Distribution Of HB20-1377 Capital Construction Fund Money
The act specifies that the money credited to the capital construction fund pursuant to House Bill 20-1377, concerning a requirement that a portion of the proceeds of the Senate Bill 17-267 lease-purchase agreement that will be executed in state fiscal year 2019-20 be credited to the capital construction fund and appropriated only for controlled maintenance projects, including controlled maintenance projects that are capital renewal projects, must be appropriated in the following priority:
- $34,098,768 for current year and out year level 1 controlled maintenance projects;
- $3,779,372 for the capital renewal project at University of Northern Colorado for the Boiler #3 Replacement;
- $2,819,630 for the capital renewal project at Adams State University for the Plachy Hall HVAC Upgrade and Replacement; and
- Any remaining money is appropriated to the emergency controlled maintenance account.
The act also specifies that in the event there is insufficient money credited to the capital construction fund to fully fund the first 3 appropriations, no partial projects may proceed with partial appropriations. Any partial appropriation must instead be appropriated to the emergency controlled maintenance account.
The act takes effect upon passage only if House Bill 20-1377 becomes law and takes effect either upon the effective date of this act or House Bill 20-1377, whichever is later.
(Note: This summary applies to this bill as enacted.)