, or freeing up existing, resources to support the creation of affordable lending products currently unavailable to many Coloradans; and (h) Therefore, the creation of a household financial recovery pilot program supports the long-term recovery of Colorado individuals and households impacted by the COVID-19 pandemic and is an appropriate response to the harm caused by the COVID-19 pandemic or its negative economic impacts.

C.R.S. § 24-36-303 Definitions

24-36-303. Definitions. As used in this part 3, unless the context otherwise requires: (1) "Administrator" means an entity that the state treasurer contracts with pursuant to section 24-36-304 to administer the program. (2) "Council" means the council established pursuant to section 24-31-1102 (3)(c) by the financial empowerment office created in section 24-31-1101. (3) "COVID-19" means the coronavirus disease caused by the severe acute respiratory syndrome coronavirus 2, also known as SARS-CoV-2. (4) "Fund" means the Colorado household financial recovery pilot program fund created in section 24-36-306. (5) "Program" means the Colorado household financial recovery pilot program created in this part 3.

C.R.S. § 24-36-304 Colorado household financial recovery pilot program - created - selection of administrators - grants

24-36-304. Colorado household financial recovery pilot program - created - selection of administrators - grants. (1) The state treasurer shall establish the Colorado household financial recovery pilot program administered in accordance with the requirements of this part 3 and any policies established for the program by the state treasurer or by an administrator pursuant to subsection (8) of this section. The purpose of the program is to facilitate lending to individuals and households impacted by the COVID-19 pandemic who face financial insecurity and who have difficulty accessing affordable loans to address the financial insecurity. (2) (a) In response to the COVID-19 pandemic and the harm caused to individuals and households by its negative economic impacts, money for the program may be used for one or more of the following purposes under the program to assist individuals and households impacted by the COVID-19 pandemic: (I) To establish a loan loss reserve in accordance with subsection (9) of this section to partially offset risk to lenders in making loans to individuals and households impacted by the COVID-19 pandemic; (II) To make payments to lenders to buy down the interest rate on loans made to individuals and households impacted by the COVID-19 pandemic; (III) To provide lending capital for uncollateralized loans to individuals and households impacted by the COVID-19 pandemic. All loans made or incentivized under the program must include the following terms: (A) A maximum loan amount of five thousand dollars, which loan amount may otherwise vary in proportion to the harm experienced by the individuals or households impacted by the COVID-19 pandemic; (B) A maximum annual percentage rate of five percent; (C) Borrower reporting; and (D) Reporting to major credit agencies concerning required payments on the loan. (IV) To award grants to nonprofit community-based organizations in accordance with subsection (10) of this section to conduct marketing and outreach to individuals and households impacted by the COVID-19 pandemic who may be eligible to participate in the program, including marketing and outreach to individuals and households that are economically insecure and financially unserved and underserved. (b) The state treasurer may contract with one or more community development financial institutions to administer all or a portion of the money available for the program. (3) The state treasurer shall: (a) Use an open and competitive process for selecting one or more administrators; and (b) Select an applicant or applicants to administer the program based on the following criteria: (I) The applicant's proposed use of money and whether the proposed use aligns with program goals; (II) The strength of the applicant's relationships with nonprofit community-based organizations that serve individuals and households impacted by the COVID-19 pandemic who: (A) Are traditionally unserved or underserved by the current banking system; and (B) Suffered the greatest harm from the negative economic impacts of the COVID-19 pandemic, including people of color, individuals in low-wage employment, women, and individuals without college degrees; (III) The applicant's ability to connect borrowers to: (A) Safe and affordable banking products with low fees and easy access to accounts; and (B) Financial counseling and coaching and wealth-building services; (IV) The applicant's ability to serve individuals who are underserved by traditional lenders, including individuals who have no credit history; (V) The ability of the applicant to devise loan payment plans that include opportunities to build savings; and (VI) The applicant's ability to attract lending capital. to accounts; and (B) Financial counseling and coaching and wealth-building services; (IV) The applicant's ability to serve individuals who are underserved by traditional lenders, including individuals who have no credit history; (V) The ability of the applicant to devise loan payment plans that include opportunities to build savings; and (VI) The applicant's ability to attract lending capital. (4) In selecting an applicant or applicants to administer the program, the state treasurer shall consult with the council. Members of the council who are officials in or employees of the department of law shall recuse themselves from the evaluation and selection process. (5) The state treasurer may advance money under a contract to an applicant selected to administer the program in order to pay for initial costs. (6) The state treasurer's contract with an administrator may require the return of money from the administrator for reallocation under the program if the administrator has been unable to effectively use money allocated for the program. (7) The state treasurer's contract with an administrator may require an administration fee in an amount reasonably calculated to cover the ongoing costs of the state treasurer in overseeing the program administration. The state treasurer shall deposit the administration fee in the fund. (8) The state treasurer, in collaboration with any administrator selected by the state treasurer, shall establish and publicize policies for the use of money under the program, to include: (a) Program deadlines, application procedures and fees, and any other costs associated with the use of money under the program; (b) Underwriting or risk management policies; and (c) Eligibility requirements to include individuals and households impacted by the COVID-19 pandemic. (9) (a) If the state treasurer determines that a loan loss reserve will incentivize lending to individuals and households impacted by the COVID-19 pandemic, the state treasurer may establish a loan loss reserve for the program in the department of the treasury, or may select one or more administrators pursuant to subsection (3) of this section to establish a loan loss reserve. The loan loss reserve may be used to provide grants to financial institutions participating in the program to partially offset losses on loans made to individuals and households impacted by the COVID-19 pandemic. (b) The state treasurer shall determine the amount and conditions for the offset of losses through the loan loss reserve and shall establish and publicize policies for participating financial institutions. (10) (a) The state treasurer, or an administrator selected pursuant to subsection (3) of this section, may award grants to nonprofit community-based organizations to conduct marketing and outreach to individuals and households impacted by the COVID-19 pandemic who may be eligible to participate in the program, including marketing and outreach to individuals and households that are economically insecure and financially unserved and underserved. The state treasurer, in collaboration with any administrator selected pursuant to subsection (3) of this section, shall develop procedures for applying for a grant, for allowable uses of grant money, and for reporting on the use of grant money. (b) A nonprofit community-based organization may use a grant to provide services and assistance to the program, including: (I) Educational and outreach activities, including staff support for these activities; (II) Technical assistance relating to the program; and (III) Other activities that help connect individuals and households impacted by the COVID-19 pandemic to the program.

