C.R.S. Section 24-82-801
Financed purchase of an asset or certification of participation agreements for acquisition of real or personal property

  • definition

(1)(a)(I) Except as provided in subsection (6) of this section, and subject to the requirement set forth in subsection (1)(a)(II) of this section, no financed purchase of an asset or certificate of participation agreement for real property that requires total payments exceeding five hundred thousand dollars over the term of the agreement shall be entered into unless such agreement is specifically authorized, prior to its execution, by a bill enacted by the general assembly, other than the annual general appropriation act or a supplemental appropriation act.

(II)

Intentionally left blank —Ed.

(A)

Each bill enacted by the general assembly on or after August 8, 2018, as required in subsection (1)(a)(I) of this section, must include a requirement that the state agency or state institution of higher education entering into the financed purchase of an asset or certificate of participation agreement present a plan to the capital development committee, no later than the December of the fourteenth calendar year or the January of the fifteenth calendar year after either the date of the substantial completion of the construction or after the date of acquisition, that details how the state agency or state institution of higher education is prepared to fund the controlled maintenance needs of the real property so that at least an amount equal to an estimation of the sum of one percent of the insured value of the real property for each year starting with the sixteenth year after either the date of the substantial completion of the construction or after the date of acquisition is available for a total period of twenty-five years for the real property’s controlled maintenance needs. The plan presented by the state agency or state institution of higher education may include a request for an additional financed purchase of an asset or certificate of participation agreement for such controlled maintenance needs or may include a request for partial or complete state funding of such controlled maintenance needs. The capital development committee shall review the plan presented by the state agency or state institution of higher education. Any approved plan shall be authorized by bill enacted by the general assembly, other than the annual general appropriation act or a supplemental appropriation act; except that, if the approved plan is for a state institution of higher education to fund such controlled maintenance needs from cash funds then the plan may be approved by majority vote of the capital development committee.

(B)

For purposes of this section, “controlled maintenance” has the same meaning as set forth in section 24-30-1301 (4); except that it may include any maintenance needs that would ordinarily be funded in a state agency’s or state institution of higher education’s operating budget. Also for purposes of this section, “insured value” means the insured value of the real property as determined through the risk management program established in part 15 of article 30 of this title 24.

(b)

Except as provided in subsection (6) of this section, no financed purchase of an asset or certificate of participation agreement for personal property that requires total payments exceeding five hundred thousand dollars over the term of the agreement shall be entered into unless such agreement is specifically authorized, prior to its execution, by a bill enacted by the general assembly, other than the annual general appropriation act or a supplemental appropriation act, or specifically authorized by appropriation in the annual general appropriation act or a supplemental appropriation act.

(c)

Subsequent to the general assembly’s authorization of a financed purchase of an asset or certificate of participation agreement as specified in subsections (1)(a) and (1)(b) of this section, rentals and other payments by the state under any such financed purchase of an asset or certificate of participation agreement may be made from money appropriated by the general assembly as a separate line item in the capital construction or operating section of an annual general appropriation act or a supplemental appropriation act.

(2)

Except as provided in subsection (6) of this section, financed purchase of an asset or certificate of participation agreements that require total payments of five hundred thousand dollars or less over the term of the agreement shall require an appropriation by the general assembly in an annual general appropriation act or a supplemental appropriation act.

(3)

A financed purchase of an asset or certificate of participation agreement that requires total payments in excess of five hundred thousand dollars over the term of the agreement shall require, prior to its execution, approval by the state controller as authorized by section 24-30-202.

(4)

As used in this section:

(a)

“Certificate of participation agreement” means any certificate evidencing a participation right of a proportionate interest in any financing agreement or the right to receive proportionate payments from the state or an agency due under any financing agreement.

(b)

“Financed purchase of an asset agreement” means a financing agreement that includes the purchase of an asset.

(5)

A financed purchase of an asset or certificate of participation agreement may further provide for the issuance, distribution, and sale of instruments evidencing rights to receive rentals and other payments made by the state, but only if the financed purchase of an asset or certificate of participation agreement includes a provision that payments made by the state are subject to annual appropriation. A financed purchase of an asset or certificate of participation agreement shall not include notes, bonds, or any other evidence of indebtedness of the state within the meaning of any provision of the constitution or laws of the state of Colorado concerning or limiting the creation of indebtedness by the state.

(6)

Intentionally left blank —Ed.

(a)

Notwithstanding any provision of this section to the contrary, the department of transportation, institutions of higher education, the Auraria higher education center established in article 70 of title 23, and the state treasurer may enter into financed purchase of an asset or certificate of participation agreements if the state controller as authorized by section 24-30-202 approves each financed purchase of an asset or certificate of participation agreement that requires total payments in excess of five hundred thousand dollars over the term of the agreement or as otherwise provided by law.

