C.R.S. Section 43-4-705
Revenue anticipation notes

  • ballot issue
  • repeal

(1)

Subject to the provisions of this part 7, the executive director, on behalf of the department, from time to time, may issue revenue anticipation notes for the purpose of financing any qualified federal aid transportation projects.

(2)

Intentionally left blank —Ed.

(a)

Subject to the provisions of this subsection (2), the principal of and interest on revenue anticipation notes and any costs associated with the issuance and administration of such notes shall be payable solely from:

(I)

Federal transportation funds and state matching funds that are allocated on an annual basis for such purpose by the commission, in its sole discretion, in accordance with section 43-1-113;

(II)

Any proceeds of such notes and any earnings from the investment of such note proceeds pledged for such purpose; and

(II.5)

Repealed.

(III)

Any other revenues, funds, or other security pledged for such purpose that do not constitute revenues or funds of the state.

(b)

The owners or holders of the revenue anticipation notes may not look to any other revenues of the state for the payment of the notes.
(c)(I)(A) The portion of the principal of and interest on revenue anticipation notes and the costs associated with the issuance and administration of such notes that may be paid from federal transportation funds pursuant to federal law and any agreement between the United States department of transportation and the department or the political subdivision that is or is to be the initial recipient of such federal transportation funds, hereinafter referred to in this subsection (2) as “the federal share of principal, interest, and costs”, shall be paid from federal transportation funds that the commission, in its sole discretion, has allocated on an annual basis for this purpose in accordance with section 43-1-113.

(B)

If federal transportation funds are not sufficient to pay the federal share of principal, interest, and costs when due, the executive director shall request and the commission may grant such request to temporarily pay the federal share of principal, interest, and costs with state matching funds that the commission, in its sole discretion, has allocated on an annual basis for this purpose in accordance with section 43-1-113.

(II)

Notwithstanding the provisions of section 43-1-220 (2)(c) and (2)(h), the state highway fund, the state highway supplementary fund, or both, shall be reimbursed for the amount of moneys in said fund or funds used in accordance with subparagraph (I) of this paragraph (c) from federal transportation funds that the commission determines are not needed in the future to pay the federal share of principal, interest, and costs.

(d)

No moneys credited to the state highway fund that are required to be expended in accordance with the provisions of section 18 of article X of the state constitution shall be allocated and used to pay revenue anticipation notes financing any qualified federal aid transportation project that is not a state highway project or to pay any costs associated with the issuance and administration of such notes.

(3)

Intentionally left blank —Ed.

(a)

The executive director shall issue revenue anticipation notes pursuant to a certificate executed by the executive director, a trust indenture between the executive director and any commercial bank or trust company having full trust powers, or any other instrument issued by the executive director.

(b)

As the executive director deems appropriate, the certificate, trust indenture, or other instrument authorizing revenue anticipation notes may contain such provisions setting forth the rights and remedies of the owners or holders of the revenue anticipation notes, may contain such provisions for protecting and enforcing the rights and remedies of the owners or holders of the revenue anticipation notes as the executive director deems appropriate, and may contain such other provisions that the executive director deems appropriate for the security of the owners or holders of the revenue anticipation notes. Such provisions may include, but shall not be limited to, provisions regarding letters of credit, insurance, stand-by credit agreements, or other forms of credit ensuring timely payment of the revenue anticipation notes, including the redemption price or the purchase price, and provisions regarding the reimbursement of providers of such credit out of revenues available for the payment of principal of and interest on the revenue anticipation notes for any amounts paid by such providers with respect to such notes.

(4)

Intentionally left blank —Ed.

(a)

Subject to the provisions of paragraph (b) of this subsection (4), revenue anticipation notes may be issued in such aggregate principal amount, may be issued in one or more series, may bear such dates, may be in such denomination or denominations, may mature on any date or dates, may mature in such amount or amounts, may be in such form, may be payable at such place or places, may be subject to such terms of redemption with or without a premium, may contain such provisions as the executive director deems appropriate regarding insurance to ensure the timely payment of the notes, and may contain such other provisions not inconsistent with the provisions of this part 7 as the executive director may determine.

(b)

The aggregate amount of annual installments of principal and interest on all revenue anticipation notes issued pursuant to this part 7 that are scheduled to be paid during any given fiscal year, determined as of the date of issuance of each series of notes, shall not exceed an amount equal to fifty percent of the aggregate amount of federal transportation funds paid to the department during the fiscal year immediately preceding the fiscal year in which such series of notes is issued.

(5)

The rate or rates of interest borne by the revenue anticipation notes may be fixed, adjustable, or variable or any combination thereof without regard to any interest rate limitation appearing in any other law of this state. If any rate or rates are adjustable or variable, the standard, index, method, or formula shall be determined by the executive director.

