C.R.S.
Section 23-20-136
Fitzsimons trust fund
- creation
- legislative declaration
- repeal
(1)
The general assembly hereby finds and declares that the university of Colorado health sciences center will be moving to the former Fitzsimons Army base over the next several decades; that the health sciences center can expect a major portion of the move to take place in the next ten to fifteen years; that creation of a trust fund would allow the state to set aside funds over a period of years in order to have moneys available at the time the most costly capital construction requests would be expected to occur; and that, in addition to the state moneys to be dedicated to the trust fund, other sources of funding for the move are being sought from the federal government, private and public sources, and the health sciences center and university hospital.(2)
In light of the projected amounts of state revenues that will be available over the next six years, the general assembly hereby finds and declares that a stable, predictable, and consistent source of revenues for the university of Colorado health sciences center’s move to the former Fitzsimons Army base will better allow the state to help fund such a move. In order to provide a consistent source of revenues, the general assembly further finds and declares that it is appropriate to create a trust fund that will be provided with an annual amount of principal and that will generate an annual amount of interest that is dedicated to the university of Colorado health sciences center’s move to the former Fitzsimons Army base.(3)
Intentionally left blank —Ed.(a)
There is hereby created in the state treasury the university of Colorado health sciences center at Fitzsimons trust fund, referred to in this section as the “Fitzsimons trust fund”, the principal of which shall consist of those general fund revenues that may be transferred to the capital construction fund as provided in section 24-75-302 (2), C.R.S., and then appropriated from the capital construction fund to the Fitzsimons trust fund and of moneys appropriated to the Fitzsimons trust fund from the capital construction fund pursuant to subsection (3.5) of this section. The principal and interest of the Fitzsimons trust fund shall not be expended or appropriated for any purpose other than that stated in subsection (5) of this section. The state treasurer may, in the state treasurer’s discretion, deposit, redeposit, invest, and reinvest moneys accrued or accruing to the Fitzsimons trust fund in the types of deposits and investments authorized in sections 24-36-109, 24-36-112, and 24-36-113, C.R.S.(b)
Repealed.(c)
Notwithstanding any provision of paragraph (a) of this subsection (3) to the contrary, on May 5, 2010, the state treasurer shall deduct five million fifty-four thousand nine hundred eighteen dollars from the Fitzsimons trust fund and transfer such sum to the general fund.(d)
Notwithstanding any provision of paragraph (a) of this subsection (3) to the contrary, on July 1, 2010, the state treasurer shall deduct three million four hundred forty-eight thousand five hundred thirty-seven dollars from the Fitzsimons trust fund and transfer such sum to the general fund.(3.5)
Intentionally left blank —Ed.(a)
For the 2016-17 fiscal year and for each fiscal year thereafter in which the state receives money pursuant to the master settlement agreement, and in which money is due to a lessor under a financed purchase of an asset or certificate of participation agreement authorized pursuant to section 3 of House Bill 03-1256, enacted in 2003, the state treasurer shall transfer to the capital construction fund and the state controller shall transfer from the capital construction fund to the Fitzsimons trust fund, except as otherwise provided in section 24-75-1104.5 (5), eight percent of the total amount received by the state pursuant to the master settlement agreement, other than attorney fees and costs, during the preceding fiscal year.(b)
As used in this subsection (3.5), unless the context otherwise requires, “master settlement agreement” means the master settlement agreement, the smokeless tobacco master settlement agreement, and the consent decree approved and entered by the court in the case denominated State of Colorado, ex rel. Gale A. Norton, Attorney General v. R.J. Reynolds Tobacco Co.; American Tobacco Co., Inc.; Brown & Williamson Tobacco Corp.; Liggett &Myers, Inc.; Lorillard Tobacco Co., Inc.; Philip Morris, Inc.; United States Tobacco Co.; B.A.T. Industries, P.L.C.; The Council For Tobacco Research--U.S.A., Inc.; and Tobacco Institute, Inc., Case No. 97 CV 3432, in the district court for the city and county of Denver.(4)
On September 1, 1998, and on September 1 of each year thereafter, the state treasurer shall certify to the general assembly the amount of interest actually earned on the principal of the Fitzsimons trust fund during the previous fiscal year and shall provide an estimate of the interest expected to be earned on such principal during the current fiscal year.(5)
Money in the Fitzsimons trust fund may be appropriated to pay for capital construction projects for the university of Colorado health sciences center at the former Fitzsimons Army base that have received the prior approval of the board of regents of the university of Colorado, the Colorado commission on higher education, the capital development committee, the general assembly, and the joint budget committee or for payments on any financed purchase of an asset or certificate of participation agreement authorized pursuant to section 3 of House Bill 03-1256, as enacted at the first regular session of the sixty-fourth general assembly.(6)
The creation of the Fitzsimons trust fund shall in no way reduce or eliminate the opportunity of the university of Colorado health sciences center to seek funding for capital and controlled maintenance projects through the normal annual capital development committee prioritization process.(7)
All interest derived from the deposit and investment of moneys in the Fitzsimons trust fund shall be credited to said fund. At the end of any fiscal year, all unexpended and unencumbered moneys in the Fitzsimons trust fund shall remain therein and shall not be credited or transferred to the general fund or any other fund.(8)
This section is repealed, effective July 1, 2032.
Source:
Section 23-20-136 — Fitzsimons trust fund - creation - legislative declaration - repeal, https://leg.colorado.gov/sites/default/files/images/olls/crs2023-title-23.pdf (accessed Oct. 20, 2023).
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