(1) There is hereby created in the state treasury the Colorado wine industry development fund. The fund shall consist of money credited thereto pursuant to section 44-3-503 (1)(c) and (1)(d). All money in the fund is hereby continuously appropriated to the board for the expenses of the board in implementing the provisions of this article 29.5.
(2) In any fiscal year, the board shall budget from moneys in the fund at least one-third toward research and development and at least one-third toward promotion and marketing of the Colorado wine industry, including any administrative costs associated therewith. Any revenue generated by research may be deducted from the amount budgeted for research.
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