1. (1)

   1. (a) (Deleted by amendment, L. 2025.)
   2. (b) If the department of education does not spend the total amount appropriated pursuant to this subsection (1) by the end of the fiscal year for which it is appropriated, any amount not expended up to fifty percent of the total amount appropriated is further appropriated to the department for the subsequent state fiscal year for the same purpose; except that money appropriated pursuant to this subsection (1) for the 2024-25 state fiscal year is not further appropriated to the department for the subsequent state fiscal year. Any unexpended and unencumbered funds appropriated to the department of education for purposes of this article 106 must revert to the general fund on June 30, 2025.

2. (2)

   1. (a) In addition to the amount appropriated pursuant to subsection (1) of this section, the state board of education may solicit, accept, and expend public or private gifts, grants, or donations to implement the institute. The state board of education shall transmit any money that it receives pursuant to this subsection (2)(a) and any money it receives from participating students to the state treasurer. The state treasurer shall deposit the money in the Colorado student leaders institute cash fund, referred to in this section as the cash fund, which is created in the state treasury. If on July 1, 2025, gifts, grants, donations, or student contributions remain in the cash fund, the department, in collaboration with the host institute and the advisory committee created in section 22-106-104 (1)(c), shall return, no later than August 30, 2025, to the extent possible, money remaining in the fund to each grantor, donor, or student in an amount that is proportional to the grantor's, donor's, or student's share of the amount of gifts, grants, donations, or student contributions deposited in the cash fund.
   2. (b) The money in the cash fund is continuously appropriated to the state board of education to carry out this article 106. The state treasurer may invest as provided by law any money in the cash fund that is not expended for the purposes of this article 106. The state treasurer shall credit to the cash fund all interest and income derived from the investment and deposit of money in the cash fund. Any unexpended and unencumbered money remaining in the cash fund at the end of a fiscal year remains in the cash fund and is not credited to another fund. If any money remains in the cash fund on August 31, 2025, the state treasurer shall, prior to the repeal of the cash fund, transfer all unexpended and unencumbered money in the cash fund to the general fund.
3. (3) Repealed.

Source: L. 2023: (3) added with relocations, (SB 23-086), ch. 117, p. 427, § 1, effective June 30; (1) and (2) added with relocations, (SB 23-086), ch. 117, p. 427, § 1, effective July 1. L. 2025: Entire section amended, (SB 25-215), ch. 115, p. 474, § 2, effective April 25.

Editor's note: (1) This section is similar to former § 23-77-105 as it existed prior to 2023.

(2) Subsection (3)(b) provided for the repeal of subsection (3), effective July 1, 2024. (See L. 2023, p. 427.)