C.R.S. Section 23-3.1-205.4
Collegeinvest fund

  • creation
  • control
  • use

(1)

Intentionally left blank —Ed.

(a)

There is hereby created in the state treasury the Colorado student obligation bond authority fund, to be known and referred to on and after July 1, 2004, as the collegeinvest fund, which shall be under the control of the authority in accordance with the provisions of this part 2 and part 3 of this article. The moneys in the collegeinvest fund shall be invested by the state treasurer. Except as otherwise allowed by section 24-36-103 (2), C.R.S., and except for amounts received in connection with the prepaid expense program and the savings programs in part 3 of this article, all moneys received or acquired by the authority, whether by appropriation, grant, contract, gift, sale or lease of surplus real or personal property, or any other means, whose disposition is not otherwise provided for by law or by a trust indenture, and all interest derived from the deposit and investment of moneys in the fund shall be credited to said fund, including moneys received pursuant to sections 23-3.1-206 (1)(k) and 23-3.1-304 (1)(h). Except as provided in paragraph (b) of this subsection (1), the moneys in the fund are hereby continuously appropriated to the authority and shall remain in the fund and shall not be transferred or revert to the general fund of the state at the end of any fiscal year.

(b)

Notwithstanding the provisions of paragraph (a) of this subsection (1), if the authority sells, transfers, or enters into a contract with another entity concerning all or a substantial portion of the authority’s power to make, originate, disburse, or service loans, the proceeds of the sale, transfer, or contract shall not be used by the authority without further appropriation by the general assembly.

(c)

Notwithstanding any provision of paragraph (a) of this subsection (1) to the contrary, if the authority or any other division of the department sells, transfers, or enters into a contract with another entity concerning all or any portion of the authority’s or division’s interest in any student loans or student obligations, the authority or the division shall deposit the net proceeds of the sale, transfer, or contract as follows:

(I)

Up to five million dollars shall remain in the reserve account in the collegeinvest fund, which account is hereby created, and may be used: To fund the repurchase of student loans sold by the authority if a guarantee agency refuses to honor a claim filed with respect to any such loans on account of an event that occurred prior to the sale; and to pay all liabilities, costs, and expenses with respect to the authority’s programs to undertake forgiveness of indebtedness under such student loans sold by the authority.

(II)

After the retention of the amount required in subparagraph (I) of this paragraph (c), up to five million dollars of the remaining proceeds shall remain in the transition account in the collegeinvest fund, which account is hereby created to pay costs and expenses associated with the transition and wind-down of the authority’s student loan program. Any expenditure from the transition account in excess of one hundred thousand dollars shall require the approval of the executive director.

(III)

to (IV) Repealed.

(2)

The moneys in the collegeinvest fund may be used by the authority for the payment of salaries and operating and administrative expenses of the authority and for the payment of any other expenses incurred by the authority in carrying out its statutory powers and duties.

(3)

The moneys in the collegeinvest fund that are not needed for immediate use by the authority may be invested by the state treasurer in investments authorized by sections 24-36-109, 24-36-112, and 24-36-113, C.R.S. The authority shall determine the amount of moneys in the fund that may be invested and shall notify the state treasurer in writing of such amount.

(4)

The authority may request authorization to transfer or loan moneys from the collegeinvest fund to the prepaid expense trust fund, created in section 23-3.1-206.7, or to any fund created for the implementation of the savings programs, established pursuant to part 3 of this article, as necessary to carry out the authority’s powers and duties under this part 2 and part 3 of this article. The authority shall submit any such transfer or loan request to the executive director for approval. The authority shall not transfer or loan moneys from the collegeinvest fund to the prepaid expense trust fund or to any fund created for the implementation of the savings programs unless such transfer or loan is approved by the executive director.

Source: Section 23-3.1-205.4 — Collegeinvest fund - creation - control - use, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-23.­pdf (accessed Oct. 20, 2023).

