The act authorizes the department of higher education to enter into a limited purpose fee-for-service contract with the board of regents of the university of Colorado for allocation to programs or institutions of higher education to expand an existing rural track program. If an allocation is made to a program or institution to expand an existing rural track program, the department of higher education shall utilize a formula developed and revised annually by the rural program office, in collaboration with the institutions, that is based on data that documents the program's or institution's fulfillment of certain requirements. The act requires the rural program office to submit a report to the general assembly each year that includes the allocation formula developed by the rural program office. The act creates the rural hospital cash fund and on July 1, 2024, requires the state treasurer to transfer $1,742,029 from the general fund to the rural hospital cash fund for the purpose of distributing money in equal amounts to rural hospitals. For the 2024-25 state fiscal year, the act appropriates $866,667 from the general fund to the department of higher education for the college opportunity fund program to be used for limited purpose fee-for-service contracts with institutions of higher education. APPROVED by Governor June 6, 2024 EFFECTIVE June 6, 2024(Note: This summary applies to this bill as enacted.)