Revolving fund - definition

(1) The state agency sustainability revolving fund, referred to in this section as the "fund", is created in the state treasury. The fund consists of money that the general assembly may appropriate or transfer to the fund and any gifts, grants, or donations that the department credits to the fund pursuant to subsection (5) of this section. (2) The office shall allocate the money in the fund to assist in replacing the state's gas and diesel-powered equipment that is located in ozone nonattainment areas as designated by the U.S. environmental protection agency with equivalent electric equipment, and to operate the office in accordance with this part 23. (3) (a) Any unexpended and unencumbered money remaining in the fund at the end of a fiscal year shall remain in the fund. (b) (I) For state fiscal years commencing on or before July 1, 2024, the state treasurer shall credit all interest and income derived from the deposit and investment of money in the fund to the fund. (II) Notwithstanding subsection (3)(a) of this section, for state fiscal years commencing on and after July 1, 2025, in accordance with section 24-36-114 (1), the state treasurer shall credit all interest and income derived from the deposit and investment of money in the fund to the general fund. (III) Repealed. (4) Subject to annual appropriation by the general assembly, the department may expend money from the fund to be used for the purposes specified in subsection (2) of this section. (5) The department may solicit, accept, and expend gifts, grants, and donations for the purposes of this part 23. The department shall credit any gifts, grants, and donations to the fund.