18-4-227. Procurement and term contract rebate account -- funding -- use.

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18-4-227 . Procurement and term contract rebate account -- funding -- use.

(1)There is an account in the state special revenue fund established by 17-2-102 known as the procurement and term contract rebate account.

(2)All rebates credited to the department from using state procurement cards and term contracts must be deposited in the account.

(3)The money in the account may be used only to:

(a)administer the state's procurement card programs;

(b)administer term contracts established by the department; and

(c)reimburse applicable funds to the federal government.

(4)The unreserved, unexpended balance of the funds collected under this section must be deposited in the general fund by the close of the fiscal year.