C.R.S. Section 22-30.5-408
Replenishment of qualified charter school debt service reserve funds

  • additional responsibilities
  • state treasurer
  • qualified charter schools
  • definitions

(1)

As used in this section:

(a)

“Charter school debt service reserve fund” means a reasonably required debt service reserve fund or account that has been funded with proceeds derived from the issuance of qualified charter school bonds or other moneys of the qualified charter school.

(b)

“Investment grade” means debt obligations that are rated in one of the four highest investment rating categories by one or more nationally recognized rating agencies.

(b.5)

“Maximum principal outstanding” means the aggregate outstanding principal amount of bonds for which moneys may be appropriated pursuant to paragraph (a) of subsection (2) of this section.

(c)

“Qualified charter school” means a charter school that is described in section 22-30.5-104 or an institute charter school as that term is defined in section 22-30.5-502 that has a stand-alone credit assessment or rating of at least investment grade by a nationally recognized rating agency at the time of issuance of any qualified charter school bonds on behalf of the charter school by the Colorado educational and cultural facilities authority pursuant to the “Colorado Educational and Cultural Facilities Authority Act”, article 15 of title 23, C.R.S., and that has been certified as a qualified charter school by the state treasurer.

(d)

“Qualified charter school bonds” means bonds that are issued by the Colorado educational and cultural facilities authority for the purpose of financing a facility to be used for occupancy by pupils enrolled in a qualified charter school and are secured by the state charter school debt reserve fund created by section 22-30.5-407 (2) and the provisions of this section.

(e)

“Qualified charter school debt service reserve fund requirement” means the level of funding required for a qualified charter school debt service reserve fund as specified in the trust indenture or resolution pursuant to which qualified charter school bonds have been issued, which level of funding shall be no less than the maximum annual principal and interest requirement for the allocable portion of the qualified charter school bonds issued for the benefit of the qualified charter school; except that an amount equal to the qualified charter school debt service reserve fund may be subtracted from the final principal payment for the allocable portion of the qualified charter school bonds issued for the benefit of the qualified charter school when determining the maximum annual principal and interest requirement amount.

(f)

“Rating agency” means any nationally recognized statistical rating organization as defined under rule 2a-7 of the “Securities Exchange Act of 1934”, as amended, 17 CFR 270.2a-7 (a)(17).

(1.5)

Intentionally left blank —Ed.

(a)

The Colorado educational and cultural facilities authority shall develop and publicly disclose the application requirements for the qualified charter school, the application and processing timeline, and all issuer fees and expenses that will apply to the transaction.

(b)

The Colorado educational and cultural facilities authority shall not charge a qualified charter school for which it issues bonds pursuant to section 22-30.5-407 an annual fee after the issuance of the bonds occurs; except that this paragraph (b) shall not be construed to prohibit the authority from charging a qualified charter school for fees and expenses incurred in the enforcement of covenants or remedies.

(2)

Intentionally left blank —Ed.

(a)

If the Colorado educational and cultural facilities authority has issued qualified charter school bonds on behalf of any qualified charter school that fails immediately to restore its qualified charter school debt service reserve fund to the applicable qualified charter school debt service reserve fund requirement, the board of directors of the authority shall submit to the governor a certificate certifying any amount of money required to restore the qualified charter school debt service reserve fund to the applicable qualified charter school debt service reserve fund requirement. The governor shall submit a request for appropriations in an amount sufficient to restore any or all qualified charter school debt reserve funds to their respective qualified charter school debt service reserve fund requirements, and the general assembly may, but is not required to, appropriate money for said purpose. If, in its sole discretion, the general assembly appropriates any money for said purpose, the aggregate outstanding principal amount of bonds for which money may be appropriated for said purpose must not exceed seven hundred fifty million dollars.

(b)

Any moneys appropriated for the purpose of restoring any qualified charter school debt service reserve fund to its qualified charter school debt service reserve fund requirement shall be deposited into the applicable qualified charter school debt service reserve fund.

(c)

Intentionally left blank —Ed.

(I)

Upon the expenditure of moneys from the state charter school debt reserve fund or the state charter school interest savings account of the fund by the state treasurer, the state treasurer may file a lien on behalf of the state on the property securing the bonds for which the qualified charter school debt reserve fund is expended in an amount equal to the amount of moneys expended from the state charter school debt reserve fund or the state charter school interest savings account; except that such lien shall not be on a parity with or superior to any lien then secured by the property, including any lien securing such qualified charter school bonds.

