(1) (a) The general assembly shall annually appropriate money to the department of education for the institute to pay the direct and indirect costs that the state board of education incurs in operating the institute, including costs relating to the host institution and stipends for the institute faculty members. (b) If the department of education does not spend the total amount appropriated pursuant to this subsection (1) by the end of the fiscal year for which it is appropriated, any amount not expended up to fifty percent of the total amount appropriated is further appropriated to the department for the subsequent state fiscal year for the same purpose. (2) (a) In addition to the amount appropriated pursuant to subsection (1) of this section, the state board of education may solicit, accept, and expend public or private gifts, grants, or donations to implement the institute. The state board of education shall transmit any money that it receives pursuant to this subsection (2)(a) and any money it receives from participating students to the state treasurer. The state treasurer shall deposit the money in the Colorado student leaders institute cash fund, referred to in this section as the "cash fund", which is created in the state treasury. Annual operation of the institute is conditional upon receiving at least forty thousand dollars in gifts, grants, or donations by June 1 of each year. (b) The money in the cash fund is continuously appropriated to the state board of education for the direct and indirect costs incurred in implementing the institute. The state treasurer may invest as provided by law any money in the cash fund that is not expended for the purposes of this article 106. The state treasurer shall credit to the cash fund all interest and income derived from the investment and deposit of money in the cash fund. Any unexpended and unencumbered money remaining in the cash fund at the end of a fiscal year remains in the cash fund and is not credited to another fund. (3) Repealed.
‹ Prev All Colorado sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.