As used in this article, unless the context otherwise requires:
(1) Bond means any bond, note, certificate, contract, or obligation for the repayment of borrowed money of the trust fund board authorized by this article.
(1.5) Net lottery proceeds means the proceeds of the lottery after the payment of the expenses of the state lottery division and any prizes for the lottery and after a sufficient amount of money has been reserved, as of the end of any fiscal quarter, to ensure the operation of the lottery for the ensuing fiscal quarter.
(2) State agency means: The state; every executive department, board, commission, committee, bureau, and office of the state; every state institution of higher education, whether established by the state constitution or by law, and every governing board thereof; and every independent commission and other political subdivision of the state government. However, such term does not include the state board of the great outdoors Colorado trust fund.
(3) Trust fund means the great outdoors Colorado trust fund created pursuant to section 2 of article XXVII of the state constitution.
(4) Trust fund board means the state board of the great outdoors Colorado trust fund established pursuant to section 6 of article XXVII of the state constitution.
Source: L. 93: Entire article added, p. 2019, � 1, effective June 9. L. 2001: (1) amended and (1.5) added, p. 904, � 2, effective June 1.
33-60-103. Distribution of net lottery proceeds - fourth quarter of fiscal year 1992-93 through fourth quarter of fiscal year 1997-98 - insufficiency - loan - repayment from net lottery proceeds. (1) Beginning with the proceeds from the fourth quarter of fiscal year 1992-93 through the fourth quarter of fiscal year 1997-98, the state treasurer shall make monthly distributions of net lottery proceeds as follows:
(a) and (a.5) Repealed.
(b) (I) No later than September 1, 1993, the state treasurer shall pay the sum of six million dollars out of net lottery proceeds to the city and county of Denver as the final payment under the Colorado convention center contract between the state and the city and county of Denver in the original amount of $36,000,000.
(II) In the event the trust fund board submits a resolution approved by a majority of the members of such board to the state treasurer authorizing that the payment specified in subparagraph (I) of this paragraph (b) be made before September 1, 1993, the state treasurer shall make the payment on that date. Copies of any such resolution shall be submitted to the general assembly and the city and county of Denver.
(c) To the debt service repayment account in the capital construction fund created pursuant to the provisions of section 24-75-302 (3), in an amount sufficient to defray all payments of principal and interest due on or before the date of the distribution for the payment of the following outstanding financial obligations of the state:
(I) 1992 master financed purchase of an asset agreement in the original principal amount of $108,310,000, less the principal amount of $5,700,000 or the appraised value, whichever is greater, for the Kipling facility building, which shall not be included. The 1992 master financed purchase of an asset agreement represents the refunding of the following certificates of participation:
(A) 1979 certificates of participation for the following projects: Wheat Ridge, Colorado project (issue A) in the original amount of $6,895,000; Pueblo, Colorado project (issue B) in the original amount of $5,320,000; and Grand Junction, Colorado project (issue C) in the original amount of $4,735,000;
(B) 1986 master financed purchase of an asset agreement in the original amount of $36,495,000;
(C) 1988 master financed purchase of an asset agreement in the original amount of $63,025,000;
(D) 1989 master financed purchase of an asset agreement in the original amount of $66,894,861.85; except that such refunding represents only that portion of the certificates which mature on and after November 1, 1999;
(II) 1990 master financed purchase of an asset agreement in the original amount of $28,635,000; and
(III) 1989 master financed purchase of an asset agreement in the original amount of $66,894,861.85, but only to the extent of payment for debt service from and including September 1, 1993, to and including November 30, 1998.