(II)

Any net proceeds from the sale of property securing the bonds for which the qualified charter school debt reserve fund is established shall be used to reimburse the state treasurer for any costs incurred in connection with the sale of such property. The state treasurer shall credit any additional net proceeds from the sale of such property to the state charter school debt reserve fund to restore the fund to a balance of seven million five hundred thousand dollars. The state treasurer shall credit any remaining net proceeds from the sale of such property to the state charter school interest savings account in the state charter school debt reserve fund.

(d)

Upon the expenditure of moneys from the state charter school debt reserve fund or the state charter school interest savings account of the fund by the state treasurer, a qualified charter school shall provide the state treasurer with at least the following information:

(I)

A copy of any official statement or other offering document for the issuance or incurrence of the financial obligation of the qualified charter school;

(II)

A copy of any filings or correspondence with the federal internal revenue service with respect to the issuance or incurrence, including, if applicable, a copy of each form 8038 or form 8038G;

(III)

A copy of the continuing disclosure undertaking; and

(IV)

Any other information that is described in the state public financing policy promulgated pursuant to section 24-36-121 (5), C.R.S., related to the issuance or incurrence.

(2.7)

A qualified charter school that has financed capital construction with qualified charter school bonds shall confirm a stand-alone credit assessment or rating of at least investment grade by a nationally recognized rating agency on its outstanding qualified charter school bonds at the time of the issuance of any new charter school bonds.

(3)

This section shall not be construed to create any debt of the state or any state financial obligation whatsoever within the meaning of any state constitutional provision or to create any state liability whatsoever.

(4)

The general assembly hereby finds and declares that its intent in enacting this section is to support charter schools and charter school capital construction by helping qualified charter schools that choose to have the Colorado educational and cultural facilities authority issue qualified charter school bonds on their behalf obtain more favorable financing terms for the bonds.

Source: Section 22-30.5-408 — Replenishment of qualified charter school debt service reserve funds - additional responsibilities - state treasurer - qualified charter schools - definitions, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-22.­pdf (accessed Oct. 20, 2023).

