(1) The state agency sustainability revolving fund, referred to in this section as the fund, is created in the state treasury. The fund consists of money that the general assembly may appropriate or transfer to the fund and any gifts, grants, or donations that the department credits to the fund pursuant to subsection (5) of this section.
(2) The office shall allocate the money in the fund to assist in replacing the state's gas and diesel-powered equipment that is located in ozone nonattainment areas as designated by the U.S. environmental protection agency with equivalent electric equipment, and to operate the office in accordance with this part 23.
(3) (a) Any unexpended and unencumbered money remaining in the fund at the end of a fiscal year shall remain in the fund.
(b) (I) For state fiscal years commencing on or before July 1, 2024, the state treasurer shall credit all interest and income derived from the deposit and investment of money in the fund to the fund.
(II) Notwithstanding subsection (3)(a) of this section, for state fiscal years commencing on and after July 1, 2025, in accordance with section 24-36-114 (1), the state treasurer shall credit all interest and income derived from the deposit and investment of money in the fund to the general fund.
(III) (A) On June 30, 2025, the state treasurer shall transfer six thousand two hundred fourteen dollars from the fund to the general fund.
(B) This subsection (3)(b)(III) is repealed, effective July 1, 2026.
(4) Subject to annual appropriation by the general assembly, the department may expend money from the fund to be used for the purposes specified in subsection (2) of this section.
(5) The department may solicit, accept, and expend gifts, grants, and donations for the purposes of this part 23. The department shall credit any gifts, grants, and donations to the fund.
Source: L. 2024: Entire part added, (SB 24-214), ch. 191, p. 1087, � 1, effective May 17. L. 2025: (1) and (2) amended, (SB 25-249), ch. 124, p. 490, � 1, effective April 25; (3) amended, (SB 25-317), ch. 385, p. 2143, � 9, effective June 3; (4) amended, (SB 25-265), ch. 130, p. 512, � 6, effective July 1.
Cross references: For the legislative declaration in SB 25-317, see section 1 of chapter 385, Session Laws of Colorado 2025.
24-30-2305. Inflation reduction act elective pay - central submission of applications - cash fund - definition. (1) In addition to the powers, duties, and functions of the office specified in section 24-30-2303, the office shall review and coordinate state agencies' elective pay applications and work with the office of the state controller to coordinate central submissions of elective pay applications. The office shall advise and provide technical assistance to state agencies on all aspects of elective pay to the extent feasible. State agencies shall submit elective pay applications directly to the office of the state controller.
(2) (a) The inflation reduction act elective pay cash fund, referred to in this section as the cash fund, is created in the state treasury. The cash fund consists of money received by the state or state agencies pursuant to the elective pay provisions of the federal Inflation Reduction Act of 2022, Pub.L. 117-169, 136 Stat. 1818 (2022), all of which must be deposited into the cash fund, and any other money that the general assembly may appropriate or transfer to the cash fund.
(b) The state treasurer shall credit all interest and income derived from the deposit and investment of money in the cash fund to the cash fund. Any unexpended and unencumbered money remaining in the cash fund at the end of a fiscal year shall remain in the cash fund.
(c) Money in the cash fund is continuously appropriated to the department to be used for the purposes specified in this part 23.
(3) The department may solicit, accept, and expend gifts, grants, and donations for the purposes specified in this part 23. The department shall credit any gifts, grants, and donations to the cash fund.
Source: L. 2024: Entire part added, (SB 24-214), ch. 191, p. 1088, � 1, effective May 17.