(b)

Notwithstanding any provision of this section to the contrary, the legislative department may enter into financed purchase of an asset or certificate of participation agreements pursuant to section 2-2-320.

(7)

Nothing in this section shall be construed to impair any contract or instrument in existence on July 1, 2009, if the contract was validly entered into or the instrument was validly issued under the law in effect at the time of entering into said contract or issuing said instrument.

(8)

All financed purchase of an asset or certificate of participation agreements described in section 24-48.5-312 (3)(a)(II) shall include the terms specified in said section.

Source: Section 24-82-801 — Financed purchase of an asset or certification of participation agreements for acquisition of real or personal property - definition, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-24.­pdf (accessed Oct. 20, 2023).

24‑82‑101
Control of legislative space in the capitol, the legislative services building, and the state office building at 1525 Sherman street - responsibility of department of personnel for supervision of maintenance in capitol buildings group - exception - capitol complex master plan
24‑82‑102
State authorized to acquire property - disposition
24‑82‑102.5
Unused state-owned real property - cash fund - legislative declaration - definitions - repeal
24‑82‑103
Off-street parking - financing
24‑82‑104
Capitol thoroughfares - city and county of Denver regulation
24‑82‑105
Security for state capitol buildings group - jurisdiction of law enforcement personnel on state property
24‑82‑106
Acceptance - governor’s approval
24‑82‑107
Transfer of employees and property
24‑82‑108
State capitol building advisory committee - creation - repeal
24‑82‑109
State capitol building renovation fund
24‑82‑201
Power to grant - utilities - public streets and highways
24‑82‑202
Approval
24‑82‑203
Terms - limitations - moneys
24‑82‑204
Part 2 supplementary
24‑82‑301
Contract of purchase authorized
24‑82‑302
Acquisition and conveyance
24‑82‑401
State agency for surplus property
24‑82‑402
Director - staff
24‑82‑403
State agency - powers and duties
24‑82‑404
Delegation of power
24‑82‑405
Transfer charges
24‑82‑406
Authority to secure surplus property - revocation
24‑82‑407
Funds transferred
24‑82‑408
Purchases - how made
24‑82‑409
Revolving fund
24‑82‑501
Short title
24‑82‑502
Legislative declaration
24‑82‑503
Conveyance of state lands authorized - description
24‑82‑504
Siting of institute
24‑82‑601
Definitions
24‑82‑602
Required energy performance goal
24‑82‑701
Definitions
24‑82‑702
Financed purchase of an asset or certificate of participation agreements
24‑82‑703
Seller
24‑82‑704
Payment obligations subject to annual appropriation by the general assembly
24‑82‑705
Terms and conditions of financed purchase of an asset or certificate of participation agreements
24‑82‑706
Subsequent payments
24‑82‑707
Ancillary agreements
24‑82‑708
Fiscal rules inapplicable - independent powers
24‑82‑709
Participation by institutions of postsecondary education
24‑82‑801
Financed purchase of an asset or certification of participation agreements for acquisition of real or personal property - definition
24‑82‑802
Financed purchase of an asset or certificate of participation agreements for real property - definitions - financed purchase of an asset or certificate of participation rental cash fund
24‑82‑803
Financed purchase of an asset or certificate of participation agreements for certain capital construction projects - legislative declaration
24‑82‑901
Definitions
24‑82‑902
Outdoor lighting fixtures funded by the state - standards
24‑82‑1001
Legislative declaration - exclusion of proceeds of leveraged leasing agreements from fiscal year spending - voter approval not required
24‑82‑1002
Definitions
24‑82‑1003
Leveraged leasing
24‑82‑1004
Leased assets not subject to taxation
24‑82‑1005
Liability not created by leveraged leasing agreement - indemnification agreements
24‑82‑1201
Definitions
24‑82‑1202
Leases of buildings
24‑82‑1203
Payment obligations subject to annual appropriation by the general assembly
24‑82‑1204
Terms and conditions of lease agreements
24‑82‑1205
Ancillary agreements
24‑82‑1206
Fiscal rules inapplicable - independent powers
24‑82‑1207
Inapplicability of part 7
24‑82‑1301
Legislative declaration
24‑82‑1302
Definitions
24‑82‑1303
Financed purchase of an asset or certificate of participation agreements for capital construction and transportation projects
Green check means up to date. Up to date

Current through Fall 2024

§ 24-82-801’s source at colorado​.gov