Second Regular Session
Seventy-third General Assembly
STATE OF COLORADO
INTRODUCED
LLS NO. 22-0986.01 Ed DeCecco x4216
HOUSE BILL 22-1342
House Committees Senate Committees
Appropriations
A BILL FOR AN ACT
C
ONCERNING THE REQUIREMEN T THAT INTEREST AND INCOME101
DERIVED FROM THE DEPOSIT AND INVESTMENT OF FEDERAL102
FUNDS THAT THE STATE RECEIVED FROM THE FEDERAL103
CORONAVIRUS STATE FISCAL RECOVERY FUND BE CREDITED TO104
THE STATE EMERGENCY RESERVE CASH FUND .105
Bill Summary
(Note: This summary applies to this bill as introduced and does
not reflect any amendments that may be subsequently adopted. If this bill
passes third reading in the house of introduction, a bill summary that
applies to the reengrossed version of this bill will be available at
http://leg.colorado.gov/
.)
Joint Budget Committee. Section 1 of the bill requires the state
treasurer to credit any interest and income derived from the deposit and
HOUSE SPONSORSHIP
Herod and Ransom, McCluskie
SENATE SPONSORSHIP
Hansen and Rankin, Zenzinger
Shading denotes HOUSE amendment. Double underlining denotes SENATE amendment.
Capital letters or bold & italic numbers indicate new material to be added to existing statute.
Dashes through the words indicate deletions from existing statute. investment of federal funds that the state received from the federal
coronavirus state fiscal recovery fund to the state emergency reserve cash
fund (fund), which is available for declared emergencies only as required
by the Taxpayer's Bill of Rights. Sections 2 through 15 make
conforming amendments related to this change.
Be it enacted by the General Assembly of the State of Colorado:1
SECTION 1. In Colorado Revised Statutes, 24-75-226, amend2
(3)(c) and (4)(c) as follows:3
24-75-226. "American Rescue Plan Act of 2021" cash fund -4
creation - recipient funds - limitations - reporting - definitions -5
repeal. (3) (c) The state treasurer shall credit all interest and income6
derived from the deposit and investment of money in the fund to the7
STATE EMERGENCY RESERVE CASH fund CREATED IN SECTION 24-77-1048
(6)(a).9
(4) (c) (I) Notwithstanding any provision of law to the contrary,10
in order to ensure proper accounting for and compliance with the11
"American Rescue Plan Act of 2021", whenever money is transferred or12
appropriated to a recipient fund that also has money from other sources,13
the state controller or department controller shall create a companion cash14
fund that includes only the money the state received from the federal15
coronavirus state fiscal recovery fund under section 9901 of title IX,16
subtitle M of the "American Rescue Plan Act of 2021", but that is17
otherwise legally identical to the recipient fund,
EXCEPT AS OTHERWISE18
PROVIDED IN SUBSECTION (4)(c)(II) OF THIS SECTION.19
(II) N
OTWITHSTANDING ANY PROVISION OF LAW TO THE20
CONTRARY, THE STATE TREASURER SHALL CREDIT ALL INTEREST AND21
INCOME DERIVED FROM THE DEPOSIT AND INVESTMENT OF MONEY IN A22
RECIPIENT FUND THAT ORIGINATES FROM MONEY THE STATE RECEIVED23
HB22-1342-2- FROM THE FEDERAL CORONAVIRUS STATE FISCAL RECOVERY FUND TO THE1
STATE EMERGENCY RESERVE CASH FUND CREATED IN SECTION 24-77-1042
(6)(a).3
SECTION 2. In Colorado Revised Statutes, 24-77-104, amend4
(6)(a) as follows:5
24-77-104. State emergency reserve - cash fund - creation -6
declaration of emergency - reimbursement of emergency reserve7
expenditures. (6) (a) The state emergency reserve cash fund, referred to8
in this subsection (6) as the "fund", is hereby created in the state treasury.9
The fund consists of money transferred to the fund pursuant to subsection10
(6)(c) of this section,
INTEREST AND INCOME CREDITED TO THE FUND11
PURSUANT TO SECTION 24-75-226 (4)(c)(II), and any other money that the12
general assembly may appropriate to the fund. The state treasurer shall13
credit all interest and income derived from the deposit and investment of14
money in the state emergency reserve cash fund to the fund.15
SECTION 3. In Colorado Revised Statutes, 13-40-127, amend16
(9)(a) as follows:17
13-40-127. Eviction legal assistance - fund - rules - report -18
definitions - repeal. (9) (a) In accordance with section 24-75-229 (4),19
three days after June 25, 2021, the state treasurer shall transfer one20
million five hundred thousand dollars from the affordable housing and21
home ownership cash fund created in section 24-75-229 (3)(a) to the fund22
for the purpose of providing legal representation to indigent tenants to23
