2016 Colorado Revised Statutes
Title 38 - Property - Real and Personal
Unclaimed Property
Article 13 - Unclaimed Property Act
§ 38-13-116.7. Unclaimed property tourism promotion trust fund - creation - payments - interest - transfers

(1) There is hereby created in the state treasury the unclaimed property tourism promotion trust fund. The principal in the trust fund shall consist of all proceeds collected by the administrator from the sale of securities pursuant to section 38-13-115.

(2) The principal of the unclaimed property tourism promotion trust fund shall not be expended except to pay claims made pursuant to this article. Moneys comprising the principal of the trust fund that are credited to or expended from the trust fund to pay claims shall not constitute fiscal year spending of the state for purposes of section 20 of article X of the state constitution, and such moneys shall be deemed custodial funds that are not subject to appropriation by the general assembly.

(3) (a) Beginning with the 2008-09 state fiscal year, the interest derived from the deposit and investment of moneys in the unclaimed property tourism promotion trust fund shall be credited to the following funds:

(I) Twenty-five percent of the interest to the Colorado state fair authority cash fund created in section 35-65-107 (1), C.R.S., subject to appropriation by the general assembly pursuant to section 35-65-107 (3) (b), C.R.S.;

(II) Sixty-five percent of the interest to the agriculture management fund created in section 35-1-106.9, C.R.S., subject to appropriation by the general assembly pursuant to section 35-1-106.9, C.R.S.; and

(III) (A) Ten percent of the interest to the Colorado travel and tourism promotion fund created in section 24-49.7-106 (1), C.R.S., subject to appropriation by the general assembly pursuant to section 24-49.7-106 (3), C.R.S., for use in the promotion of agritourism in the state. For the purposes of this subparagraph (III), "agritourism" means the practice of engaging in activities, events, and services that have been provided to consumers for recreational, entertainment, or educational purposes at a farm, ranch, or other agricultural, horticultural, or agribusiness operation in order to allow consumers to experience, learn about, and participate in various facets of agricultural industry, culinary pursuits, natural resources, and heritage.

(B) The board of directors of the Colorado tourism office created in section 24-49.7-103, C.R.S., shall consult annually, and execute a memorandum of understanding, with the commissioner of agriculture regarding the expenditure of moneys appropriated pursuant to sub-subparagraph (A) of this subparagraph (III) in order to coordinate agritourism promotion efforts.

(b) Any moneys that are credited to and expended from the Colorado state fair authority cash fund, the agriculture management fund, or the travel and tourism promotion fund pursuant to this subsection (3) shall constitute fiscal year spending of the state for purposes of section 20 of article X of the state constitution.

(4) The moneys in the unclaimed property tourism promotion trust fund shall not revert to the general fund at the end of any fiscal year.

(5) Notwithstanding any provision of this section to the contrary, on July 1, 2009, the state treasurer shall deduct five million dollars from the unclaimed property tourism promotion trust fund and transfer such sum to the general fund.