(2) (a) Pursuant to article XXVII of the state constitution, payments on the obligations set forth in subsection (1) of this section shall be made from the lottery fund created in section 44-40-111 pursuant to the following schedule of principal and interest payments:
1989 1989 1989 1990 1990 1992
DOT
PAYMENT CONVENTION PRISON AURARIA HIGHWAY PRISON AURARIA REFUNDING
DATE CENTER II CLASSROOM COMPUTERS III BLEACHERS ISSUE TOTAL
09/01/93 6,000,000.00* 6,000.000.00
11/01/93 3,429,265.68 1,792,815.72 53,06 6.10 2,389,645.00 62,202.50 9,416,936.88 17,143,931 .88
05/01/94 3,493,486.00 379,921.54 1,339,0 1 9.96 2,375,622.50 60,470.00 3,526,731.88 11,175,251 .88
11/01/94 2,364,849.69 1,783,805.06 22,68 5.25 2,224,462.50 58,710.00 12,695,963.13 19,150,47 5.63
05/01/95 2,382,696.55 275,358.10 1,389,8 2 2.85 2,231,342.50 61,950.00 8,577,041.25 14,918,211 .25
11/01/95 1,934,687.89 1,763,069.61 1,590,442.50 12,883,231.25 18,171,431.25
05/01/96 1,960,261.79 144,965.71 1,638,555.00 8,386,076.25 12,129,858.75
11/01/96 1,704,875.79 1,746,182.21 2,763,295.00 17,791,696.25 24,006,049.25
05/01/97 1,452,198.40 297,801.60 2,784,590.00 8,002,106.25 12,536,696.25
11/01/97 4,393,873.38 2,021,126.62 1,026,342.50 8,607,875.00 16,049,217.50
05/01/98 4,298,134.18 416,865.82 1,039,207.50 7,945,356.25 13,699,563.75
11/01/98 1,700,000.00 2,465,307.50 6,820,231.25 10,985,538.75
TOTAL 6,000,000.00 27,414,329.35 12,321,911.99 2,804,594.16 22,528,812.50 243,332.50 104,653,245.64 175,966,226.14
* Payment may be made prior to September 1, 1993, if authorized by the trust fund pursuant to section 33-60-103 (1)(b)(II).
(b) All principal and interest payment amounts set forth in paragraph (a) of this subsection (2) are subject to bank charges, arbitrage calculation, insurance premiums, and other miscellaneous charges which were not calculable at the time principal and interest payment amounts were determined and are determined and payable in the year in which any given payment is due. Such charges are a part of each payment due pursuant to the certificates of participation enumerated in this section.
(3) Subject to the provisions of subsection (4) of this section, remaining net lottery proceeds, if any, shall be deposited no less frequently than quarterly in trust for the trust fund board. Deposits in trust for the trust fund board, or a portion thereof, may be deferred only to the extent that payments on certificates of participation pursuant to paragraph (c) of subsection (1) of this section are due on or before the date of distribution or balances due on loans authorized pursuant to subsection (4) of this section are outstanding on the date of distribution.
(4) Pursuant to amendment XXVII of the state constitution, the sum of all distributions of net lottery proceeds made to the capital construction fund from the fourth quarter of fiscal year 1992-93 through the fourth quarter of fiscal year 1997-98 shall include payment in full of all debt service due from and including September 1, 1993, to and including November 30, 1998, on all obligations set forth in section 3 (1)(c) of article XXVII of the state constitution. In the event net lottery proceeds are insufficient to defray payments of principal and interest on the obligations according to the schedule set forth in subsection (2) of this section, the state treasurer shall transfer sufficient funds in an amount not to exceed the amount of such insufficiency to the debt service repayment account in the capital construction fund created by section 24-75-302 (3), C.R.S., for the purpose of defraying such payments. Such transfer shall be in the form of a loan from moneys in the general fund not immediately required to be disbursed and shall bear interest at the earnings rate calculated monthly by the state treasurer. In the event any such loan is required to be made, succeeding distributions of net lottery proceeds shall be made in accordance with subsections (1) and (2) of this section. Thereafter, net lottery proceeds in an amount not to exceed the outstanding amount of the loan plus interest accrued shall be transferred to the debt service repayment account in the capital construction fund created by section 24-75-302 (3), C.R.S., for the purpose of repaying the general fund for such loan. No distribution shall be made pursuant to subsection (3) of this section until the principal and interest on such loan is repaid in full.
