C.R.S. Section 24-38.5-105
Clean energy improvement debt reserve fund

  • authorization
  • use

(1)

Intentionally left blank —Ed.

(a)

The clean energy improvement debt reserve fund is hereby created in the state treasury. The principal of the fund shall consist of up to ten million dollars of legally available moneys from nonstate sources under the control of the Colorado energy office, which the state treasurer shall promptly credit to the fund if instructed in writing to do so by the director of the Colorado energy office, and any fees paid to the state treasurer in accordance with subparagraph (II) of paragraph (b) of this subsection (1). All interest and income derived from the deposit and investment of moneys in the fund shall be credited to the fund, and all unexpended and unencumbered moneys in the fund at the end of any fiscal year shall remain in the fund. The fund is hereby continuously appropriated to the state treasurer, who may expend moneys from the fund solely for the purposes of paying principal and interest on bonds issued by a local improvement district or other special district as specified in paragraph (c) of this subsection (1) and defraying any direct and indirect costs incurred by the state treasurer in executing duties required by this section.

(b)

Intentionally left blank —Ed.

(I)

If the Colorado energy office instructs the state treasurer to credit moneys from nonstate sources to the clean energy improvement debt reserve fund, with prior written authorization from the director of the Colorado energy office and the state treasurer and after agreeing to pay fees to be credited to the fund to the state treasurer as specified in subparagraph (II) of this paragraph (b), a local improvement district or other special district that imposes special assessments on real property and issues bonds payable from the revenues generated by the special assessments to generate the moneys needed to pay the up-front costs of making renewable energy improvements or clean energy improvements as authorized by part 6 of article 20 of title 30, C.R.S., or any other provision of law may rely on the clean energy improvement debt reserve fund as a backup source of moneys that may be used, after the depletion of any district debt service reserve fund, for the payment of principal and interest owed to holders of the district’s bonds.

(II)

A local improvement district or other district that issues bonds and that wishes to rely on the clean energy improvement debt reserve fund as a backup source of moneys for the payment of principal and interest owed to holders of the bonds shall enter into a written agreement with the Colorado energy office to pay to the state treasurer for crediting to the fund such fees for the privilege of relying on the fund as the Colorado energy office may require. Fees to be paid by a district as required by the Colorado energy office shall be deemed to be a portion of the amount of the interest rate savings resulting from more favorable financing terms attributable to the reliance upon the fund. The Colorado energy office may, in its discretion, require that fees be paid on an annual basis, commencing and calculated on the date of issuance of the bonds and on each one-year anniversary of the issuance of the bonds thereafter while the bonds remain outstanding, in an amount equal to a number of basis points of the principal amount of the bonds outstanding as of each calculation date agreed upon by the office and the district.

(c)

Whenever the paying agent responsible for making payments to the holders of any bonds issued by a district that has relied upon the clean energy improvement debt reserve fund as a backup source of repayment for the district’s bonds has not received payment of principal or interest on the bonds on the tenth business day immediately prior to the date on which such payment is due and any debt service reserve fund for the local improvement district or other special district that issued the bonds has been depleted, the paying agent shall so notify the state treasurer and the district by telephone, facsimile, or other similar communication, followed by written verification, of such payment status. The state treasurer shall immediately contact the district and determine whether the district will make the payment by the date on which it is due and, if the state treasurer confirms that the district will not make the payment, the state treasurer shall expend moneys from the clean energy improvement debt reserve fund to make the payment in a timely manner. If the amount of moneys in the clean energy improvement debt reserve fund is not sufficient to cover the entire amount of the payment, the state treasurer shall pay only so much of the payment as can be paid from available moneys in the fund. If payments on more than one series of bonds issued in reliance upon the clean energy improvement debt reserve fund as a backup source of moneys for repayment are required to be made from the fund at the same time and the amount of moneys in the fund is not sufficient to cover the entire amount of the payments, the state treasurer shall pay from available moneys in the fund only an equal percentage of the amount of each payment due.

(2)

This section shall not be construed to create any state debt, to require the state to make any bond payments on behalf of any local improvement district or other special district from any source of moneys other than the clean energy improvement debt reserve fund, or to require the state to fully pay off any outstanding bonds of a district that cannot make scheduled bond payments.

