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Colorado Revised Statutes Title 38. Property Real and Personal § 38-13-801.5. Unclaimed property tourism promotion trust fund--creation--payments--interest--transfers--definition

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

(1) There is hereby created in the state treasury the unclaimed property tourism promotion trust fund. The principal in the trust fund consists of all proceeds collected by the administrator from the sale of securities under this article 13.

(2) The principal of the unclaimed property tourism promotion trust fund shall not be expended except to pay claims made pursuant to this article 13. Money constituting the principal of the trust fund that is credited to or expended from the trust fund to pay claims is not fiscal year spending of the state for purposes of section 20 of article X of the state constitution, and such money is deemed custodial funds that are not subject to appropriation by the general assembly.

(3)(a) After reserving the amounts described in subsection (3)(b) of this section, the interest derived from the deposit and investment of money in the unclaimed property tourism promotion trust fund shall be credited to the following funds:

(I) Twenty-five percent of the interest to the Colorado state fair authority cash fund created in section 35-65-107(1), subject to appropriation by the general assembly pursuant to section 35-65-107(3)(b);

(II) Sixty-five percent of the interest to the agriculture management fund created in section 35-1-106.9, subject to appropriation by the general assembly pursuant to section 35-1-106.9; and

(III)(A) Ten percent of the interest to the Colorado travel and tourism promotion fund created in section 24-49.7-106(1), subject to appropriation by the general assembly pursuant to section 24-49.7-106(3) for use in the promotion of agritourism in the state. For purposes of this subsection (3)(a)(III), “agritourism” means the practice of engaging in activities, events, and services that have been provided to consumers for recreational, entertainment, or educational purposes at a farm, ranch, or other agricultural, horticultural, or agribusiness operation in order to allow consumers to experience, learn about, and participate in various facets of agricultural industry, culinary pursuits, natural resources, and heritage.

(B) The board of directors of the Colorado tourism office created in section 24-49.7-103 shall consult annually, and execute a memorandum of understanding, with the commissioner of agriculture regarding the expenditure of money credited pursuant to subsection (3)(a)(III)(A) of this section in order to coordinate agritourism promotion efforts.

(b) The administrator shall reserve in the unclaimed property tourism promotion trust fund and shall not transfer any money necessary for:

(I) The claims paid pursuant to this article 13 for each fiscal year; and

(II) The reserve amount necessary to pay anticipated claims.

(c) Any money that is credited to and expended from the Colorado state fair authority cash fund, the agriculture management fund, or the travel and tourism promotion fund pursuant to this subsection (3) constitutes fiscal year spending of the state for purposes of section 20 of article X of the state constitution.

(4) The money in the unclaimed property tourism promotion trust fund does not revert to the general fund at the end of any fiscal year.

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Cite this article: FindLaw.com - Colorado Revised Statutes Title 38. Property Real and Personal § 38-13-801.5. Unclaimed property tourism promotion trust fund--creation--payments--interest--transfers--definition - last updated January 01, 2025 | https://codes.findlaw.com/co/title-38-property-real-and-personal/co-rev-st-sect-38-13-801-5/

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