Section 24-38.5-506 - Community access to electric bicycles cash fund - creation - gifts, grants, or donations - transfer(1)(a) The community access to electric bicycles cash fund is created in the state treasury, and the office shall administer the fund for the purposes of this part 5. The fund consists of any money that the general assembly may transfer or appropriate to the fund for implementation of the grant program and the rebate program and any federal money or gifts, grants, or donations received pursuant to subsection (1)(b) of this section.(b)(I) For the purposes of this part 5, the office may seek, accept, and expend: (A) Money from federal sources; and(B) Gifts, grants, or donations from private or public sources.(II) The office shall transmit any money received pursuant to subsection (1)(b)(I) of this section to the state treasurer, who shall credit the money to the fund.(2)(a) Except as otherwise provided in subsection (2)(b) of this section, the money in the fund is continuously appropriated to the office for the purposes set forth in this part 5. The state treasurer shall credit all interest and income derived from the deposit and investment of money in the fund to the fund. Any unexpended and unencumbered money remaining in the fund at the end of a state fiscal year remains in the fund; except that the state treasurer shall transfer any money remaining in the fund at the end of the 2026-27 state fiscal year to the general fund.(b) For state fiscal years 2023-24 and 2024-25, the office and, subject to annual appropriation, the department of revenue may expend money in the fund for the administration and implementation of the electric bicycle tax credit created in section 39-22-555. The office shall keep an accounting of all money expended from the fund pursuant to this subsection (2)(b) for purposes of calculating the repayment of the administrative costs required by section 24-38.5-120 (3).Amended by 2024 Ch. 191,§ 11, eff. 5/17/2024.Amended by 2023 Ch. 167,§ 19, eff. 5/11/2023.Added by 2022 Ch. 300, § 2, eff. 6/2/2022.