(1) The public school fund shall forever remain inviolate and intact; the interest and income earned on the deposit and investment of the fund only shall be expended in the maintenance of the schools of the state and shall be distributed to the several school districts of the state in such manner as may be prescribed by law. No part of said fund, principal or interest and income, shall ever be transferred to any other fund or used or appropriated, except as provided in this article and article 43.7 of this title. The state treasurer shall be custodian of the fund, and the same shall be securely and profitably invested as may be directed by the public school fund investment board created in section 22-41-102.5. The state, by appropriation, shall supply all losses of principal that may occur as determined pursuant to section 2-3-103 (5), C.R.S., or section 22-41-104 (2). (2) (Deleted by amendment, L. 2003, p. 2131, § 25, effective May 22, 2003.) (3) (a) Except as provided in paragraph (b) of this subsection (3), for the 2010-11 state fiscal year through the 2012-13 fiscal year, the first eleven million dollars of any interest or income earned on the investment of the moneys in the public school fund shall be credited to the state public school fund created in section 22-54-114 for distribution as provided by law. Any amount of such interest and income earned on the investment of the moneys in the state public school fund in excess of eleven million dollars, other than interest and income credited to the public school capital construction assistance fund, created in section 22-43.7-104 (1), pursuant to section 22-43.7-104 (2)(b)(I), shall remain in the fund and shall become part of the principal of the fund. (b) and (c) Repealed. (d) For the 2013-14 state fiscal year through the 2014-15 fiscal year, the first sixteen million dollars of any interest or income earned on the investment of the moneys in the public school fund shall be credited to the state public school fund created in section 22-54-114 for distribution as provided by law. Any amount of such interest and income earned on the investment of the moneys in the state public school fund in excess of sixteen million dollars, other than interest and income credited to the public school capital construction assistance fund, created in section 22-43.7-104 (1), pursuant to section 22-43.7-104 (2)(b)(I), shall remain in the fund and shall become part of the principal of the fund. (e) For the 2015-16 and the 2016-17 state fiscal year, the first twenty-one million dollars of any interest or income earned on the investment of the moneys in the public school fund is credited to the state public school fund created in section 22-54-114 for distribution as provided by law. Any amount of such interest and income earned on the investment of the moneys in the state public school fund in excess of twenty-one million dollars, other than interest and income credited to the public school capital construction assistance fund, created in section 22-43.7-104 (1), pursuant to section 22-43.7-104 (2)(b)(I), shall remain in the fund and shall become part of the principal of the fund. (f) For the 2017-18 and 2018-19 state fiscal years, interest or income earned on the investment of the moneys in the public school fund must be used or credited in the following order: (I) The first twenty-one million dollars is credited to the state public school fund created in section 22-54-114 for distribution as provided in that section; except that, if the interest or income earned on the investment of the moneys in the public school fund is less than twenty-one million dollars, then the available amount must also be used to entirely cover the cost of services and reimbursement described in subparagraph (II) of this paragraph (f); (II) An amount annually appropriated to the state treasurer to pay for the services of private professional fund managers hired by the public school fund investment board pursuant to section 22-41-102.5 (5), and to pay for any reimbursement for travel and other necessary expenses incurred by the members of the public school fund investment board pursuant to section 22-41-102.5 (2); (III) Any amount in excess of twenty-one million dollars plus the cost of services and reimbursement described in subparagraph (II) of this paragraph (f), up to thirty-one million dollars plus the cost of services and reimbursement described in subparagraph (II) of this paragraph (f), is credited to the restricted account of the public school capital construction assistance fund created in section 22-43.7-104 (5) for use as provided in that section; and (IV) Any amount in excess of thirty-one million dollars plus the cost of services and reimbursement described in subparagraph (II) of this paragraph (f) is credited as specified by the general assembly, taking into consideration the recommendations of the public school fund investment board described in section 22-41-102.5 (4)(a)(III). (g) For the 2019-20 state fiscal year through the 2021-22 state fiscal year, interest or income earned on the investment of the money in the public school fund must be used or credited in the following order: (I) The first twenty-one million dollars is credited to the state public school fund created in section 22-54-114 for distribution as provided in that section; except that, if the interest or income earned on the investment of the moneys in the public school fund is less than twenty-one million dollars, then the available amount must also be used to entirely cover the cost of services and reimbursement described in subparagraph (II) of this paragraph (g); (II) An amount annually appropriated to the state treasurer to pay for the services of private professional fund managers hired by the public school fund investment board pursuant to section 22-41-102.5 (5), and to pay for any reimbursement for travel and other necessary expenses incurred by the members of the public school fund investment board pursuant to section 22-41-102.5 (2); (III) Any amount in excess of twenty-one million dollars plus the cost of services and reimbursement described in subparagraph (II) of this paragraph (g), up to forty-one million dollars plus the cost of services and reimbursement described in subparagraph (II) of this paragraph (g), is credited to the restricted account of the public school capital construction assistance fund created in section 22-43.7-104 (5) for use as provided in that section; and (IV) Any amount