C.R.S. Section 32-9-128.5
Private activity and exempt facility bonds

(1)

In order to maximize public and private participation in federal funding opportunities and opportunities for transportation infrastructure development, the district, in addition to the other powers granted by this article, shall have the following powers:

(a)

Subject to the requirements specified in subsection (2) of this section, to issue private activity or exempt facility bonds as authorized by federal law; and

(b)

To enter into agreements with private businesses under which:

(I)

The district agrees to loan to a private business the net proceeds of private activity or exempt facility bonds issued so that the private business can finance all or a portion of a mass transportation system project that is owned by, leased from the district by, or operated by the private business; and

(II)

The private business agrees that it has the sole responsibility to pay, either directly or indirectly through the district or a bond trustee, all financial obligations owed to bond holders and that it shall provide and maintain any reserve deemed necessary by the district to ensure that the financial obligations are paid.

(2)

The private activity or exempt facility bonds issued by the district as authorized by paragraph (a) of subsection (1) of this section shall specify that bond holders may not look to any revenues of the district for repayment of the bonds. The bonds shall further specify that the only sources of repayment for the bonds are revenues provided by the private business, property of the private business, or credit enhancement obtained by the private business that may be pledged to the payment of the bonds. Because private activity or exempt facility bonds are payable only from said sources, such bonds shall not be deemed to create district indebtedness or a multiple-fiscal year obligation within the meaning of any provision of the state constitution or the laws of this state, and the district may issue such bonds without voter approval.

(3)

Notwithstanding any other provision of law, the state or any state agency, county, municipality, or other municipal or quasi-municipal corporation or political subdivision may, in connection with a mass transportation system project financed by private activity or exempt facility bonds issued by the district, lend or grant money or any other form of real, personal, or mixed property directly to a private business developing or operating the project or indirectly to such a private business through the district and may enter into contracts to make such loans and grants, all upon terms and conditions the district or private business and the state, state agency, county, municipality, or municipal or quasi-municipal corporation or political subdivision may agree upon. If a loan or grant is paid indirectly to a private business through the district, the district shall forward the loan or grant to the private business immediately, and the loan or grant shall not be deemed to be revenues of the district.

(4)

The provision of mass transportation services by private operators under contract to and operating within the district is not subject to regulation by the public utilities commission of the state of Colorado created in section 40-2-101 (1), C.R.S.

Source: Section 32-9-128.5 — Private activity and exempt facility bonds, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-32.­pdf (accessed Oct. 20, 2023).

32‑9‑101
Short title 32‑9‑102
Legislative declaration 32‑9‑103
Definitions 32‑9‑104
Liberal construction 32‑9‑105
Creation of district 32‑9‑106.1
District area 32‑9‑106.6
Additional district areas as a result of annexation 32‑9‑106.7
Additional district area - petition or election - required filings - definitions 32‑9‑106.8
Additional district areas - annexation of unincorporated territory that is entirely surrounded by the district 32‑9‑106.9
District area - town of Castle Rock in Douglas county 32‑9‑107
Mass transportation system 32‑9‑107.5
Regional fixed guideway mass transit system - authorization 32‑9‑107.7
Regional fixed guideway mass transit systems - construction - authorization 32‑9‑109.5
Board of directors - membership - powers 32‑9‑111
Election of directors - dates - terms 32‑9‑112
Vacancies - appointments - recall 32‑9‑113
Fidelity bonds 32‑9‑114
Board’s administrative powers 32‑9‑115
Records of board - audits 32‑9‑116
Meetings of board 32‑9‑117
Compensation of directors 32‑9‑118
Conflicts in interest prohibited 32‑9‑119
Additional powers of district 32‑9‑119.1
Transportation expansion plan - utility relocation - legislative declaration - definitions 32‑9‑119.3
Elections for sales tax rate increase 32‑9‑119.4
Election for a sales tax rate increase - petition requirement 32‑9‑119.5
Competition to provide vehicular service within the regional transportation district - definition 32‑9‑119.7
Cost efficiency of transit services - reporting - plans 32‑9‑119.8
Provision of retail and commercial goods and services at district transfer facilities - residential and other uses at district transfer facilities permitted - definitions 32‑9‑119.9
Limited authority to charge fees for parking - reserved parking spaces - penalties - definitions 32‑9‑120
Levy of taxes - limitations 32‑9‑121
Levies to cover deficiencies 32‑9‑122
Levying and collecting taxes - lien 32‑9‑123
Delinquent taxes 32‑9‑123.5
Prohibition on borrowing by district 32‑9‑124
Forms of borrowing 32‑9‑125
Issuance of notes 32‑9‑126
Issuance of warrants 32‑9‑127
Maturities of notes and warrants 32‑9‑128
Incurrence of special obligations 32‑9‑128.5
Private activity and exempt facility bonds 32‑9‑129
Issuance of temporary bonds 32‑9‑130
Issuance of interim notes 32‑9‑131
Pledge of proceeds of sales taxes and revenues 32‑9‑132
Ranking among different issues 32‑9‑133
Ranking in same issue 32‑9‑134
Payment recital in securities 32‑9‑135
Incontestable recital in securities 32‑9‑136
Limitation upon payment 32‑9‑137
Security details 32‑9‑138
Negotiability 32‑9‑139
Single bonds 32‑9‑140
Sale of securities 32‑9‑141
Application of proceeds 32‑9‑142
Use of unexpended proceeds 32‑9‑143
Covenants in security proceedings 32‑9‑144
Remedies of security holders 32‑9‑145
Limitations upon liabilities 32‑9‑146
Interest after maturity 32‑9‑147
Refunding bonds 32‑9‑148
Issuance of interim notes 32‑9‑149
Elections 32‑9‑150
Election resolution 32‑9‑151
Conduct and costs of elections 32‑9‑156
District - tax exempted 32‑9‑158
Merger, consolidation, or assumption of district 32‑9‑159
Freedom from judicial process 32‑9‑160
Misdemeanors 32‑9‑161
Eminent domain 32‑9‑162
Money management 32‑9‑163
Investment management 32‑9‑164
Custodians
Green check means up to date. Up to date

Current through Fall 2024

§ 32-9-128.5’s source at colorado​.gov