Source: L. 93: Entire article added, p. 2020, � 1, effective June 9. L. 94: (1)(a) amended and (1)(a.5) added, p. 502, � 2, effective March 31. L. 2018: (1)(a) and (1)(a.5) repealed and IP(2)(a) amended, (HB 18-1027), ch. 31, p. 365, � 16, effective October 1. L. 2021: IP(1)(c), IP(1)(c)(I), (1)(c)(I)(B), (1)(c)(I)(C), (1)(c)(I)(D), (1)(c)(II), and (1)(c)(III) amended, (HB 21-1316), ch. 325, p. 2056, � 72, effective July 1.
33-60-104. Distribution of net lottery proceeds beginning first quarter of fiscal year 1998-99. (1) For the first quarter of fiscal year 1998-99 and for each quarter thereafter, the state treasurer shall distribute net lottery proceeds as follows:
(a) Forty percent to the conservation trust fund for distribution to municipalities and counties and other eligible entities for parks, recreation, and open space purposes;
(b) Ten percent to the division of parks and wildlife for the acquisition, development, and improvement of new and existing state parks, recreation areas, and recreational trails; and
(c) All remaining net lottery proceeds in trust to the trust fund board; except that, in any state fiscal year in which the portion of net lottery proceeds which would otherwise be given in trust to the trust fund board exceeds the adjusted amount of thirty-five million dollars as determined by the state treasurer in accordance with subsection (2) of this section, the net lottery proceeds in excess of such adjusted amount shall be allocated to the general fund and transferred as specified in section 44-40-111 (12).
(2) Beginning with the first quarter of fiscal year 1998-99 and each fiscal year thereafter, the base amount of thirty-five million dollars shall be adjusted annually based on the decrease or increase, if any, in the consumer price index for the Denver metropolitan area, for the preceding calendar year reported by the United States bureau of labor statistics, or its successor index. Such adjustment shall reflect changes, if any, in such index from the actual consumer price index for the Denver metropolitan area, for the calendar year 1992.
Source: L. 93: Entire article added, p. 2025, � 1, effective June 9. L. 2021: (1)(c) amended, (HB 21-1318), ch. 272, p. 1580, � 4, effective June 21.
33-60-104.5. Property acquired by state agencies with funds from the great outdoors Colorado trust fund - payments in lieu of taxes - restrictions - legislative declaration. (1) (a) The general assembly hereby finds and declares that:
(I) The withdrawal of property from county tax rolls as a result of the purchase of interests in real property by state agencies with funds provided from the great outdoors Colorado trust fund may have a significant financial impact on the counties and other political subdivisions in which such property is located;
(II) When state agencies acquire interests in real property with moneys from the great outdoors Colorado trust fund and remove them from the tax rolls, the agencies acquiring the interests shall make payments in lieu of taxes to the counties in which the property underlying the interest is located in order to alleviate the financial burdens such acquisitions create; and
(III) Section 10 of article XXVII of the state constitution provides that payments in lieu of taxes for acquisitions of property pursuant to article XXVII shall be made from moneys made available by the great outdoors Colorado trust fund.
(b) It is therefore the intent of this section to address the financial impact resulting from acquisitions of interests in real property by state agencies and to implement section 10 of article XXVII of the state constitution by establishing a mechanism for payments in lieu of taxes to be made from the great outdoors Colorado trust fund.
(2) Whenever a state agency acquires an interest in real property using moneys from the trust fund pursuant to article XXVII of the state constitution and the interest is no longer subject to property taxation as a result of such acquisition, the agency that holds the interest shall pay annually to the treasurer of the county in which the property is located a payment in lieu of taxes that shall not exceed the amount of taxes that would be due if the interest was taxable.
(3) (a) In accordance with section 10 of article XXVII of the state constitution and subject to the provisions of this section, the annual payments described in subsection (2) of this section shall be made with funds made available from the trust fund in the manner set forth in this subsection (3).
