SB 23-263

Senate Bill 23-263 allows the state treasurer to lend $95,000 from Colorado's general fund to a natural disaster mitigation program. This loan will help cover initial costs until the program can generate its own revenue through fees or bond sales. The bill requires that this money be paid back with interest by the end of 2025. Governor Jared Polis signed the bill into law on June 6, 2023, and it is now in effect.

Official Summary

The act requires the state treasurer to transfer $95,000 from the general fund to the natural disaster mitigation cash fund to defray expenses incurred by the natural disaster mitigation enterprise (enterprise) before the enterprise receives fee revenue or revenue bond proceeds. The transfer is a loan from the state treasurer to the enterprise that is required to be repaid and is not a grant for purposes of the state constitution or any other state law. The enterprise is required to repay the loan and accumulated interest by December 31, 2025. APPROVED by Governor June 6, 2023 EFFECTIVE June 6, 2023 (Note: This summary applies to this bill as enacted.)

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