CO SB066

Creates a Contingency Reserve Fund in the state treasury to provide supplemental financial assistance to school districts facing qualifying emergencies, effective for fiscal year 2007-08 and thereafter.

Authorizes the State Board of Education to approve payments from the fund for districts experiencing financial emergencies including acts of God, tax collection problems, property tax disputes, valuation reductions exceeding 20 percent, or unusual enrollment changes.

Requires districts applying for assistance to submit detailed applications sworn under oath by the district board president and secretary, with the State Board investigating and determining the appropriate assistance amount.

Specifies that districts receiving assistance based on disputed property taxes must reimburse the fund with interest if the property is later determined to have been properly assessed, while all other reimbursements are credited back to the contingency fund.

Provides that unexpended money in the contingency reserve fund at fiscal year-end remains in the fund rather than reverting to the state general fund.