C.R.S. Section 23-5-103
Pledge of income


The governing board of any one or more state educational institutions, including but not limited to the state colleges under the control and operation of their respective boards of trustees, that enters into a contract for the advancement of money is authorized, in connection with or as a part of the contract, to pledge the net income derived or to be derived from land or facilities constructed, acquired, and equipped as security for the repayment of the money advanced in the contract, together with interest, and for the establishment and maintenance of reserves in connection with the contract. For the same purpose, any such governing board is also authorized, subject to the limitations specified in section 23-5-119.5 (5), to pledge the net income derived or to be derived from other facilities that are included in a designated enterprise or, if not included, other facilities that are not acquired and not to be acquired with money appropriated to the institution by the state of Colorado, and to pledge the net income, fees, and revenues derived from such sources, if unpledged, or, if pledged, the net income, fees, and revenues currently in excess of the amount required to meet principal, interest, and reserve requirements in connection with outstanding obligations to which the net income, fees, and revenues have been pledged. A governing board of an institution or group of institutions designated as an enterprise pursuant to section 23-5-101.7 that has entered into a contract for the advancement of money on behalf of the institution or group of institutions may pledge up to one hundred percent of tuition revenues of the enterprise, except for general fund money appropriated by the general assembly, and all or a portion of a facility construction fee that may be imposed as security for the repayment of the money advanced pursuant to the contract. The pledge of tuition revenues or the imposition of a facility construction fee includes a process for student input consistent with the institutional plan for student fees adopted by the governing board of the applicable institution pursuant to section 23-5-119.5.


Any advancement of moneys may be evidenced by interim warrants, if necessary, and bonds to be executed by and on behalf of the educational institution receiving the advancement and containing such terms and provisions, including provisions for redemption prior to maturity, as may be determined by the governing board of such institution. Such warrants or bonds may, at the discretion of the governing board, be registerable as to principal or interest, or both, and shall never be sold at less than ninety-five percent of the principal amount thereof and accrued interest thereon to the date of delivery nor at a price which will result in a net effective interest rate which exceeds that specified in the contract for the advancement of moneys. Any of the warrants or bonds of the institution issued pursuant to this article or any other law may be refunded pursuant to article 54 of title 11, C.R.S., if in the judgment of the governing board such refunding is to the best interests of the educational institution. Such refunding obligations may be made payable from any source which may be legally pledged for the payment of the obligations being refunded at the time of the issuance of the obligations so refunded or from any of the sources described in subsection (1) of this section, notwithstanding the pledge for the payment of the outstanding obligations being refunded is thereby modified.


If the pledged net income, fees, and revenues exceed the amount required to meet principal, interest, and reserve requirements in connection with revenue bonds of the institution to which such income has been pledged and exceed the amount necessary for the maintenance and operation of the auxiliary facility plus any amount set aside in a reserve fund for repair and replacement of the facility, the governing board may retain such surplus and utilize the same in such manner as in its judgment is for the best interests of the educational institution; except that, if the governing board uses the surplus moneys on a project expected to be paid from cash funds or other nonstate moneys, the project shall be subject to the provisions of section 23-1-106. Use of such surplus shall be reviewed in advance by representatives of the student government at the institution with which the auxiliary facility is associated.


Anticipation warrants or bonds issued pursuant to this article may be used as security for any depository bond or obligation where any kind of bonds or other securities shall or may by law be deposited as security.

Source: Section 23-5-103 — Pledge of income, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-23.­pdf (accessed Oct. 20, 2023).

Enterprise status of auxiliary facilities - definitions
Enterprise status of institutions of higher education
Funding for auxiliary facilities - institutions of higher education - loans - bonds
Pledge of income
No property lien
Tax exemption
State board for community colleges and occupational education - authority to create financial obligations
Authority of governing boards - general - health-care insurance - contracts of indemnity
Authority of governing boards - student applications - criminal and disciplinary history inquiry - exceptions - definitions
Authority of governing boards - parking
Governing boards authorized to cede jurisdiction for enforcement of traffic laws
Identification - suicide and crisis prevention - rules
Medical personnel
Gifts and bequests to institutions of higher education - venture development investment funds
Collection of loans and outstanding obligations - state educational institutions
Prohibition on withholding transcripts and diplomas - postsecondary institution - remedy - definitions
National direct student loans - authority to separately collect advances
Loans or outstanding obligations offset
Governing boards - authority to provide out-of-state courses
Governing boards - delegation of personnel power
Selective service registration information
Student fees - legislative declaration - definitions - institutional plans - fee information - reporting
Student fees - deposit - interest
Governing boards - authority to establish nonprofit corporations for developing discoveries and technology
Intrainstitutional and intrasystem transfers - course scheduling
Sabbatical leave - policy - production of records - legislative declaration - definition
Student enrollment - prohibition - public peace and order convictions - definitions
Campus sex offender information
Governing boards - anti-terrorism measures
Unique student identifying number - social security number - prohibition
Meningococcal disease - information - immunity - definitions
Governing boards - tuition - fixed rate contract - definitions
Governing boards - travel policies - exemption from state travel rules
Appointments to governing boards - considerations
Governing boards - online textbook program
Loan repayment assistance - legislative declaration - definitions
Textbooks - academic freedom - definitions
Higher education revenue bond intercept program - definitions
Lifesaving school safety information - legislative declaration - definitions
Employee information - student loan repayment and forgiveness programs
Calculation of full-time employment of teachers for purposes of the federal public loan forgiveness program - definitions
Campus police information sharing - legislative declaration - definitions
Institution law enforcement agencies to provide identification cards to retired peace officers upon request - definitions
Sexual assault victim care - memorandum of understanding - training - definitions
Students’ right to speak in a public forum - legislative declaration - violations - court actions - free speech zones - definitions
Credit for military education and training - policy - definition
Credit for work-related experience - plan - report - definitions - repeal
Opportunities for credential attainment - fund - report - definitions - repeal
Funding for nondegree credential programs - duty - policy - appropriation - report - definitions - repeal
Sexual misconduct - policies - confidential resources - training - reports - definitions
Sexual misconduct advisory committee - membership - duties - report - legislative declaration - definitions
Dental therapy training programs - authorization to grant advanced standing - definition
Epinephrine auto-injectors at institutions of higher education - immunity - short title
Green check means up to date. Up to date

Current through Fall 2024

§ 23-5-103’s source at colorado​.gov