C.R.S. Section 22-32-127
Leases or installment purchases for periods exceeding one year


(1)

Intentionally left blank —Ed.

(a)

Whenever the term of an installment purchase agreement or a lease agreement with an option to purchase, including but not limited to any sublease-purchase agreement entered into by a school district pursuant to section 22-43.7-110 (2)(c), under which a school district becomes entitled to the use of undeveloped or improved real property or equipment for a school site, building, or structure is greater than one year, the obligation to make payments under the agreement shall constitute an indebtedness of the district.

(b)

Under any installment purchase agreement or under any lease or rental agreement, with or without the option to purchase, or similar agreement pursuant to which the subject real or personal property is used by the school district for school district purposes, title shall be considered to have passed to the school district at the time of execution of the agreement for purposes of determining liability for or exemption from property taxation.

(2)

No board of education shall enter into an installment purchase agreement of the type which constitutes an indebtedness unless such agreement shall be first approved as provided in this section by a majority of the registered electors of the district voting at an election held pursuant to this section. The board of education may submit to the registered electors of the district the question of entering into such an agreement at any general election, regular biennial school election, or special election called for the purpose. The secretary of the board of education shall give notice of an election to be held pursuant to this section in essentially the same manner and for the same length of time as is required by law for a notice of election of school directors. Such notice shall contain, to the extent applicable, the information required for a notice of election of school directors and in addition shall contain a statement of the maximum term of the proposed agreement, the maximum and periodic amounts of payments for which the district would be obligated, and the purpose of the agreement.

(3)

The manner and place of conducting elections held pursuant to this section, and all other election procedures relating thereto, shall be as provided by law for the approval of contracting a bonded indebtedness of the district.

(4)

The principal amount of any indebtedness incurred by a school district by means of installment purchase, financed purchase of an asset, or certificate of participation, or sub-financed purchase of an asset or certificate of participation agreements having terms of more than one year shall be subject to the limitation imposed by law on the amount of bonded indebtedness that may be incurred by a school district.

(5)

The question of entering into an agreement of the type which constitutes an indebtedness of the district beyond a term of one year may be submitted or resubmitted after the same or any other such question has previously been rejected at an election held pursuant to this section; but no such question shall be submitted or resubmitted at any election held less than one hundred twenty days after a previous submission of such question, and the board of education of any school district shall not submit any question of entering into such an agreement at more than two elections within any twelve-month period.

(6)

The provisions of this section shall have no application to any installment purchase agreement or lease agreement with option to purchase, even though the term thereof may be greater than one year, where the school district’s obligation to make payments under such installment purchase agreement or lease agreement with option to purchase is limited to its capital reserve fund, its general fund, or both and is expressly subject to the making of annual appropriations therefor in accordance with law.

(7)

The provisions of this section shall have no application to any installment purchase agreement or lease agreement with an option to purchase in which such payments are made from the capital reserve fund following approval in an election as provided for in section 22-45-103 (1)(c).

Source: Section 22-32-127 — Leases or installment purchases for periods exceeding one year, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-22.­pdf (accessed Oct. 20, 2023).

