Colorado Revised Statutes Title 8. Labor and Industry § 8-13.3-518. Family and medical leave insurance fund--establishment and investment--repeal

(3)(a) On June 14, 2021, or as soon as possible thereafter, the state treasurer shall transfer one million five hundred thousand dollars from the general fund to the fund for the purpose of defraying expenses incurred by the division before it receives premium revenue or revenue bond proceeds. Notwithstanding any other law, the division may accept and expend any money so transferred, and, notwithstanding any state fiscal rule or generally accepted accounting principle that could otherwise be interpreted to require a contrary conclusion, such a transfer is a loan from the state treasurer to the division that is required to be repaid and is not a grant for purposes of section 20 (2)(d) of article X of the state constitution or as defined in section 24-77-102(7). Loan liabilities that are recorded in the fund but are not required to be paid in the current fiscal year shall not be considered when calculating sufficient statutory fund balance for purposes of section 24-75-109.

(b) No later than December 31, 2023, the division shall repay the loan of one million five hundred thousand dollars received pursuant to subsection (3)(a) of this section and accumulated interest from the fund. Interest accrues on the money borrowed at a rate equivalent to the rate per annum on the most recently issued ten-year United States treasury note, rounded to the nearest one-tenth of one percent, as reported by the “Wall Street Journal”, as of the date the transfer required by subsection (3)(a) of this section is made. Interest accrues at the rate specified in this subsection (3)(b) beginning on that date, until the date on which the money is repaid.

(c) This subsection (3) is repealed, effective December 1, 2024.

(4)(a) On May 17, 2022, or as soon as possible thereafter, and notwithstanding section 24-75-227(3)(c), the state treasurer shall transfer fifty-seven million dollars from the revenue loss restoration cash fund to the fund. The money is an advance payment of premiums for state employee coverage that the state is required to pay under the family and medical leave insurance program established in section 8-13.3-516 and is not a grant for purposes of section 20(2)(d) of article X of the state constitution or as defined in section 24-77-102(7). Liabilities that are recorded in the fund but are not required to be paid in the current fiscal year shall not be considered when calculating sufficient statutory fund balance for purposes of section 24-75-109.

(a.5) On June 24, 2024, the state treasurer shall transfer four hundred thousand dollars from the general fund to the fund. The money is an advance payment of premiums for state employee coverage that the state is required to pay under the family and medical leave insurance program established in section 8-13.3-516 and is not a grant for purposes of section 20(2)(d) of article X of the state constitution or as defined in section 24-77-102(7).

(c) The advance payment of premiums by the state pursuant to this subsection (4) shall not constitute or become an indebtedness, a debt, or a liability of the state. The state shall not be liable on such advance payment, nor shall the advance payment constitute the giving, pledging, or loaning of the full faith and credit of the state. Advance payments shall be exempt from the state's fiscal rules.