dave, when you apply for a Colorado Pref. Pt. the $254 is actually the cost of a cow elk tag, plus $5 for your habitat stamp. You have to purchase the habitat stamp to recieve a pt, or tag. You then simply check box for "refund" on application. Colorado will refund the $ to you minus the habitat stamp cost, and like a $1 for processing.They also send a paper showing your Pref. Pt. Hang onto that paper for future use.
When you apply next season, that point can be applied to any Elk license your applying for. Or Mule deer, moose, etc. Which ever animal you applied the point for. Bull-cow, buck-doe doesn't matter. I hope this is a little more clear.