(1) The general assembly shall make a capital construction appropriation in such form, in such amounts, and from such funds as it deems necessary and may appropriate either for construction or for planning of any project.

(2) No capital construction appropriation may be made to or expended by any state agency or state institution of higher education that has not complied with the requirements of section 24-30-1303.5, with respect to preparation and maintenance of a state inventory of real property.

(2.5) No capital construction appropriation may be made to or expended by any state agency or state institution of higher education that has not received approval of a facility management plan for a vacant facility controlled by the state agency or state institution of higher education pursuant to section 24-30-1303.5, unless the capital development committee exempts the state agency or state institution of higher education from the provisions of section 24-30-1303.5 (3.5)(f).

(3) A capital construction project for a state institution of higher education that is expected to be paid from cash funds or other nonstate moneys held by the institution must be commenced pursuant to section 23-1-106, C.R.S.

(3.5) If a capital construction project for a state institution of higher education is to be completed using a combination of capital construction appropriations pursuant to this section and cash funds or other nonstate moneys held by the institution, the institution may, at any time prior to or after receiving the cash funds or other nonstate moneys, earn the moneys appropriated from the state capitalconstruction fund. For any project funded in part by capital construction appropriations pursuant to this section, if there are cash funds or other nonstate moneys remaining after the project is completed, the institution shall refund moneys to the state capital construction fund in proportion to the amount of state capital construction moneys appropriated for the project.

(4) All contracts required as the result of a capital construction appropriation shall be entered into in accordance with section 24-30-1404 (7).

(5) (a) Except for an appropriation for a lease-purchase payment, except as provided in subsection (5)(b) of this section, and unless otherwise noted in a footnote in an appropriation act, an appropriation for a capital construction budget item or an information technology capital project, including capital construction, controlled maintenance, or capital renewal projects, as such terms are defined in section 24-30-1301, included in:

(I) The annual general appropriation act is available for expenditure upon enactment of the act and remains available for expenditure or encumbrance for three full fiscal years commencing with the fiscal year for which the annual general appropriation act is enacted, or until the project is completed, whichever is first; and

(II) A supplemental appropriation act authorized or required by section 2-3-208, 24-37-304, 24-75-111 (5), or 24-75-111.5 (5) is available for expenditure upon enactment of the supplemental appropriation act and remains available for expenditure or encumbrance for three full fiscal years commencing with the fiscal year during which the supplemental appropriation act was enacted, or until the project is completed, whichever is first; except that expenditures and nonmonetary adjustments allowed under section 24-75-111 or 24-75-111.5 are available for expenditure as specified in such sections.

(b) If a portion of an appropriation for a capital construction budget item or an information technology capital project, including capital construction, controlled maintenance, or capital renewal projects, is not expended in the first fiscal year, then the appropriation does not remain available for expenditure or encumbrance as described in subsection (5)(a) of this section.

(c) Any unexpended and unencumbered money remaining after the periods set forth in subsection (5)(a) of this section reverts to the fund from which it was appropriated.