(6)

Revenue anticipation notes may be sold at public or private sale and may be sold at, above, or below the principal amounts thereof. The sale of such notes shall not be subject to the “Procurement Code”, articles 101 to 112 of title 24, C.R.S.

(7)

Revenue anticipation notes shall be signed on behalf of the department by the executive director and the chief engineer of the department. Pursuant to article 55 of title 11, C.R.S., the signatures of the executive director and the chief engineer of the department may be facsimile signatures imprinted, engraved, stamped, or otherwise placed on the revenue anticipation notes. If all of the signatures on the revenue anticipation notes are facsimile signatures, provision shall be made for a manual authenticating signature on the revenue anticipation notes by or on behalf of a designated authenticating agent.

(8)

The power to fix the date of sale of the revenue anticipation notes, to receive bids or proposals, to award and sell revenue anticipation notes, to fix interest rates, and to take all other action necessary to sell and deliver the notes may be delegated to an agent of the executive director.

(9)

Any outstanding revenue anticipation notes may be refunded by the executive director pursuant to article 56 of title 11, C.R.S. All revenue anticipation notes are declared to be negotiable instruments.

(10)

The executive director is authorized to engage the services of such consultants, financial advisors, underwriters, bond insurers, letter of credit banks, rating agencies, agents, or other persons whose services may be required or deemed advantageous by the executive director in connection with such revenue anticipation notes. The executive director shall contract for such services in accordance with the “Procurement Code”, articles 101 to 112 of title 24, C.R.S.; except that contracting for services of bond insurers, letter of credit banks, and rating agencies shall not be subject to the “Procurement Code”.

(11)

The executive director may, with respect to revenue anticipation notes that have been issued or proposed revenue anticipation notes, enter into interest rate exchange agreements in accordance with article 59.3 of title 11, C.R.S.

(12)

Intentionally left blank —Ed.

(a)

The proceeds from the issuance of revenue anticipation notes that are not otherwise pledged for the payment of such notes, state matching funds, or federal transportation funds, any of which have been allocated on an annual basis by the commission, in its sole discretion, in accordance with section 43-1-113 for the payment of revenue anticipation notes or any costs associated with the issuance and administration of such notes, are pledged and shall be used only for the purpose or purposes for which such revenues are allocated. The proceeds from the issuance of revenue anticipation notes that are pledged pursuant to section 43-4-707 (1) shall be used only for the purpose or purposes for which such revenues are pledged. Any such pledge shall be valid and binding from the time the commission makes the allocation; except that any pledge of revenue anticipation note proceeds pursuant to section 43-4-707 (1) shall be valid and binding from the date of issuance of such notes. The pledge shall create a valid security interest, and such revenues shall immediately be subject to the lien of the pledge and security interest without any physical delivery or further act, and the lien of the pledge and security interest shall be valid and binding against all parties having claims of any kind in tort, contract, or otherwise against the pledging party irrespective of whether such claiming party has notice of such lien. The instrument by which the pledge and security interest is created need not be recorded or filed in order to perfect such pledge and security interest.

(b)

Notwithstanding any other provision of law to the contrary, including but not limited to section 24-91-103.6, C.R.S., the lien of the pledge and security interest on any revenue anticipation note proceeds shall not affect the authority of the department to enter into contracts for the design and construction of any qualified federal aid transportation project.

(13)

Intentionally left blank —Ed.

(a)

Notwithstanding any other provision of this part 7 to the contrary, the executive director shall have the authority to issue revenue anticipation notes pursuant to this part 7 only if voters statewide approve the ballot question submitted at the November 1999 statewide election pursuant to section 43-4-703 (1) and only then to the extent allowed under the maximum amounts of debt and repayment cost so approved.

(b)

Repealed.

Source: Section 43-4-705 — Revenue anticipation notes - ballot issue - repeal, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-43.­pdf (accessed Oct. 20, 2023).

