Prohibits the expenditure of the principal of the trust fund except to pay claims made pursuant to the Act. Declares that moneys comprising the principal of the trust fund that are credited to or expended from the fund do not constitute fiscal year spending for purposes of the Colorado constitution. Declares moneys in the trust fund to be custodial in nature and not subject to appropriation by the general assembly.
Credits the interest derived from the investment of moneys in the unclaimed property trust fund to the Colorado uninsurable health insurance plan cash fund and subjects those moneys to appropriation by the general assembly.
Requires the general assembly to make annual appropriations out of the general fund for the direct and indirect costs of administering the Act. Requires the state treasurer, before crediting moneys to the trust fund, to record the name and last-known address of each person entitled to the unclaimed property, as indicated in the report of the holder of the property.
On July 1, 2001, eliminates the abandoned property fund, the unclaimed insurance moneys fund, and the business associations unclaimed moneys fund and eliminates the transfer of certain moneys from those funds to the general fund, the special fund for industrial bank moneys, and the Colorado uninsurable health insurance plan cash fund.
APPROVED by Governor April 13, 2000
EFFECTIVE August 2, 2000
NOTE: This act was passed without a safety clause. For further explanation concerning the effective date, see the note from page vi of this digest.
S.B. 00-66 Mechanic's lien - suppliers of laborers. Includes those persons who furnish laborers in the prosecution of work on construction, mining, or railroad projects as those who may file a mechanic's lien against the property where the work was done if they are not paid.
Defines "person" as a natural person, firm, association, corporation, or other legal entity but excludes labor organizations.
Requires contractors to include persons who furnish laborers in the prosecution of public works projects to the list of those persons whose payment must be secured by a bond.
APPROVED by Governor March 29, 2000
EFFECTIVE August 2, 2000
NOTE: This act was passed without a safety clause. For further explanation concerning the effective date, see the note from page vi of this digest.
H.B. 00-1089 Public works project - substitute bond - approval by district court. Allows a person who performs work on a public works project, when a verified statement of a claim against the contract is filed with the contracting body by whom the contract was awarded, to file an ex parte motion with the clerk of the district court where the contract was performed or where the office in which the verified statement of claim is filed, for approval of a corporate surety bond or any other undertaking to substitute for the claim against the contract.
Requires the corporate surety bond or undertaking to be 1½ times the amount of the claim plus costs allowed by the court up to the date of the filing. Also requires that the bond or undertaking be conditioned that, if the claimant is finally adjudged to be entitled to recover upon the claim upon which the claimant's verified statement is based, the surety issuing the bond or undertaking or the principal thereunder, shall pay to such claimant the amount of the judgment, together with any interest, costs, and other amounts the claimant would be entitled to recover pursuant to such judgment.
Compels the clerk of the district court, after approval of the corporate surety bond or undertaking by a district court judge, to issue a certificate of release to be served on the board, officer, person, or other contracting body by whom the contract was awarded.
Compels the contracting body that awarded the contract to resume making payments to the contractor in accordance with the terms of the contract and release any previously withheld funds to the contractor in accordance with the terms of the contract or, if not specified by the contract within 30 days after the receipt of the certificate of release by the contracting body.
Allows the person who filed the verified statement of a claim to bring a suit against the corporate surety bond or undertaking to collect the amount of money claimed by such person. Provides that the corporate surety bond or undertaking shall be discharged and returned to the contractor if no action is commenced within the time period required.
APPROVED by Governor March 10, 2000
EFFECTIVE March 10, 2000
H.B. 00-1218 Mobile home parks - required notice upon termination of tenancy. Expands the required statutory notice of certain provisions of the "Mobile Home Park Act" to a mobile home owner whose tenancy is being terminated in the case of a notice to quit to include notice in the case of nonpayment of rent.
APPROVED by Governor March 17, 2000
EFFECTIVE July 1, 2000
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