resolve civil legal matters arising on and after March 1, 2020, for an24
eviction or impending eviction related to the public health emergency25
caused by the COVID-19 public health emergency. The money26
transferred to the fund pursuant to this subsection (9)(a) must be27
HB22-1342
-3- maintained in a separate account and must be used only for the purposes1
specified in this subsection (9)(a). N
OTWITHSTANDING SUBSECTION (5)(b)2
OF THIS SECTION, THE STATE TREASURER SHALL CREDIT ALL INTEREST AND3
INCOME DERIVED FROM THE DEPOSIT AND INVESTMENT OF MONEY IN THE4
ACCOUNT TO THE STATE EMERGENCY FUND CREATED IN SECTION5
24-77-104 (6)(a)
IN ACCORDANCE WITH SECTION 24-75-226 (4)(c)(II). The6
general assembly shall appropriate the money transferred to the fund7
pursuant to this subsection (9)(a) to the administrator for use in8
accordance with this subsection (9)(a). The administrator shall use the9
money by December 31, 2024, for the purposes specified in this10
subsection (9)(a).11
SECTION 4. In Colorado Revised Statutes, 23-3.3-1005, add (8)12
as follows:13
23-3.3-1005. Colorado opportunity scholarship initiative fund14
- created - rules - repeal. (8) (a) N
OTWITHSTANDING SUBSECTION (2) OF15
THIS SECTION, THE STATE TREASURER SHALL CREDIT ALL INTEREST AND16
INCOME DERIVED FROM THE DEPOSIT AND INVESTMENT OF MONEY17
APPROPRIATED TO THE FUND PURSUANT TO SUBSECTIONS (6)(a) AND (7)(a)18
OF THIS SECTION TO THE STATE EMERGENCY FUND CREATED IN SECTION19
24-77-104 (6)(a)
IN ACCORDANCE WITH SECTION 24-75-226 (4)(c)(II).20
(b) T
HIS SUBSECTION (8) IS REPEALED, EFFECTIVE JULY 1, 2026.21
SECTION 5. In Colorado Revised Statutes, 24-4.2-103, amend22
(2) as follows:23
24-4.2-103. Victims and witnesses assistance and law24
enforcement fund - control of fund. (2) All moneys
MONEY deposited25
in the fund shall be deposited in an interest-bearing account, which would26
be a legal investment for the state treasurer. All interest earned by moneys27
HB22-1342
-4- AND INCOME DERIVED FROM THE DEPOSIT AND INVESTMENT OF MONEY in1
the fund shall be credited to the fund,
EXCEPT AS OTHERWISE PROVIDED2
IN SECTION 24-75-226 (4)(c)(II).3
SECTION 6. In Colorado Revised Statutes, 24-32-721, amend4
(3)(a) as follows:5
24-32-721. Colorado affordable housing construction grants6
and loans - housing development grant fund - creation - housing7
assistance for persons with behavioral, mental health, or substance8
use disorders - cash fund - appropriation - report to general assembly9
- rules - definitions - repeal. (3) (a) E
XCEPT AS OTHERWISE PROVIDED10
IN SECTION 24-75-226 (4)(c)(II), any money in the fund not expended or11
encumbered from any appropriation at the end of any fiscal year,12
including interest
AND INCOME earned on the investment or deposit of13
money in the fund, remains in the fund and does not revert to the general14
fund or any other fund and remains available for expenditure by the15
division in subsequent fiscal years for the purposes specified in16
subsection (1.5) or (2) of this section without further appropriation.17
SECTION 7. In Colorado Revised Statutes, 24-32-3207, amend18
(4) as follows:19
24-32-3207. Colorado heritage communities fund - creation -20
source of funds. (4) E
XCEPT AS OTHERWISE PROVIDED IN SECTION21
24-75-226 (4)(c)(II), all moneys
MONEY, including interest AND INCOME22
earned on the investment or deposit of moneys MONEY in the fund, shall23
remain in the fund and shall not revert to the general fund of the state at24
the end of any fiscal year.25
SECTION 8. In Colorado Revised Statutes, 24-37.5-119, amend26
(4)(b)(I) as follows:27
HB22-1342
-5- 24-37.5-119. Broadband service - report - broadband1
deployment board - broadband administrative fund - creation - rules2
- legislative declaration - definitions - repeal. (4) (b) (I) The broadband3
stimulus account, referred to in this subsection (4)(b) as the "account", is4
hereby created in the fund and consists of money the state received from5
the federal coronavirus state fiscal recovery fund created in the federal6
"American Rescue Plan Act of 2021", Pub.L. 117-2, and any money that7
the general assembly may appropriate. Within three days after July 7,8
2021, the state treasurer shall transfer thirty-five million dollars from the9
economic recovery and relief cash fund created in section 24-75-22810
(2)(a) to the account. The money in the account is subject to annual11
appropriation by the general assembly for use by the board for the12