23‑3.1‑101
Legislative declaration 23‑3.1‑102
Definitions 23‑3.1‑103
Division created - director - staff 23‑3.1‑103.5
Enterprise status of division 23‑3.1‑104
Duties and powers of division - rules 23‑3.1‑104.5
Additional powers of division 23‑3.1‑104.7
Restructuring plan - legislative declaration 23‑3.1‑106
Student loan program established 23‑3.1‑106.5
Special funds 23‑3.1‑107
Student loan guarantee fund - created 23‑3.1‑108
Age qualification 23‑3.1‑109
Subject to audit 23‑3.1‑110
Designation as sole state agency 23‑3.1‑111
Authority of division to enter into agreements to provide administrative and guarantee services 23‑3.1‑112
Authority and power of the division to guarantee, originate, service, make, and purchase consolidation loans and refinancing loans 23‑3.1‑201
Legislative declaration 23‑3.1‑202
Definitions 23‑3.1‑203
Authority - creation - membership - transfer of personnel 23‑3.1‑204
Organizational meeting - chairperson - conflict of interest 23‑3.1‑205
Meetings of board - quorum - expenses 23‑3.1‑205.3
Transfer of property 23‑3.1‑205.4
Collegeinvest fund - creation - control - use 23‑3.1‑205.5
Collegeinvest - enterprise status 23‑3.1‑205.7
Department of higher education - executive director - powers and duties 23‑3.1‑206
General powers and duties of the authority 23‑3.1‑206.5
Servicing of student obligations and institutional loans 23‑3.1‑206.7
Prepaid expense program 23‑3.1‑206.9
Colorado collegeinvest scholarship program - administration - fund - policies 23‑3.1‑207
Notes 23‑3.1‑208
Bonds 23‑3.1‑209
Negotiability of bonds 23‑3.1‑210
Security for bonds and notes 23‑3.1‑211
Personal liability 23‑3.1‑212
Purchase 23‑3.1‑213
Payment of bonds and advance payment contracts - limited liability of state 23‑3.1‑214
Exemption from taxation - securities law 23‑3.1‑215
Fees 23‑3.1‑216
Investment of funds 23‑3.1‑217
Proceeds as trust funds 23‑3.1‑217.5
Claims of creditors - exemption 23‑3.1‑218
Agreement of the state not to limit or alter rights of obligees 23‑3.1‑219
Enforcement of rights of bondholders 23‑3.1‑220
Bonds eligible for investment 23‑3.1‑221
Account of activities - receipts for expenditures - report - audit 23‑3.1‑222
Federal social security act 23‑3.1‑223
Powers of authority not restricted 23‑3.1‑224
Contract powers of state-supported institutions of higher education - nonliability of state 23‑3.1‑225
Confidentiality of records 23‑3.1‑226
Policies for promotion and disclosure of program information 23‑3.1‑301
Legislative declaration 23‑3.1‑302
Definitions 23‑3.1‑303
Department - purpose - powers - duties 23‑3.1‑304
Authority - purpose - powers - duties 23‑3.1‑305
Financial institutions - managers - purpose - selection - requirements - contracts 23‑3.1‑306
Accounts - contributions - withdrawals - penalties - statements 23‑3.1‑306.5
College kickstarter account program - funding - administration - financial literacy course - rules - legislative declaration - definitions 23‑3.1‑307
Limitations 23‑3.1‑307.1
Personal liability 23‑3.1‑307.3
Proceeds as trust funds 23‑3.1‑307.4
Claims of creditors - exemption 23‑3.1‑307.5
Confidentiality of records 23‑3.1‑307.9
Policies for promotion and disclosure of program information 23‑3.1‑308
Residency 23‑3.1‑309
Tax exemption 23‑3.1‑311
Achieving a better life experience (ABLE) savings program - establishment - authority - powers - duties
Green check means up to date. Up to date

Current through Fall 2024

§ 23-3.1-205.4’s source at colorado​.gov