in excess of forty-one million dollars plus the cost of services and reimbursement described in subparagraph (II) of this paragraph (g) is credited as specified by the general assembly, taking into consideration the recommendations of the public school fund investment board described in section 22-41-102.5 (4)(a)(III). (h) For the 2022-23 state fiscal year through the 2023-24 state fiscal year, interest or income earned on the investment of the money in the public school fund must be used or credited as follows: (I) The general assembly shall annually appropriate to the state treasurer an amount necessary to pay for the services of the investment consultant hired by the public school fund investment board pursuant to section 22-41-102.5 (5) and to pay for any reimbursement for travel and other necessary expenses incurred by the members of the public school fund investment board pursuant to section 22-41-102.5 (2); (II) After the appropriation made pursuant to subsection (3)(h)(I) of this section, all remaining interest and income, not to exceed twenty-one million dollars, shall be credited to the state public school fund created in section 22-54-114 for distribution as provided in that section; (III) After money in the public school fund has been appropriated or credited pursuant to subsections (3)(h)(I) and (3)(h)(II) of this section, all remaining interest and income, not to exceed twenty million dollars, shall be credited to the restricted account of the public school capital construction assistance fund, which account is created in section 22-43.7-104 (5), for use as provided in that section; and (IV) Any additional interest and income remaining in the public school fund may be credited as specified by the general assembly, taking into consideration the recommendations of the public school fund investment board described in section 22-41-102.5 (4)(a)(III), or, if not credited pursuant to this subsection (3)(h)(IV), remains in the public school fund. (i) For the 2024-25 state fiscal year, interest and income earned on the investment of the money in the public school fund must be used or credited as follows: (I) The general assembly shall annually appropriate to the state treasurer an amount necessary to pay for the services of the investment consultant hired by the public school fund investment board pursuant to section 22-41-102.5 (5) and to pay for any reimbursement for travel and other necessary expenses incurred by the members of the public school fund investment board pursuant to section 22-41-102.5 (2); (II) After the appropriation made pursuant to subsection (3)(i)(I) of this section, the lesser of all interest and income or eleven million dollars is credited to the state public school fund created in section 22-54-114 for distribution as provided in that section; (III) After money in the public school fund has been appropriated or credited pursuant to subsections (3)(i)(I) and (3)(i)(II) of this section, the lesser of all interest and income or thirty million dollars is credited to the restricted account of the public school capital construction assistance fund created in section 22-43.7-104 (5) for use as provided in that section; and (IV) Any additional interest and income remaining in the public school fund may be credited as specified by the general assembly, taking into consideration the recommendations of the public school fund investment board described in section 22-41-102.5 (4)(a)(III), or, if not credited pursuant to this subsection (3)(i)(IV), remains in the public school fund. (j) For the 2025-26 state fiscal year, interest and income earned on the investment of the money in the public school fund must be used or credited as follows: (I) The general assembly shall annually appropriate to the state treasurer an amount necessary to pay for the services of the investment consultant hired by the public school fund investment board pursuant to section 22-41-102.5 (5) and to pay for any reimbursement for travel and other necessary expenses incurred by the members of the public school fund investment board pursuant to section 22-41-102.5 (2); (II) After the appropriation made pursuant to subsection (3)(j)(I) of this section, the lesser of all interest and income or five million dollars is credited to the state public school fund created in section 22-54-114 for distribution as provided in that section; (III) After money in the public school fund has been appropriated or credited pursuant to subsections (3)(j)(I) and (3)(j)(II) of this section, the lesser of all interest and income or thirty-six million dollars is credited to the restricted account of the public school capital construction assistance fund created in section 22-43.7-104 (5) for use as provided in that section; and (IV) Any additional interest and income remaining in the public school fund may be credited as specified by the general assembly, taking into consideration the recommendations of the public school fund investment board described in section 22-41-102.5 (4)(a)(III), or, if not credited pursuant to this subsection (3)(j)(IV), remains in the public school fund. (k) For the 2026-27 state fiscal year and each state fiscal year thereafter, interest and income earned on the investment of the money in the public school fund must be used or credited as follows: (I) The general assembly shall annually appropriate to the state treasurer an amount necessary to pay for the services of the investment consultant hired by the public school fund investment board pursuant to section 22-41-102.5 (5) and to pay for any reimbursement for travel and other necessary expenses incurred by the members of the public school fund investment board pursuant to section 22-41-102.5 (2); (II) After money in the public school fund has been appropriated pursuant to subsection (3)(k)(I) of this section, the lesser of all interest and income or forty-one million dollars is credited to the restricted account of the public school capital construction assistance fund created in section 22-43.7-104 (5) for use as provided in that section; and (III) Any additional interest and income remaining in the public school fund may be credited as specified by the general assembly, taking into consideration the recommendations of the public school fund investment board described in section 22-41-102.5 (4)(a)(III), or, if not credited pursuant to this subsection (3)(k)(III), remains in the public school fund.
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