C.R.S. § 24-36-305 Report

24-36-305. Report. (1) On or before November 1, 2023, and on or before November 1 of each year thereafter in which the program is being administered by the state treasurer or a selected administrator, the selected administrator or administrators shall submit a combined report to the governor and to the house of representatives business affairs and labor committee and the senate business, labor, and technology committee, or their successor committees, detailing the expenditure of money appropriated for the program and the impact of the program on individuals and households impacted by the COVID-19 pandemic or its negative economic impacts. Notwithstanding the requirements of section 24-1-136 (11)(a)(I), the requirement in this subsection (1) to submit the report continues indefinitely. (2) At a minimum, the report submitted pursuant to subsection (1) of this section must include: (a) The purposes, as specified in section 24-36-304 (2)(a), for which program money was used, and the number and a description of the individuals and households benefitting from the program; (b) The geographic distribution of program beneficiaries; (c) The number of loan defaults; (d) Information concerning the use and impact of a loan loss reserve; and (e) A summary of grants awarded to nonprofit community-based organizations to provide educational and outreach activities and assistance to the program.

C.R.S. § 24-36-306 Colorado household financial recovery pilot program fund - created - transfer - gifts, grants, and donations authorized

24-36-306. Colorado household financial recovery pilot program fund - created - transfer - gifts, grants, and donations authorized. (1) (a) The Colorado household financial recovery pilot program fund is hereby created in the state treasury. (b) The state treasurer shall credit all interest and income derived from the deposit and investment of money in the fund to the fund. (c) Money appropriated, transferred, or credited to the fund is continuously appropriated to the state treasurer for the purposes specified in subsection (4) of this section. (d) The state treasurer may expend up to four percent of the money appropriated to the fund to pay the direct and indirect costs incurred by the state treasurer in implementing or administering the program. (2) The fund consists of: (a) Money appropriated to the fund by the general assembly for purposes of this part 3; (b) Money transferred to the fund; (c) Fees collected pursuant to section 24-36-304 (7); and (d) Gifts, grants, or donations credited to the fund pursuant to subsection (3) of this section. (3) The state treasurer may seek, accept, and expend gifts, grants, or donations from private or public sources for the purposes of this part 3. The state treasurer shall credit all money received through gifts, grants, and donations to the fund. (4) Money in the fund may be used for: (a) The purposes specified in section 24-36-304; and (b) Any other purpose relating to the administration and implementation of this part 3.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://leg.colorado.gov/sites/default/files/images/olls/crs2024-title-24.docxFetched: 10/6/2026

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