22‑32‑101
Corporate status of school districts
22‑32‑102
Corporate status - when questioned
22‑32‑103
Board of education - general powers and duties
22‑32‑104
Organization of board of education - definition
22‑32‑105
Duties - president and vice-president
22‑32‑106
Duties - secretary
22‑32‑107
Duties - treasurer
22‑32‑108
Meetings of the board of education - legislative intent
22‑32‑108.5
Board of education - distribution of additional mill levy revenue - definitions - legislative declaration
22‑32‑109
Board of education - specific duties - definitions
22‑32‑109.1
Board of education - specific powers and duties - safe school plan - conduct and discipline code - safe school reporting requirements - school response framework - school resource officers - definitions
22‑32‑109.2
Board of education - specific duties - adoption of policy
22‑32‑109.3
Board of education - specific duties - student records
22‑32‑109.4
Colorado School Collective Bargaining Agreement Sunshine Act - board of education - specific duties
22‑32‑109.5
Board of education - specific duties - testing requirements - developmental education placement or assessment tests - intervention plans
22‑32‑109.6
Board of education - specific duties - class size reduction plans - alternative student achievement plans - definitions
22‑32‑109.7
Board of education - specific duties - employment of personnel - definitions
22‑32‑109.8
Applicants selected for nonlicensed positions - submittal of form and fingerprints - prohibition against employing persons - department database
22‑32‑109.9
Licensed personnel - submittal of fingerprints
22‑32‑110
Board of education - specific powers - definitions
22‑32‑110.6
Board of education - specific powers - “No Child Left Behind Act of 2001”
22‑32‑110.7
Board of education - specific powers - drug testing
22‑32‑111
Power of eminent domain
22‑32‑112
Oil and gas leases
22‑32‑113
Transportation of pupils - when
22‑32‑114
Transportation by parents of own children
22‑32‑115
Tuition for resident school-age children
22‑32‑116
Exclusion of nonresidents - exception
22‑32‑116.5
Extracurricular and interscholastic activities - definitions
22‑32‑117
Miscellaneous fees
22‑32‑118
Summer schools - continuation, evening, and community education programs
22‑32‑118.5
Intervention strategies - students at risk of dropping out - legislative declaration
22‑32‑118.6
Intervention strategies - improving mathematics outcomes - definitions
22‑32‑119
Kindergartens - definition
22‑32‑119.5
Full-day kindergarten - phase-in plan - report - legislative declaration
22‑32‑120
Food services - facilities - school food authorities - rules
22‑32‑121
Facsimile signature
22‑32‑122
Contract services, equipment, and supplies
22‑32‑123
Penalty
22‑32‑124
Building codes - zoning - planning - fees - rules - definitions
22‑32‑124.3
Energy-efficient design of school buildings and structures required - definitions
22‑32‑126
Principals - employment and authority
22‑32‑127
Leases or installment purchases for periods exceeding one year
22‑32‑128
Use of school vehicles by residents of district
22‑32‑131
Voter approval of repayment of loans for capital improvements made to a growth district
22‑32‑132
Diplomas - veterans
22‑32‑133
American sign language
22‑32‑133.5
Computer science courses - legislative declaration
22‑32‑134.5
Healthy beverages policy required
22‑32‑135
Financial literacy curriculum - definition
22‑32‑136
Children’s nutrition - healthful alternatives - information - facilities - local wellness policy - competitive foods
22‑32‑136.3
Children’s nutrition - no trans fats in school foods - definitions - rules
22‑32‑136.5
Children’s wellness - physical activity requirement - legislative declaration
22‑32‑137
Community service and service-learning
22‑32‑138
Out-of-home placement students - school stability, transfer, and enrollment procedures - absences - exemptions - provision of academic supports - report - definitions
22‑32‑138.5
Educational stability grant program - application - grants - fund created - rules - report - definition
22‑32‑139
Food allergies and anaphylaxis policy required
22‑32‑140
Standardized immunization policy required
22‑32‑141
Student awaiting trial as adult - educational services - definitions
22‑32‑142
Parent engagement - policy - communications - incentives
22‑32‑143
Local fiscal impact summaries
22‑32‑144
Restorative justice practices - legislative declaration
22‑32‑145
Native American language and culture instruction - general credit
22‑32‑146
School use of on-site peace officers as school resource officers
22‑32‑147
Use of restraints on students - certain restraints prohibited - reports and review process - rules - definitions
22‑32‑148
Food donations to nonprofit organizations encouraged
22‑32‑149
District scholarship programs - authorized
22‑32‑150
Contracting for facial recognition service by schools prohibited - definition - repeal
22‑32‑151
Testing for the presence of lead in drinking water in eligible schools - compliance with public health requirements - repeal
Green check means up to date. Up to date

Current through Fall 2024

§ 22-32-127’s source at colorado​.gov