(1) There is created in the state treasury the board of trustees for Western Colorado university fund, referred to in this section as the "fund", which is under the control of and administered by the board of trustees in accordance with the provisions of this article 56. Except as otherwise allowed by state law, including but not limited to section 24-36-103 (2), all money received or acquired by the board of trustees or by Western Colorado university must be deposited in the fund, whether received by appropriation, grant, contract, or gift or by sale or lease of surplus real or personal property or by any other means, whose disposition is not otherwise provided for by law. All interest and income derived from the deposit and investment of money in the fund is credited to the fund. The money in the fund is continuously appropriated to the board of trustees and remains in the fund and shall not be transferred or revert to the general fund of the state at the end of a fiscal year. (2) The money in the fund remains under the control of the board of trustees and must be used for the payment of salaries and operating expenses of the board of trustees and of Western Colorado university and for the payment of any other expenses incurred by the board of trustees in carrying out its powers and duties. (3) Moneys in the fund that are not needed for use by the board of trustees may be invested by the state treasurer in investments authorized by sections 24-36-109, 24-36-112, and 24-36-113, C.R.S. The board of trustees shall determine the amount of moneys in the fund that may be invested and shall notify the state treasurer in writing of the amount. (4) and (5) Repealed.
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