purpose of reviewing and awarding grants under the broadband stimulus13
grant program created in subsection (9.5) of this section. All interest
AND14
INCOME earned from THE DEPOSIT AND investment of money in the15
account is credited to the account
STATE EMERGENCY RESERVE CASH FUND16
CREATED IN SECTION 24-77-104 (6)(a) IN ACCORDANCE WITH SECTION17
24-75-226 (4)(c)(II). All money not expended from the account at the end18
of a fiscal year remains in the account and does not revert to the economic19
recovery and relief cash fund created in section 24-75-228 (2)(a) or any20
other fund.21
SECTION 9. In Colorado Revised Statutes, 24-48.5-131, amend22
(9)(b) as follows:23
24-48.5-131. Colorado startup loan program - fund - creation24
- policies - report - legislative declaration - definitions - repeal.25
(9) (b) The state treasurer shall credit all interest and income derived26
from the deposit and investment of money in the fund to the fund,
EXCEPT27
HB22-1342
-6- AS OTHERWISE PROVIDED IN SECTION 24-75-226 (4)(c)(II).1
SECTION 10. In Colorado Revised Statutes, 24-75-227, repeal2
(2)(b)(II) as follows:3
24-75-227. Revenue loss restoration cash fund - creation -4
allowable uses - definitions - repeal. (2) (b) (II) The state treasurer shall5
credit all interest and income derived from the deposit and investment of6
money in the fund to the fund.7
SECTION 11. In Colorado Revised Statutes, 24-75-228, repeal8
(3)(b) as follows:9
24-75-228. Economic recovery and relief cash fund - creation10
- allowable uses - interim task force - report - legislative declaration11
- definitions - repeal. (3) (b) The state treasurer shall credit all interest12
and income derived from the deposit and investment of money in the fund13
to the fund.14
SECTION 12. In Colorado Revised Statutes, 24-75-229, repeal15
(3)(b)(II) as follows:16
24-75-229. Affordable housing and home ownership cash fund17
- creation - allowable uses - task force - legislative declaration -18
definitions - repeal. (3) (b) (II) The state treasurer shall credit all interest19
and income derived from the deposit and investment of money in the fund20
to the fund.21
SECTION 13. In Colorado Revised Statutes, 24-75-230, repeal22
(2)(b)(II) as follows:23
24-75-230. Behavioral and mental health cash fund - creation24
- allowable uses - task force - definitions - repeal. (2) (b) (II) The state25
treasurer shall credit all interest and income derived from the deposit and26
investment of money in the fund to the fund.27
HB22-1342
-7- SECTION 14. In Colorado Revised Statutes, 24-75-231, repeal1
(2)(b)(II) as follows:2
24-75-231. Workers, employers, and workforce centers cash3
fund - creation - allowable uses - definitions - repeal. (2) (b) (II) The4
state treasurer shall credit all interest and income derived from the deposit5
and investment of money in the fund to the fund.6
SECTION 15. In Colorado Revised Statutes, 39-22-802, amend7
(1) as follows:8
39-22-802. Contributions credited to Colorado domestic abuse9
program fund - creation - appropriation. (1) The department of10
revenue shall determine annually the total amount designated pursuant to11
section 39-22-801 and shall report such amount to the state treasurer. The12
state treasurer shall credit such amount to the Colorado domestic abuse13
program fund, a cash fund hereby established in the state treasury. The14
controller, upon presentation of vouchers properly drawn and signed by15
the executive director of the department of human services, pursuant to16
section 26-7.5-105, C.R.S., shall issue warrants drawn on the Colorado17
domestic abuse program fund. All moneys MONEY in the Colorado18
domestic abuse program fund at the end of a fiscal year, after19
appropriations made pursuant to subsection (3) of this section, shall20
remain in the fund to be used for the purposes set forth in article 7.5 of21
title 26 C.R.S., and shall not revert to the general fund. Any interest22
earned on moneys DERIVED FROM THE DEPOSIT AND INVESTMENT OF23
MONEY in the fund shall remain in the fund to be used for the purposes of24
article 7.5 of title 26, C.R.S. EXCEPT AS OTHERWISE PROVIDED IN SECTION25
24-75-226 (4)(c)(II).26
SECTION 16. Safety clause. The general assembly hereby finds,27
HB22-1342
-8- determines, and declares that this act is necessary for the immediate1
preservation of the public peace, health, or safety.2
HB22-1342
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