Source: L. 2010: Entire section added, (SB 10-003), ch. 391, p. 1844, � 16, effective June 9. L. 2012: (1) amended, (SB 12-148), ch. 125, p. 424, � 4, effective July 1.
Editor's note: Subsection (2) provided for the repeal of this section, effective July 1, 2016. (See L. 2010, p. 1844.)
23-54-103. Board of trustees for Metropolitan state university of Denver fund - creation - control - use. (1) Effective July 1, 2012, there is created in the state treasury the board of trustees for Metropolitan state university of Denver fund, referred to in this section as the fund, which shall be under the control of and administered by the board of trustees in accordance with the provisions of this article. Except as otherwise allowed by state law, including but not limited to section 24-36-103 (2), C.R.S., all moneys received or acquired by the board of trustees or by Metropolitan state university of Denver shall 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 derived from the deposit and investment of moneys in the fund shall be credited to the fund. The moneys in the fund are hereby continuously appropriated to the board of trustees and shall remain in the fund and shall not be transferred or revert to the general fund of the state at the end of any fiscal year.
(2) The moneys in the fund shall remain under the control of the board of trustees and shall be used for the payment of salaries and operating expenses of the board of trustees and of Metropolitan state university of Denver 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 which 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 so invested and shall notify the state treasurer in writing of such amount.
(4) Repealed.
Source: L. 2002: Entire article R&RE, p. 1277, � 2, effective July 1. L. 2012: (1) and (2) amended and (4) added, (SB 12-148), ch. 125, p. 424, � 5, effective July 1.
Editor's note: Subsection (4)(b) provided for the repeal of subsection (4), effective July 1, 2013. (See L. 2012, p. 424.)
Cross references: For the legislative declaration in the 2012 act amending subsections (1) and (2) and adding (4), see section 1 of chapter 125, Session Laws of Colorado 2012.
23-54-104. The Metropolitan state university of Denver undergraduate enrichment fund - created - awards. (1) Effective July 1, 2012, all unexpended and unencumbered moneys in the Metropolitan state college of Denver undergraduate enrichment fund as of July 1, 2012, shall be transferred to the Metropolitan state university of Denver undergraduate enrichment fund, which fund is hereby created in the department of higher education and is referred to in this section as the enrichment fund. The enrichment fund shall be under the control of and administered by the board of trustees of Metropolitan state university of Denver. Any moneys credited to the enrichment fund shall remain in the enrichment fund and shall not revert to the general fund at the end of any fiscal year. Such moneys in the enrichment fund may be invested in the types of investments authorized in sections 24-36-109, 24-36-112, and 24-36-113, C.R.S. Any interest earned on the moneys in the enrichment fund is hereby continuously appropriated for the purposes stated in subsection (2) of this section.
(2) Interest earned on moneys in the enrichment fund shall be used to fund programs to advance and enrich undergraduate education at Metropolitan state university of Denver. Awards for such purposes shall be granted by the board of trustees within one year after the date any moneys are credited to the fund and shall be annually granted thereafter. The board of trustees shall promulgate rules establishing the criteria to be used in granting such annual awards.
Source: L. 2002: Entire article R&RE, p. 1278, � 2, effective July 1. L. 2003: (1) amended, p. 792, � 16, effective July 1. L. 2012: Entire section amended, (SB 12-148), ch. 125, p. 425, � 6, effective July 1.
Cross references: For the legislative declaration in the 2012 act amending this section, see section 1 of chapter 125, Session Laws of Colorado 2012.