C.R.S. Section 23-31-903
Authorization for financed purchase of an asset or certificate of participation agreements


(1)

Intentionally left blank —Ed.

(a)

Subject to the requirements specified in subsection (1)(c) of this section, the state of Colorado, acting by and through the state treasurer, may execute one or more financed purchase of an asset or certificate of participation agreements for up to twenty years of principal and interest payments for the state to finance the construction of facilities for Colorado state university at the national western center and affiliated facilities at the Colorado state university campus. The total amount of the principal component of said financed purchase of an asset or certificate of participation agreement shall not exceed two hundred fifty million dollars, plus reasonable and necessary administrative, monitoring, and closing costs and interest, including capitalized interest.

(b)

Enactment of this part 9 satisfies the requirements of sections 24-82-102 (1)(b) and 24-82-801, which require authorization of a financed purchase of an asset or certificate of participation agreement by a bill other than an annual general appropriation bill or a supplemental appropriation bill.

(c)

The state shall not enter into a financed purchase of an asset or certificate of participation agreement as authorized by this section unless the specific facilities to be financed by the financed purchase of an asset or certificate of participation agreement have been included in the unified, five-year capital improvements report prepared and transmitted by the Colorado commission on higher education pursuant to section 23-1-106, prioritized for funding by the office of state planning and budgeting in its submission to the capital development committee made pursuant to section 24-37-304 (1)(c.3)(I)(C), recommended for funding by the capital development committee pursuant to section 2-3-1305, and included in the governor’s annual executive budget proposed to the general assembly pursuant to section 24-37-301. Prior to closing, the state controller must approve all agreements relating to the financing of the facilities, and the voters of the city and county of Denver must approve an extension of the lodging and car rental taxes or another similar tax.

(2)

Intentionally left blank —Ed.

(a)

A financed purchase of an asset or certificate of participation agreement authorized in subsection (1) of this section must provide that all of the obligations of the state under the agreement are subject to the action of the general assembly in annually making money available for all payments thereunder. Payments under any financed purchase of an asset or certificate of participation agreement shall be made only from such action of the general assembly. No financed purchase of an asset or certificate of participation agreement authorized in subsection (1) of this section creates any liability or indebtedness of Colorado state university. Such an agreement must also provide that the obligations do not create an indebtedness of the state within the meaning of any provision of the state constitution or the laws of the state of Colorado concerning or limiting the creation of indebtedness by the state of Colorado and do not constitute a multiple fiscal-year direct or indirect debt or other financial obligation of the state within the meaning of section 20 (4) of article X of the state constitution. If the state of Colorado does not renew a financed purchase of an asset or certificate of participation agreement authorized in subsection (1) of this section, the sole security available to the seller is the real property that is the subject of the nonrenewed financed purchase of an asset or certificate of participation agreement.

(b)

Intentionally left blank —Ed.

(I)

A financed purchase of an asset or certificate of participation agreement authorized in subsection (1) of this section may contain such terms, provisions, and conditions as the state treasurer may deem appropriate, including all optional terms; except that the financed purchase of an asset or certificate of participation agreement must specifically authorize the state of Colorado to:

(A)

Receive fee title to all real and personal property that is the subject of the financed purchase of an asset or certificate of participation agreement on or prior to the expiration of the terms of the financed purchase of an asset or certificate of participation agreement; and

(B)

Reduce the term of the lease through prepayment of rental and other payments.

(II)

Any title to property received by the state on or prior to the expiration of the terms of the financed purchase of an asset or certificate of participation agreement will be held by the state for the benefit and use of Colorado state university.

(c)

Any financed purchase of an asset or certificate of participation agreement authorized in subsection (1) of this section may provide for the issuance, distribution, and sale of instruments evidencing rights to receive payments made and to be made under the financed purchase of an asset or certificate of participation agreement. The instruments may be issued, distributed, or sold only by the seller or any person designated by the seller and not by the state. The instruments do not create a relationship between the purchasers of the instruments and the state or create any obligation on the part of the state to the purchasers. The instruments are not notes, bonds, or any other evidence of indebtedness of the state within the meaning of any provision of the state constitution or the law of the state concerning or limiting the creation of indebtedness of the state and do not constitute a multiple fiscal-year direct or indirect debt or other financial obligation of the state within the meaning of section 20 (4) of article X of the state constitution.

(d)

Interest paid under a financed purchase of an asset or certificate of participation agreement authorized in subsection (1) of this section, including interest represented by the instruments, is exempt from state tax.

(e)

The state of Colorado, acting through the state treasurer, is authorized to enter into such ancillary agreements and instruments as are deemed necessary or appropriate in connection with the financed purchase of an asset or certificate of participation agreements, including but not limited to ground leases, easements, or other instruments relating to the facilities to be purchased.

(3)

The provisions of section 24-30-202 (5)(b) do not apply to a financed purchase of an asset or certificate of participation agreement authorized in subsection (1) of this section or to any ancillary agreement entered into pursuant to subsection (2)(e) of this section. The state controller or his or her designee may waive any provision of the fiscal rules promulgated pursuant to section 24-30-202 (1) and (13) that the state controller deems to be incompatible or inapplicable with respect to such a financed purchase of an asset or certificate of participation agreement or ancillary agreement.

Source: Section 23-31-903 — Authorization for financed purchase of an asset or certificate of participation agreements, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-23.­pdf (accessed Oct. 20, 2023).

