Section 1.Fund created. A fund to be known as the old age pension fund is hereby created and established in the treasury of the state of Colorado.
Source: Initiated 56: Entire article R&RE, effective January 1, 1957, see L. 57, p. 554.
Section 2.Moneys allocated to fund. There is hereby set aside, allocated and allotted to the old age pension fund sums and money as follows:
(a) Eighty-five percent of all net revenue accrued or accruing, received or receivable from any and all excise taxes now or hereafter levied upon sales at retail, or any other purchase transaction; together with eighty-five percent of the net revenue derived from any excise taxes now or hereafter levied upon the storage, use, or consumption of any commodity or product; together with eighty-five percent of all license fees imposed by article 26 of title 39, Colorado Revised Statutes, and amendments thereto; provided, however, that no part of the revenue derived from excise taxes now or hereafter levied, for highway purposes, upon gasoline or other motor fuel, shall be made a part of said old age pension fund.
(b) Eighty-five percent of all net revenue accrued or accruing, received or receivable from taxes of whatever kind upon all malt, vinous, or spirituous liquor, both intoxicating and non-intoxicating, and license fees connected therewith.
(c) (Deleted by amendment, L. 2006, p. 2956, effective upon proclamation of the Governor, L. 2007, p. 2964, December 31, 2006.)
(d) All grants in aid from the federal government for old age assistance.
(e) (Deleted by amendment, L. 2006, p. 2956, effective upon proclamation of the Governor, L. 2007, p. 2964, December 31, 2006.)
(f) Such other money as may be allocated to said fund by the general assembly.
Source: Initiated 56: Entire article R&RE, effective January 1, 1957, see L. 57, p. 554. L. 2006: (a) to (c) and (e) amended, p. 2956, effective upon proclamation of the Governor, L. 2007, p. 2964, December 31, 2006.
Cross references: For funds allocated to the old age pension fund, see § 26-2-113.
Section 3.Persons entitled to receive pensions. Every citizen of the United States who has been a resident of the state of Colorado for such period as the general assembly may determine, who has attained the age of sixty years or more, and who qualifies under the laws of Colorado to receive a pension, shall be entitled to receive the same; provided, however, that no person otherwise qualified shall be denied a pension by reason of the fact that the person is the owner of real estate occupied by the person as a residence; nor for the reason that relatives may be financially able to contribute to the person's support and maintenance; nor shall any person be denied a pension for the reason that the person owns personal property which by law is exempt from execution or attachment; nor shall any person be required, in order to receive a pension, to repay, or promise to repay, the state of Colorado any money paid to the person as an old age pension.
