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Colorado Revised Statutes Title 24. Government State § 24-46.3-505. SPARC program fund--creation--appropriations from the fund

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) The SPARC program fund, referred to in this section as the “fund”, is created in the state treasury. The fund consists of money transferred to the fund pursuant to subsection (2) of this section and any other money that the general assembly may appropriate or transfer to the fund. In accordance with section 24-36-114(1), the state treasurer shall credit all interest and income derived from the deposit and investment of money in the fund to the general fund.

(2) On July 1, 2021, the state treasurer shall transfer five million dollars from the general fund to the fund.

(3)(a) Subject to annual appropriation by the general assembly for the 2021--22, 2022--23, 2023--24, and 2024--25 state fiscal years, the department, the state council, the state board for community colleges and occupational education, and the department of higher education may expend money from the fund for purposes of this part 5.

(b) Any money appropriated pursuant to this section in a state fiscal year that is not encumbered or expended at the end of that state fiscal year remains available for expenditure in the next fiscal year for the same purposes without further appropriation.

(c) The general assembly may appropriate money from the fund to pay the direct and indirect costs incurred to administer the SPARC program.

(4) The state treasurer shall transfer all unexpended and unencumbered money in the fund on June 30, 2026, to the general fund.

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Cite this article: FindLaw.com - Colorado Revised Statutes Title 24. Government State § 24-46.3-505. SPARC program fund--creation--appropriations from the fund - last updated January 01, 2025 | https://codes.findlaw.com/co/title-24-government-state/co-rev-st-sect-24-46-3-505/

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