(3)

In accordance with section 11 of article II of the state constitution, the state hereby covenants with the purchasers of any outstanding bonds issued in reliance upon the existence of the clean energy improvement debt reserve fund that the state will not repeal, revoke, or rescind the provisions of this section concerning the fund or modify or rescind the same so as to limit or impair the rights and remedies granted by this section to the purchasers of such bonds and that any moneys in the fund shall not revert to the general fund.

Source: Section 24-38.5-105 — Clean energy improvement debt reserve fund - authorization - use, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-24.­pdf (accessed Oct. 20, 2023).

24‑38.5‑101
Colorado energy office - creation 24‑38.5‑102
Colorado energy office - duties and powers - definitions 24‑38.5‑102.4
Energy fund - creation - use of fund - definitions - report - repeal 24‑38.5‑102.5
Innovative energy fund - creation - use of fund - definitions - repeal 24‑38.5‑102.6
Climate change mitigation and adaptation fund - creation - use 24‑38.5‑102.7
Colorado energy saving mortgage program - definitions 24‑38.5‑103
Electric vehicle grant fund - creation - administration - legislative declaration 24‑38.5‑105
Clean energy improvement debt reserve fund - authorization - use 24‑38.5‑106
Financing of capital projects to make state government more energy efficient - financed purchase of asset agreements - legislative declaration - definition 24‑38.5‑107
Colorado energy office - subject to audit 24‑38.5‑108
State agency coordination of review of federal license and license exemption applications for hydroelectric energy projects - legislative declaration - definitions - guidelines 24‑38.5‑109
Aggregation of efficiency or renewable energy projects in small or rural schools and small or rural communities in order to attract private sector investment through performance contracting - legislative declaration - definitions 24‑38.5‑110
Electric vehicle plan and greenhouse gas pollution reduction roadmap - annual progress reports 24‑38.5‑111
Social cost of greenhouse gas pollution - estimate methodology 24‑38.5‑112
Building performance program - duties of the office - county assessor records database - fees - definitions 24‑38.5‑113
Grid resilience and reliability roadmap - microgrid development - stakeholder input - definitions - reporting 24‑38.5‑114
Ozone season transit grant program - fund - creation - policies - report - definitions - repeal 24‑38.5‑115
Sustainable rebuilding program - fund - creation - policies - report - definitions 24‑38.5‑116
Industrial and manufacturing operations clean air grant program - creation - eligibility - fund created - gifts, grants, or donations - transfer - legislative declaration - definitions - reporting - repeal 24‑38.5‑117
Cannabis resource optimization cash fund - creation - gifts, grants, or donations 24‑38.5‑118
Geothermal energy grant program - creation - procedures - fund - report - definitions - legislative declaration - repeal 24‑38.5‑119
Streamlined solar permitting and inspection grant program - creation - eligibility - fund created - gifts, grants, or donations - reporting - legislative declaration - definitions - repeal 24‑38.5‑120
Decarbonization tax credits administration cash fund - definitions - repeal 24‑38.5‑121
Assessment of advanced energy solutions in rural Colorado - northwestern and west end of Montrose county Colorado study - southeastern Colorado study - report - legislative declaration - definitions - repeal 24‑38.5‑122
Carbon management roadmap - creation - requirements - report - definitions - repeal 24‑38.5‑301
Legislative declaration 24‑38.5‑302
Definitions 24‑38.5‑303
Community access enterprise - creation - board - powers and duties - fund - fee - transparency and reporting 24‑38.5‑401
Energy code board - appointment - creation - duties - definitions - repeal 24‑38.5‑402
Model green energy code 24‑38.5‑403
Energy code training - energy code adoption - grant writing assistance 24‑38.5‑404
Building electrification for public buildings grant program - creation - report - legislative declaration 24‑38.5‑405
High-efficiency electric heating and appliances grant program - creation - report - legislative declaration - repeal 24‑38.5‑406
Clean air building investments fund - creation - use of fund 24‑38.5‑501
Legislative declaration 24‑38.5‑502
Definitions 24‑38.5‑503
Community access to electric bicycles grant program - creation - eligibility 24‑38.5‑504
Community access to electric bicycles rebate program - eligibility - reimbursement 24‑38.5‑505
Reporting 24‑38.5‑506
Community access to electric bicycles cash fund - creation - gifts, grants, or donations - transfer 24‑38.5‑507
Repeal of part
Green check means up to date. Up to date

Current through Fall 2024

§ 24-38.5-105’s source at colorado​.gov