Transfers for Capital Construction

The act requires the transfer, on July 1, 2024, of:

• $160,844,354 from the general fund to the capital construction fund;
• $70,811,334 from the general fund to the information technology capital account of the capital construction fund;
• $500,000 from the general fund exempt account of the general fund to the capital construction fund;
• $84,875,462 from the controlled maintenance trust fund to the capital construction fund; and
• $1,000,000 from the marijuana tax cash fund to the information technology capital account of the capital construction fund.

Notwithstanding any provision of law that requires such a transfer, the act also prohibits the state treasurer from transferring money from the legal services cash fund to the capital construction fund or to any other fund if the joint budget committee of the general assembly notifies the state treasurer before the scheduled transfer date not to make the transfer after the attorney general notifies and certifies in writing to the joint budget committee that the transfer:

• Is not compliant with federal and state laws governing the money to be transferred;
• Is legally preempted by state constitutional restrictions or a federal law governing the money to be transferred; or
• Unlawfully transfers money in a manner that may terminate the qualification as an enterprise of any enterprise lawfully enacted under the provision of the state constitution known as the Taxpayer's Bill of Rights (TABOR).

EFFECTIVE April 29, 2024
(Note: This summary applies to this bill as enacted.)