(1) (a) Upon the prior written approval of the governor and the controller as to purpose and amount, the state treasurer may lend the approved amount, out of any moneys in the state treasury not immediately required to be disbursed, to any department, institution, or agency to provide it with working capital for the operation of business enterprises by institutions of higher education the primary purpose of which is not teaching or research and which are, or may be, in competition with private enterprise or any other self-maintaining program in other state agencies which generate their own revenues and which in the judgment of the state treasurer have the capacity to repay loans on the terms described in this subsection (1). Except as provided in section 17-24-106 (1)(j), C.R.S., any such loan shall bear interest at the earnings rate calculated monthly by the state treasurer. Loans shall be repaid to the state treasury by the borrower out of moneys to be subsequently received by it from the activities specified in this subsection (1) at such times as the controller shall direct. Loans made pursuant to this section shall be reviewed at least annually by the controller to determine if such loans have a continuing purpose and necessity. The general assembly may, through appropriation or notation in the general appropriation bill, place limitations on the amount to be loaned either in total or to any department, institution, or agency.

(b) Notwithstanding the provisions of paragraph (a) of this subsection (1), for purposes of the loan approved to the Colorado state fair authority created in section 35-65-401, C.R.S., the authority may repay the loan with the appropriation specified in section 24-49.7-106 (5)(a).

(2) The controller may authorize an advance without interest to be made to any department, institution, or agency of the state government to provide it with working capital for the operation of programs other than those enterprises listed in subsection (1) of this section or for federal programs for which federal advances or letters of credit are not available in such amount as he may determine, but the amount advanced shall not exceed twelve million dollars to any such department, institution, or agency, out of any moneys available in the state treasury as provided in section 24-36-103 (1), and upon such authorization the state treasurer may make such advance. Under procedures prescribed by the controller, such department, institution, or agency may pay out of such advance any items which would be allowable if submitted on a regular voucher. Any such advance shall be repaid to the state treasury at such time as the controller shall direct. Advances authorized pursuant to this section shall be reviewed at least annually by the controller to determine if such advances have a continuing purpose and necessity. The general assembly may, through appropriation or notation in the general appropriation bill, place limitations on the amount to be advanced either in total or to any agency, department, or institution.

(3) and (4) Repealed.