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DENVER (AP) — Colorado's governor has signed a bill establishing college funds for the state's newborn children for the next two decades.

The Denver Post reports that Democratic Gov. Jared Polis signed the bill Monday that sets aside $100 for each child born or adopted in Colorado between 2020 and 2040.

The money will initially reside in an investment fund operated by CollegeInvest, a division of the state's Department of Higher Education.

Each child's money will be transferred to a post-secondary education savings account established by a parent.

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If an account is not opened before a child turns 5 years old, the money will remain in the state fund for another child.

Officials say the state's contribution is adjusted for inflation and may be more than $100 per child in future years.

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Information from: The Denver Post, http://www.denverpost.com

Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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