(1) No later than August 1, 2016, and no later than August 1 of each year thereafter, the national western center partnership shall submit an annual national western center project report to the offices of the governor, the speaker and minority leader of the house of representatives, and the president and minority leader of the senate. The report must include an update on the national western center project work plan and a general progress report. If the national western center is requesting state funding based upon the phased development schedule for the national western center project, it must provide information regarding necessary facility programming and an estimated budget. (2) The national western center trust fund is created in the state treasury. The trust fund consists of money transferred from the general fund to the trust fund pursuant to subsection (3) of this section. Interest and income derived from the deposit and investment of the trust fund is credited to the trust fund. All unexpended and unencumbered money in the trust fund at the end of a fiscal year remains in the trust fund and shall not be credited to the general fund or any other fund. Subject to annual appropriation by the general assembly, the board of governors of Colorado state university may expend money from the trust fund to make payments payable under the terms of financed purchase of an asset or certificate of participation agreements entered into as authorized by section 23-31-903. The principal and interest of the trust fund shall not be expended or appropriated for any other purpose. (3) If, in order to contribute to the financing of the phased development of the national western center, the state enters into one or more financed purchase of an asset or certificate of participation agreements as authorized by section 23-31-903, on July 1 of any fiscal year commencing on or after July 1, 2019, for which money is due to a seller under such a financed purchase of an asset or certificate of participation agreement, the state treasurer shall transfer from the general fund to the national western center trust fund the lesser of twenty million dollars or the amount due to any seller during the fiscal year.
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