C.R.S. § 24-35-124: Transit investment area - authority of department - rules - definitions.

(1) In addition to the other functions and powers of the department and the executive director pursuant to this part 1, the department shall:

(a) Establish and determine the base year revenue for each transit investment area;

(b) Collect, account for, and remit to the applicable financing entity the relevant amount of state sales tax increment revenue generated within each transit investment area;

(c) Share data as necessary with the Colorado office of economic development in connection with the "Transit Investment Area Act", part 4 of article 46 of this title 24; and

(d) Otherwise perform the functions required of the department in the written notice provided to the executive director in connection with the establishment of a financing entity or transit investment area.

(2) The executive director has the authority to:

(a) Create forms and adopt rules as necessary or convenient to implement the department's responsibilities with respect to the determination of base year revenue, collection and disbursement of state sales tax increment revenue, and other functions of the department pursuant to part 4 of article 46 of this title 24;

(b) Enter into contracts with financing entities, in the manner provided for in section 24-35-110, regarding the performance of the department's functions in implementing part 4 of article 46 of this title 24; and

(c) Retain annually an amount of the state sales tax increment revenue established by the department as necessary to offset the department's actual direct costs and expenses incurred in performing the collection and disbursement functions established in part 4 of article 46 of this title 24.

(3) Except for the amount retained by the department pursuant to section 24-46-406 (1), all state sales tax increment revenue collected by the department on behalf of a financing entity is for all purposes assigned to, the property of, and the revenue of the applicable financing entity and is not to be construed or treated for any purpose as revenue or property of the state.

(4) In collecting and disbursing state sales tax increment revenue as provided in this section and otherwise performing its responsibilities pursuant to part 4 of article 46 of this title 24, the department shall act solely as a collecting agent for a financing entity and shall segregate in a separate fund any portion of state sales tax increment revenue that is dedicated to the financing entity but will not be remitted to the financing entity in the immediate future.

(5) As used in this section, unless the context otherwise requires:

(a) "Base year revenue" has the meaning set forth in section 24-46-402 (2).

(b) "Department" means the department of revenue created in section 24-35-101.

(c) "Executive director" means the executive director of the department.

(d) "Financing entity" has the meaning set forth in section 24-46-402 (11).

(e) "State sales tax increment revenue" has the meaning set forth in section 24-46-402 (17).

(f) "Transit investment area" has the meaning set forth in section 24-46-402 (20).