C.R.S. Section 37-95-113
Debt service reserve funds for watershed protection projects and forest health projects

(1)

In addition to any other funds it may establish, the board may, by resolution, establish one or more special funds pursuant to this section, referred to in this section as “debt service reserve funds”, for bonds issued to finance watershed protection projects and forest health projects pursuant to section 37-95-112.5, and may pay into such debt service reserve funds:

(a)

Any moneys appropriated and made available by the state for the purposes of such debt service reserve funds;

(b)

Any proceeds from the sale of bonds to the extent provided in the resolutions of the board authorizing the issuance thereof; and

(c)

Any moneys that may be made available to the authority from any other sources for the purposes of such debt service reserve funds.

(2)

So long as there are bonds outstanding secured by a debt service reserve fund created by this section, all moneys held in any debt service reserve fund, except as otherwise required in this section, shall be used solely for the payment of the principal of the bonds or of the sinking fund payments referred to in this section with respect to such bonds, the purchase or redemption of such bonds, the payment of interest on such bonds, or the payment of any redemption premium required to be paid when such bonds are redeemed prior to maturity; except that moneys in any such fund shall not be withdrawn at any time in such amount as would reduce such fund to less than the debt service reserve fund requirement, except for the purpose of making, with respect to such bonds, principal, interest, redemption premium, and sinking fund payments for the payment of which other moneys of the authority are not available. So long as there are no bonds issued and outstanding secured by a debt service reserve fund created by this section, the amounts on deposit in such debt service reserve fund shall be used for watershed protection projects and forest health projects funded pursuant to section 37-95-112.5.

(3)

Any income or interest earned by, or increment to, any debt service reserve fund due to the investment thereof may be transferred to other funds or accounts of the authority to the extent it does not reduce the amount of such debt service reserve fund below the debt service reserve fund requirement.

(4)

The authority may provide by resolution for the establishment of a debt service reserve fund requirement for any debt service reserve fund established pursuant to this section.

(5)

The chair of the authority shall, on or before January 1 of each year, make and deliver to the governor a certificate, stating the sum, if any, required to restore each debt service reserve fund to the debt service reserve fund requirement. The governor may transmit to the general assembly a request for the amount, if any, required to restore each debt service reserve fund to the debt service reserve fund requirement. The general assembly may, but shall not be required to, make any such appropriations so requested. All sums appropriated and paid by the general assembly for such restoration shall be deposited by the authority in each such debt service reserve fund. If, in its sole discretion, the general assembly appropriates any moneys for such purpose, the aggregate outstanding principal amount of bonds for which moneys may be appropriated shall not exceed fifty million dollars. Nothing in this section shall create or constitute a debt or liability of the state.

(6)

Any moneys appropriated by the general assembly for the purposes of any of the debt service reserve funds established pursuant to this section shall not revert to the general fund of the state at the end of any fiscal year.

(7)

If, by virtue of a decision of the Colorado supreme court or any federal court, portions of this article are held unconstitutional and the authority is thereby rendered incapable of performing all of the purposes for which it is hereby created, then, subject to the provisions of section 37-95-114, any moneys appropriated by the general assembly for the purposes of any of the debt service reserve funds established by the authority remaining on deposit therein shall be transferred to the Colorado water conservation board construction fund established pursuant to section 37-60-121, such transfer to take effect on the day after such decision becomes final and no longer appealable.

Source: Section 37-95-113 — Debt service reserve funds for watershed protection projects and forest health projects, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-37.­pdf (accessed Oct. 20, 2023).

37‑95‑101
Short title 37‑95‑102
Legislative declaration 37‑95‑103
Definitions 37‑95‑104
Establishment of authority - board of directors - removal - organization - compensation - dissolution 37‑95‑105
Records and meetings of board - disclosure of interests required 37‑95‑106
Authority - powers 37‑95‑107
Feasibility studies - repayment of costs 37‑95‑107.5
Legislative declaration - specific project authorizations 37‑95‑107.6
Creation and administration of water pollution control revolving fund 37‑95‑107.8
Creation and administration of drinking water revolving fund 37‑95‑108
Acquisition and disposition of property - change of location of highways, railroad, or public utilities - regulation of public utility facilities on a project 37‑95‑109
Bonds or notes - issuance - terms 37‑95‑110
Power to make covenants to secure payment 37‑95‑111
Pledge of revenues, moneys, funds, or other property - lien 37‑95‑112
Personal liability 37‑95‑112.5
Watershed protection and forest health projects - definition - repeal 37‑95‑113
Debt service reserve funds for watershed protection projects and forest health projects 37‑95‑114
Guarantee by state not to limit or alter rights or powers vested in authority 37‑95‑115
Exemption of bonds from taxation 37‑95‑116
Annual report - annual audit - annual budget 37‑95‑117
Services by state officers, departments, boards, agencies, divisions, and commissions 37‑95‑118
Bonds eligible for investment 37‑95‑119
Charges for use of service of projects 37‑95‑120
Agreements with governmental agencies or persons 37‑95‑121
Effect on inconsistent acts and rules and regulations adopted thereunder 37‑95‑122
Severability 37‑95‑123
Construction of article
Green check means up to date. Up to date

Current through Fall 2024

§ 37-95-113’s source at colorado​.gov