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Colorado Revised Statutes Title 8. Labor and Industry § 8-83-504. Just transition cash fund--transfer from general fund--transfer from account--definition

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

(1) The just transition cash fund is created in the state treasury. The fund consists of money credited to the fund in accordance with section 39-29-108(2)(d) and any other money that the general assembly may appropriate or transfer to the fund. The state treasurer shall credit all interest and income derived from the deposit and investment of money in the fund to the fund. Subject to annual appropriation by the general assembly, the office may expend money from the fund and the department may expend money from the coal transition workforce assistance program account of the fund created in section 8-83-504.5(1) for purposes specified in this part 5, including paying for the office's direct and indirect costs in administering this part 5. Any unexpended and unencumbered money in the fund at the end of any fiscal year remains in the fund and shall not be credited or transferred to the general fund.

(2) The general assembly may appropriate money from the general fund for the purposes specified in this part 5. The office may seek, accept, and expend gifts, grants, or donations from private or public sources for the purposes of this part 5.

(3) Each construction project financed through the fund must comply with sections 24-92-115 and 24-92-201.

(4)(a)(I)(A) On June 30, 2021, the state treasurer shall transfer eight million dollars from the general fund to the fund.

(B) On March 7, 2022, the state treasurer shall transfer two million dollars from the account to the fund.

(C) On July 1, 2022, the state treasurer shall transfer five million dollars from the general fund to the fund.

(II) Subject to annual appropriation by the general assembly, the office shall expend the money transferred to the fund pursuant to this subsection (4)(a) to implement the just transition plan for Colorado prepared as required by section 8-83-503(4), to provide supplemental funding for existing state programs that the office identifies as the most effective vehicles for targeted investment in coal transition communities, and to provide grants and other support directly to coal transition communities and other eligible entities. In expending money from the fund, the office shall place a heavy emphasis on investment in tier one transition communities and shall support programs that:

(A) Support targeted economic development, including expansion assistance for existing local businesses, programs expanding private financial investment, and site selector and technical assistance engagements;

(B) Assist with regional capacity for coordination of economic development programs and worker assistance programs;

(C) Support infrastructure projects and workforce development programs; or

(D) Are consistent with the goals and strategies outlined in the just transition plan.

(III) Repealed by Laws 2024, Ch. 319 (H.B. 24-1410), § 3, eff. May 31, 2024.

(b) In addition to the requirements set forth in subsection (4)(a) of this section, the office shall expend money transferred to the fund pursuant to subsection (4)(a) of this section in accordance with the following requirements and limitations:

(I) The office shall consult with the just transition advisory committee on expenditure decisions and prioritize the expenditure of the money in a manner consistent with the final just transition plan and the level of support for any given proposed expenditure from coal transition communities and state action teams formed to assist with the development of rural economic diversification and transition roadmaps as set forth in the final just transition plan.

(II) The office may provide for the transfer of money from the fund to other state agencies only if the transfer is approved by the director, the executive director of the department, the executive director of the department of local affairs, and the director of the Colorado office of economic development.

(III) The office shall expend or encumber the money transferred to the fund pursuant to this section by the close of state fiscal year 2029-30.

(IV) The department is authorized to use up to five percent of the money in the fund to fund operational support for the office's expenditure of the money, including funding for the compensation of existing office employees.

(c) Subject to the requirements of this subsection (4) and notwithstanding any other law, the office may expend money from the fund to make grants to any eligible entity, and a state agency to which a transfer of money from the fund is made pursuant to this subsection (4) may expend the money transferred to make grants to any eligible entity.

(5)(a) Notwithstanding any other provision of this section, for the 2021-22 state fiscal year, the general assembly shall appropriate one hundred fifty thousand dollars from the fund to the department of higher education for use by the board of trustees of the Colorado school of mines to expand the CORE-CM initiative in the Greater Green river and Wind river basins.

(b) As used in this subsection (5), “CORE-CM initiative” means the Carbon Ore, Rare Earth, and Critical Minerals Initiative for U.S. Basins, an initiative through the office of fossil energy in the federal department of energy, the purpose of which is to develop and catalyze regional economic growth, job creation, and associated technology innovation across basins throughout the country.

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Cite this article: FindLaw.com - Colorado Revised Statutes Title 8. Labor and Industry § 8-83-504. Just transition cash fund--transfer from general fund--transfer from account--definition - last updated January 01, 2025 | https://codes.findlaw.com/co/title-8-labor-and-industry/co-rev-st-sect-8-83-504/

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