22‑30.5‑101
Short title 22‑30.5‑102
Legislative declaration 22‑30.5‑103
Definitions 22‑30.5‑104
Charter school - requirements - authority - rules - definitions 22‑30.5‑104.7
Charter school networks - authority - definitions 22‑30.5‑104.9
Charter schools - status as public entities - requirements - charter school boards of directors and school leaders - duties - conflicts - applicable law - definitions 22‑30.5‑105
Charter schools - contract contents - regulations 22‑30.5‑105.3
Charter schools - alternative administrative units - process 22‑30.5‑106
Charter application - contents 22‑30.5‑107
Charter application - process 22‑30.5‑107.3
Optional charter school application timeline for rural school districts 22‑30.5‑107.5
Dispute resolution - governing policy provisions - appeal 22‑30.5‑108
Appeal - standard of review - procedures 22‑30.5‑109
Charter schools - reporting - publicizing - limits on enrollment - moratorium prohibited 22‑30.5‑110
Charter schools - term - renewal of charter - grounds for nonrenewal or revocation 22‑30.5‑110.3
Nonrenewal or revocation - qualified charter school - exceptions 22‑30.5‑110.5
Background investigation - charter school employees - information provided to department - definitions 22‑30.5‑110.7
Fingerprint-based criminal history record checks - charter school employees - procedures - exceptions - definitions 22‑30.5‑111
Charter schools - employee options 22‑30.5‑112
Charter schools - financing - guidelines - definitions 22‑30.5‑112.1
Charter schools - exclusive jurisdiction districts - authorized on or after July 1, 2004 - financing - definitions 22‑30.5‑112.2
Charter schools - at-risk supplemental aid - definitions - legislative declaration 22‑30.5‑112.3
Charter schools - additional aid from district 22‑30.5‑112.5
Charter schools - transportation plans 22‑30.5‑113
State board - department of education - duties - charter schools - evaluation - report 22‑30.5‑115
Construction of article - severability 22‑30.5‑116
Charter schools - school bullying policies required 22‑30.5‑117
Developmental education placement or assessment tests - intervention plans 22‑30.5‑118
Needs-based inclusion of charter schools in school district mill levy elections - eligibility - allocation of additional local revenues - definitions 22‑30.5‑119
Mill levy for charter school operating revenues 22‑30.5‑120
Charter schools - child sexual abuse and assault prevention plan 22‑30.5‑301
Legislative declaration 22‑30.5‑302
Definitions 22‑30.5‑303
Independent charter schools - request for proposals - response contents 22‑30.5‑304
Review committee - membership - recommendations 22‑30.5‑305
Independent charter schools - selection 22‑30.5‑306
Independent charter schools - charter - term 22‑30.5‑307
Independent charter schools - expiration - renewal - conversion 22‑30.5‑308
Independent charter schools - employee options - financing options - guidelines 22‑30.5‑401
Short title 22‑30.5‑402
Legislative declaration 22‑30.5‑403
Definitions 22‑30.5‑404
Needs-based inclusion of charter schools in district bond elections - eligibility - allocation of bond revenues 22‑30.5‑405
Mill levy for charter school capital construction 22‑30.5‑406
Direct payment of charter school bonds by the state treasurer and school districts 22‑30.5‑407
State charter school debt reserve fund - creation - use of fund moneys - legislative declaration 22‑30.5‑408
Replenishment of qualified charter school debt service reserve funds - additional responsibilities - state treasurer - qualified charter schools - definitions 22‑30.5‑409
Annual reports on bonds issued on behalf of charter schools - review by state auditor 22‑30.5‑501
Legislative declaration 22‑30.5‑502
Definitions 22‑30.5‑503
State charter school institute - establishment - rules 22‑30.5‑503.5
School response framework 22‑30.5‑504
Institute chartering authority - institute charter schools - exclusive authority - retention - recovery - revocation 22‑30.5‑505
State charter school institute - institute board - appointment - powers and duties - rules 22‑30.5‑506
State charter school institute fund - created 22‑30.5‑507
Institute charter school - requirements - authority - rules - definitions 22‑30.5‑508
Institute charter schools - contract contents - regulations 22‑30.5‑509
Institute charter school application - contents 22‑30.5‑510
Institute charter school application - process - rule-making 22‑30.5‑511
Institute charter schools - term - renewal of contract - grounds for nonrenewal or revocation - appeal 22‑30.5‑511.3
Nonrenewal or revocation - qualified charter school - exceptions 22‑30.5‑511.5
Background investigation - prohibition against employing persons - institute charter school employees’ information provided to department 22‑30.5‑512
Institute charter schools - employee retirement funds 22‑30.5‑513
Institute charter schools - funding - at-risk supplemental aid - legislative declaration - definitions 22‑30.5‑513.1
Mill levy equalization - fund created - legislative declaration - definitions 22‑30.5‑514
Institute charter school - capital reserve, risk management, and instructional purposes 22‑30.5‑515
Institute charter school - additional aid 22‑30.5‑515.5
Institute charter school assistance fund - created - grants - loans - rules 22‑30.5‑516
Notice of precollegiate admission guidelines - report to Colorado commission on higher education 22‑30.5‑517
Institute charter school nutritional beverage policy 22‑30.5‑518
Institute charter school food allergy and anaphylaxis management policy required 22‑30.5‑519
Institute charter school standardized immunization information policy 22‑30.5‑520
Parent engagement - policy - communications - incentives 22‑30.5‑521
Institute charter schools - school bullying policies required 22‑30.5‑522
Restorative justice practices 22‑30.5‑523
Intervention strategies - students at risk of dropping out 22‑30.5‑524
Institute charter schools - children’s nutrition - no trans fats in school foods - definitions - rules 22‑30.5‑525
Individual career and academic plans 22‑30.5‑526
Developmental education placement or assessment tests - intervention plans 22‑30.5‑526.5
Intervention strategies - improving mathematics outcomes - definitions 22‑30.5‑527
Institute charter schools - child sexual abuse and assault prevention plan 22‑30.5‑528
Institute charter schools - use of restraints on students - certain restraints prohibited - reports and review process - complaints and investigations - rules - definitions 22‑30.5‑529
Contracting for facial recognition service by institute charter schools prohibited - definition - repeal 22‑30.5‑530
Testing for the presence of lead in drinking water in eligible schools - compliance with public health requirements - repeal 22‑30.5‑601
Short title 22‑30.5‑602
Definitions 22‑30.5‑603
Charter school collaborative - creation - public status - structure 22‑30.5‑604
Charter school collaborative - nonexclusive 22‑30.5‑605
Administration fee 22‑30.5‑701
Short title 22‑30.5‑702
Definitions 22‑30.5‑703
Emergency powers - request - orders - process - rules 22‑30.5‑704
Excess benefits - cancellation of contracts - civil action and penalty
Green check means up to date. Up to date

Current through Fall 2024

§ 22-30.5-408’s source at colorado​.gov