(1) (a) The electrifying school buses grant program cash fund is created in the state treasury, and, except as otherwise provided in subsection (2)(b) of this section, the department shall administer the fund for the purposes of this part 14. The fund consists of any money that the general assembly may transfer or appropriate to the fund for implementation of the grant program and any federal money or gifts, grants, or donations received pursuant to subsection (1)(b) of this section. (b) (I) For the purposes of this part 14, the department may seek, accept, and expend: (A) Money from federal sources; and (B) Gifts, grants, or donations from private or public sources. (II) The department shall transmit any money received pursuant to subsection (1)(b)(I) of this section to the state treasurer, who shall credit the money to the fund. (2) (a) Except as otherwise provided in subsection (2)(b) of this section, the money in the fund is continuously appropriated to the department, and the department may expend money in the fund for the purposes set forth in this part 14. The state treasurer shall credit all interest and income derived from the deposit and investment of money in the fund to the fund. Any unexpended and unencumbered money remaining in the fund at the end of a state fiscal year remains in the fund; except that the state treasurer shall transfer any money remaining in the fund at the end of the 2032-33 state fiscal year to the general fund. (b) For state fiscal years 2023-24 and 2024-25, and subject to annual appropriation, the Colorado energy office, created in section 24-38.5-101, and the department of revenue may expend money from the fund for the administration and implementation of the innovative motor vehicles and innovative trucks tax credits created in sections 39-22-516.7 and 39-22-516.8 and for the specific ownership tax rate reduction for electric medium-duty and heavy-duty trucks that are part of a fleet as set forth in section 42-3-107 (1)(a)(IV). The office shall keep an accounting of all money expended from the fund pursuant to this subsection (2)(b) for purposes of calculating the repayment of the administrative costs required by section 24-38.5-120 (3). (3) Repealed.
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