C.R.S. § 39-28-504

(1) The general assembly hereby finds and declares that: (a) If a majority of the voters voting on the ballot issue vote “No/Against”, the state will be required by section 20 (3)(c) of article X of the state constitution to make refunds; and (b) The amount of the refund would be twenty-three million six hundred fifty thousand dollars, which is the amount by which the proposition EE tax revenue in state fiscal year 2021-22 exceeded the ballot information booklet estimate of revenue from the proposition EE tax increase for that same fiscal year plus interest. (2) The department shall determine a reasonable method to distribute the revenue in the proposition EE refund cash fund created in section 39-28-503 in accordance with section 20 (3)(c) of article X of the state constitution. This method must include the distribution of money from the proposition EE refund cash fund to taxpayers who paid the proposition EE taxes. (3) Intentionally left blank —Ed. (a) If a majority of the electors voting on the ballot issue vote “No/Against”, then on or before June 30, 2024, the state treasurer shall refund the money in the proposition EE refund cash fund in the manner determined by the department pursuant to subsection (2) of this section. (b) If a majority of the electors voting on the ballot issue vote “Yes/For”, then, as soon as possible thereafter, the state treasurer shall transfer the balance in the proposition EE refund cash fund to the preschool programs cash fund created in section 26.5-4-209 and the general fund, in the same proportion as the state treasurer transferred money from the preschool programs cash fund and the general fund to the proposition EE refund cash fund.