(1) (a) For the 2015-16 state fiscal year through the 2019-20 state fiscal year, the total governing board appropriation for a governing board for the applicable fiscal year shall not change from the total governing board appropriation for the preceding fiscal year by a percentage that is more than five percentage points less than or five percentage points greater than the percentage change in the total state appropriation from the preceding fiscal year. Notwithstanding any provision of this part 3 to the contrary, the general assembly in the annual general appropriations bill shall adjust the total governing board appropriation for each governing board as necessary to comply with this section.

(b) Beginning with the 2020-21 state fiscal year, in any fiscal year that the department determines that it is appropriate to adjust total governing board appropriations as provided in paragraph (a) of this subsection (1), the department may recommend that the joint budget committee adjust the total governing board appropriations for each governing board as necessary to comply with the provisions of paragraph (a) of this subsection (1).

(2) (a) Except as provided in paragraph (b) of this subsection (2), for the 2015-16 state fiscal year and each fiscal year thereafter, the total annual appropriation in trust for eligible undergraduate students to the college opportunity fund pursuant to section 23-18-202 must be an amount equal to at least fifty-two and five-tenths percent of the total state appropriation for the applicable state fiscal year; except that the percentage may be less than fifty-two and five-tenths percent as a result of adjustments for actual enrollment made pursuant to section 23-18-202 (1)(c).

(b)

(I) If, due to an economic downturn, the department and the commission determine that complying with the college opportunity fund stipend allocation requirement set forth in paragraph (a) of this subsection (2) results in an undue burden to the institutions, the department may submit an additional budget request that does not comply with the college opportunity fund stipend allocation requirement. To approve the department's budget request waiving the college opportunity fund stipend allocation requirement, the general assembly must adopt a joint resolution by simple majority in both chambers that declares a fiscal emergency.

(II) The college opportunity fund stipend allocation requirement set forth in paragraph (a) of this subsection (2) does not apply in any state fiscal year for which the revenue estimate prepared by the legislativecouncil staff in March of the fiscal year prior to the next fiscal year indicates that there are excess state revenues of at least fifty million dollars that are required to be refunded pursuant to section 20 of article X of the state constitution.

(3) If after applying the college opportunity fund stipend allocation requirement set forth in paragraph (a) of subsection (2) of this section and the fee-for-service provisions of section 23-18-303 the department determines that this has resulted in financial instability for and the potential closure of an institution, the department may recommend to the joint budget committee that the institution be treated as a specialty education program pursuant to the provisions of section 23-18-304. The joint budget committee may introduce legislation designating the institution as a specialty education program subject to the provisions of section 23-18-304 and exempting the institution from any provisions of this part 3 for a specified period of time. An institution that receives an exemption pursuant to this subsection (3) shall, in consultation with the department and the commission, submit a plan for achieving financial stability to the joint budget committee and to the education committees of the house of representatives and of the senate, or any successor committees.

(4) Repealed.

(5) (a) In addition to money appropriated in the annual general appropriations act, the general assembly shall appropriate, for the state fiscal year 2018-19, sixteen million seven hundred forty-seven thousand twenty-five dollars to the department of higher education for allocation to institutions for purposes of this article 18 and for financial aid pursuant to article 3.3 of this title 23.

(b) Notwithstanding any provision of this article 18 as implemented in the annual general appropriations act for state fiscal year 2018-19 to the contrary, for state fiscal year 2018-19, the general assembly may appropriate pursuant to subsection (5)(a) of this section:

(I) For the regents of the university of Colorado, seven hundred twenty-two thousand eight hundred fifty-two dollars less than required pursuant to section 23-18-303 and five hundred twenty-six thousand four hundred twenty-one dollars less than required pursuant to section 23-18-304;

(II) For the board of governors of the Colorado state university system, five hundred thousand dollars less than required pursuant to section 23-18-304; and

(III) For other governing boards of institutions of higher education, one million eight hundred seventy-seven thousand eighty-one dollars more than is required pursuant to section 23-18-303.

(c) This subsection (5) is repealed, effective June 30, 2020.