CO SB081

Creates a rural economic emergency assistance grant program within the Department of Local Affairs to provide emergency-based grants to rural communities experiencing significant economic events like plant closures or layoffs that cause substantial job losses.

Establishes the Rural Economic Emergency Assistance Grant Fund with an initial $2 million transfer from the unclaimed property trust fund on June 1, 2016, to support program implementation.

Defines "rural" as counties with populations under 50,000 or municipalities with populations under 20,000 not contiguous to larger municipalities, with authority for the executive director to modify this definition.

Requires applicants to demonstrate significant economic events, coordinate with local agencies, develop a spending plan identifying local funding sources, and apply within 60 days for written approval or denial.

Authorizes the executive director to provide technical assistance and nonmonetary capacity-building support to grant recipients and requires annual reporting to legislative committees through March 1, 2022, with the grant program repealing July 1, 2022.