23‑31‑101
University established - role and mission
23‑31‑102
Name changed
23‑31‑103
Board to control college and lands
23‑31‑104
Who shall constitute faculty
23‑31‑105
Duty of faculty
23‑31‑106
President - duties
23‑31‑107
President may remove officers
23‑31‑108
President may be professor
23‑31‑109
Report of experimental operations
23‑31‑110
Pledge of income from facilities or equipment
23‑31‑111
Rents or charges for buildings and facilities for research
23‑31‑112
Research building revolving fund - appropriation of fund
23‑31‑113
Anticipation warrants
23‑31‑114
Purchase of anticipation warrants
23‑31‑115
Warrants as security - when
23‑31‑116
Tax exemption
23‑31‑117
Borrowing funds
23‑31‑118
Advancement of moneys and pledge of income
23‑31‑119
Plant breeding programs
23‑31‑120
Cooperation with other agencies
23‑31‑121
Providing personnel, supplies
23‑31‑122
Agricultural extension service furnished counties
23‑31‑201
Transfer to board of governors of the Colorado state university system - exceptions
23‑31‑202
Powers and duties of board of governors of the Colorado state university system
23‑31‑205
Provisions of act of congress accepted
23‑31‑206
Cooperative agreements
23‑31‑207
Employees and personnel
23‑31‑208
Rights by succession to state board of land commissioners - transfers to division of fire prevention and control
23‑31‑301
Legislative declaration
23‑31‑302
Forestry function named
23‑31‑303
Funds available
23‑31‑310
Forest restoration and wildfire risk mitigation grant program - technical advisory panel - legislative declaration - definitions - repeal
23‑31‑311
Watershed protection projects and forest health projects
23‑31‑312
Community wildfire protection plans - biomass utilization plans - county governments - guidelines and criteria - legislative declaration - definitions
23‑31‑313
Healthy forests - vibrant communities - funds created - outreach working group - legislative declaration - definition - repeal
23‑31‑316
Colorado forest health council - legislative declaration - repeal
23‑31‑317
Biomass utilization study - legislative declaration - report - definitions - repeal
23‑31‑318
Wildfire mitigation incentives for local governments - grant awards - fund - reporting - definitions - repeal
23‑31‑319
Forest service seedling tree nursery - necessary upgrades and improvements - definition - funding - reports - repeal
23‑31‑320
Timber, forest health, and wildfire mitigation industries workforce development program - creation - policies and procedures - legislative declaration - definitions
23‑31‑401
Definitions
23‑31‑402
Owner’s permission required - when
23‑31‑403
Proof of ownership required - when
23‑31‑404
Violation - penalty - defense
23‑31‑501
Acceptance of congressional grant of 1862
23‑31‑502
Board of governors of the Colorado state university system to control fund
23‑31‑503
Acceptance of congressional act of 1883
23‑31‑504
Control, investment, and expending of funds
23‑31‑505
Other funds - investment
23‑31‑506
Report on condition - appropriation
23‑31‑507
Management of funds
23‑31‑508
Purpose of sections
23‑31‑509
Acceptance of congressional act of 1928
23‑31‑510
Control of funds
23‑31‑511
Congressional act of 1914 accepted
23‑31‑512
Board to receive and expend funds
23‑31‑513
Acceptance of congressional act of 1935
23‑31‑514
Control of funds from 1935 act
23‑31‑601
Acceptance of congressional act of 1862
23‑31‑602
Control of fund
23‑31‑603
Acceptance of congressional act of 1906
23‑31‑604
Board to control fund
23‑31‑605
Board to cooperate with counties
23‑31‑606
Employees and specialists
23‑31‑607
Stations established
23‑31‑608
Board to secure lands
23‑31‑609
Board to supervise
23‑31‑610
Objects of stations
23‑31‑611
Proceeds from station
23‑31‑612
Expenses - how paid
23‑31‑701
Short title
23‑31‑702
Acknowledgment of related federal laws
23‑31‑703
Responsibility and objectives
23‑31‑704
Organization - cooperative relationships
23‑31‑705
Authority to accomplish purposes of part
23‑31‑706
Reporting and accountability
23‑31‑707
Colorado AgrAbility project - extension program - creation - appropriation - legislative declaration
23‑31‑801
Colorado water institute - creation
23‑31‑802
Advisory committee on water research policy
23‑31‑803
Water research fund
23‑31‑804
Republican river groundwater economic study - reporting - legislative declaration - definitions - repeal
23‑31‑901
Legislative declaration
23‑31‑902
Annual project report - national western center trust fund - creation - use
23‑31‑903
Authorization for financed purchase of an asset or certificate of participation agreements
23‑31‑904
Cooperative agreements for regional economic development not limited
23‑31‑905
National western center partnership - open meetings and open records laws apply - audit
23‑31‑1001
Legislative declaration
23‑31‑1002
Definitions
23‑31‑1003
State veterinary education loan repayment council - creation - membership
23‑31‑1004
State veterinary education loan repayment program - creation - purpose
23‑31‑1005
Council powers and duties
23‑31‑1006
Program applicant eligibility - criteria
23‑31‑1007
Designated veterinary shortage areas - criteria
23‑31‑1008
Release from contract obligation
23‑31‑1009
Loan repayment
23‑31‑1010
Veterinary education loan repayment fund - creation - gifts, grants, and donations
23‑31‑1101
Legislative declaration
23‑31‑1102
Colorado food systems advisory council - created - membership - terms - vacancies
23‑31‑1103
Council - purpose and duties
23‑31‑1104
Subcommittees of the council
23‑31‑1105
Fund - acceptance of gifts, grants, or donations
23‑31‑1106
Reports - recommendations
23‑31‑1107
Repeal of part
Green check means up to date. Up to date

Current through Fall 2024

§ 23-31-903’s source at colorado​.gov