(1) There is hereby created in the state department the older Coloradans program, referred to in this section as the "program". The program shall provide moneys to area agencies on aging to provide grants to provide community-based services to persons sixty years of age or older to assist such persons to live in their own homes and communities for as long as possible. Such services shall include but are not limited to congregate nutrition, home-delivered meals, transportation services, in-home services, ombudsman services, legal services, elder abuse prevention, outreach, and information and referral services.

(2) After retaining an amount for the state department's indirect costs, as calculated under the federally approved cost allocation plan, money appropriated for the program shall be distributed to area agencies on aging using the same formula that the state office uses to distribute money available under Title III, parts (B), (C), (D), and (F) of the federal "Older Americans Act of 1965", as amended, but such money shall be allocated as a whole and not allocated to individual parts of Title III; except that appropriations from the fund of accumulated interest are not subject to the restriction that requires allocations as a whole. An area agency on aging shall use no more than ten percent of the money received from the program for administrative expenses.

(3) The proposed uses of moneys from the program shall be included in each area agency on aging's area plan developed pursuant to section 26-11-204 (1)(a).

(4) (a) On or before August 1, 2002, and each August 1 thereafter, each area agency on aging shall submit a report to the state office detailing the use of moneys from the program for the previous fiscal year, including an itemization of how many more persons received each service because of such moneys.

(b) Repealed.

(5) (a) There is hereby created the older Coloradans cash fund, referred to in this subsection (5) as the "fund". The fund consists of moneys allocated and credited to the fund from sales and use taxes pursuant to the provisions of section 39-26-123 (3), C.R.S., and any moneys appropriated to the fund by the general assembly. In addition, the state treasurer may credit to the fund any public or private gifts, grants, or donations received by the state department for implementation of the program. The fund is subject to annual appropriation by the general assembly to the state department. Notwithstanding the provisions of section 24-36-114, C.R.S., all interest derived from the deposit and investment of moneys in the fund is credited to the fund. Any amount remaining in the fund at the end of any fiscal year shall remain in the fund and not be transferred or credited to the general fund or any other fund.

(b) There is hereby created within the fund the senior services account, referred to in this paragraph (b) as the "account". The account shall consist of moneys transferred to the account pursuant to section 39-3-207 (6), C.R.S. Moneys in the account are subject to annual appropriation to the state department for distribution to area agencies on aging pursuant to subsection (2) of this section. The state department may designate the senior services for which moneys in the account shall be used.