(b) Each year during the regular tax assessment period, the board of county commissioners of each county in which a real property interest described in subsection (2) of this section is located shall provide to each state agency that holds such real property interests the following information in the same manner as such information is provided to any other owner of property in the county:
(I) The current assessed value of each real property interest, expressed in dollars;
(II) The amount of the payment in lieu of taxes due on each real property interest, based on the value and tax rate that would be applicable to the real property interest if it were taxable; and
(III) The date the payment in lieu of taxes is due for such real property interests, based on the date property taxes within the county are due.
(c) Each state agency that receives information from a board of county commissioners pursuant to this subsection (3) shall promptly forward such information to the trust fund board. In addition, for each real property interest reported, the agency shall provide information to the trust fund board concerning the portion of the total acquisition cost of the interest that was paid with moneys from the trust fund.
(d) The trust fund board shall pay from the trust fund to the reporting state agency that portion of the payment in lieu of taxes that is equivalent to the portion of the total acquisition cost of the interest that was paid with moneys from the trust fund. The trust fund board shall be responsible for ensuring that timely payment is made to each state agency.
(e) Each state agency that receives a payment from the trust fund board pursuant to this subsection (3) shall promptly transmit the payment, along with any other amounts payable by the agency as part of the payment in lieu of taxes and appropriated by the general assembly, to the county entitled to receive it.
(4) The treasurer of each county that receives a payment in lieu of taxes pursuant to this section shall pay over to each school district, special district, or other political subdivision in which a real property interest described in subsection (2) of this section is located its appropriate share of the total payment; except that the treasurer may deduct the costs incurred by the treasurer in administering this subsection (4).
(5) Every state agency that makes a payment in lieu of taxes that will be distributed, in whole or in part, to a school district and every school district that receives a payment in lieu of taxes shall report the amount paid or received to the state board of education.
(6) The general assembly may make appropriations for the purpose of funding a state agency's share of payments in lieu of taxes to any county entitled to receive such payments. Appropriations concerning lands purchased with wildlife cash or other wildlife moneys shall be made from the wildlife cash fund. Appropriations concerning lands purchased with parks and outdoor recreation cash or other parks and outdoor recreation moneys shall be made from the parks and outdoor recreation cash fund.
(7) In the event a state agency does not receive funds from the trust fund board to make the payments in lieu of taxes described in this section by the date that property taxes within the county are due, the agency shall not be authorized to accept any grants or other funding assistance from the trust fund board for acquisition of interests in real property until such payments are brought up to date.
(8) Nothing in this section shall be construed to alter the requirements of section 30-25-302, C.R.S., pertaining to property acquired by the division of parks and wildlife without assistance from the trust fund board.
Source: L. 96: Entire section added, p. 743, � 1, effective May 22. L. 2011: (6) amended, (SB 11-208), ch. 293, p. 1394, � 26, effective July 1.
33-60-105. Use of general fund moneys by state agencies - prohibition - cash funds. The general assembly finds that the enactment of article XXVII of the state constitution dedicates a significant amount of moneys previously available to meet other state needs to the great outdoors Colorado trust fund and provides for the unrestricted expenditure of such moneys by the trust fund board for the preservation, protection, enhancement, and management of the state's wildlife, park, river trail, and open space heritage. Accordingly, no general fund moneys shall be used by any state agency for the purpose of funding necessary or incidental management costs which result from a distribution of moneys, land, or any other asset of the great outdoors Colorado trust fund, unless otherwise approved by the general assembly. Moneys derived from user fees and other revenue sources which are generated from programs and completed facilities funded by the great outdoors Colorado trust fund board shall not be transferred or revert to the general fund. Moneys generated from such programs and facilities at state parks shall be credited to the parks and outdoor recreation cash fund created by section 33-10-111 (1). All such moneys shall be subject to annual appropriation by the general assembly.
Source: L. 93: Entire article added, p. 2025, � 1, effective June 9.