43‑4‑201
Highway users tax fund - created 43‑4‑202
Definitions 43‑4‑203
Sources of revenue 43‑4‑204
Appropriation 43‑4‑205
Allocation of fund 43‑4‑206
State allocation 43‑4‑207
County allocation 43‑4‑208
Municipal allocation 43‑4‑209
Withholding municipal allocations 43‑4‑210
Estimated county allocations 43‑4‑211
Estimated municipal allocations 43‑4‑212
Payment of balances 43‑4‑213
Forfeiture of funds 43‑4‑214
Future municipalities eligible 43‑4‑216
Liability unaffected 43‑4‑217
Additional funding - road usage fees - rules - legislative declaration - definitions 43‑4‑218
Additional funding - retail delivery fee - fund created - simultaneous collection of enterprise fees - rules - legislative declaration - definitions 43‑4‑301
Legislative declaration 43‑4‑302
Powers of commission - contracts approval 43‑4‑401
Fund created 43‑4‑402
Source of revenues - allocation of money - special account created 43‑4‑403
Alcohol and drug impaired driving prevention enforcement program - minimum requirements 43‑4‑404
Formula for allocation of money - rules 43‑4‑501
Short title 43‑4‑502
Legislative declaration 43‑4‑503
Definitions 43‑4‑504
Creation of authorities 43‑4‑505
Board of directors 43‑4‑506
Powers of the authority - inclusion or exclusion of property - determination of public highway alignment 43‑4‑506.5
Traffic laws - toll collection 43‑4‑507
Local improvement districts 43‑4‑508
Value capture areas 43‑4‑509
Bonds 43‑4‑510
Cooperative powers 43‑4‑511
Powers of governmental units 43‑4‑512
Referendum 43‑4‑513
Notice - opportunity for comment 43‑4‑514
Notice - coordination of information - report 43‑4‑515
Successor to prior entity - assumption of obligations and liabilities - action for mandamus or injunctive relief 43‑4‑516
Agreement of the state not to limit or alter rights of obligees 43‑4‑517
Investments 43‑4‑518
Bonds eligible for investment 43‑4‑519
Exemption from taxation - securities laws 43‑4‑520
No action maintainable 43‑4‑521
Termination of revenue-raising powers 43‑4‑522
Judicial examination of powers, acts, proceedings, or contracts of an authority 43‑4‑601
Short title 43‑4‑602
Definitions 43‑4‑603
Creation of authorities - exercise of powers of an authority by transportation planning organization 43‑4‑604
Board of directors 43‑4‑605
Powers of the authority - inclusion or exclusion of property - determination of regional transportation system alignment - fund created - repeal 43‑4‑605.5
Preservation of state highway funding - legislative declaration 43‑4‑606
Establishment of regional transportation activity enterprises 43‑4‑607
Traffic laws - toll collection 43‑4‑607.5
Streetscape enhancements - local and private authority 43‑4‑608
Local improvement districts 43‑4‑609
Bonds 43‑4‑610
Cooperative powers 43‑4‑611
Powers of governmental units 43‑4‑612
Referendum 43‑4‑613
Notice - opportunity for comment 43‑4‑614
Notice - coordination of information 43‑4‑615
Agreement of the state not to limit or alter rights of obligees 43‑4‑616
Investments 43‑4‑617
Bonds eligible for investment 43‑4‑618
Exemption from taxation - securities laws 43‑4‑619
No action maintainable 43‑4‑620
Judicial examination of powers, acts, proceedings, or contracts of an authority 43‑4‑621
Calculation of fiscal year spending limit - first full fiscal year’s spending as base 43‑4‑622
Exercise of authority powers by transportation planning organization 43‑4‑701
Legislative declaration 43‑4‑702
Definitions 43‑4‑703
Submission of ballot question regarding issuance of transportation revenue anticipation notes 43‑4‑704
Powers of executive director 43‑4‑705
Revenue anticipation notes - ballot issue - repeal 43‑4‑706
Financial obligations subject to annual budget allocation 43‑4‑707
Note proceeds 43‑4‑708
Investments 43‑4‑709
Powers of political subdivisions 43‑4‑710
Notes legal investments 43‑4‑711
Exemption from taxation 43‑4‑712
No action maintainable 43‑4‑713
Annual reports 43‑4‑715
Construction of part 43‑4‑801
Short title 43‑4‑802
Legislative declaration 43‑4‑803
Definitions 43‑4‑804
Highway safety projects - surcharges and fees - crediting of money to highway users tax fund - definition 43‑4‑805
Statewide bridge enterprise - creation - board - funds - powers and duties - legislative declaration - definitions 43‑4‑806
High-performance transportation enterprise - creation - board - funds - powers and duties - limitations - reporting requirements - violations on the peak period shoulder lanes - legislative declaration - definitions 43‑4‑807
Bonds - investments - bonds eligible for investment and exempt from taxation 43‑4‑808
Toll highways - special provisions - limitations 43‑4‑809
Enterprises - applicability of other laws 43‑4‑810
Fees and surcharges - limitations on use 43‑4‑811
Transit and rail division - funding for local transit grants 43‑4‑812
Use of user fees for transit - legislative declaration 43‑4‑814
Military deployment - motor vehicle fees exempted - penalty 43‑4‑901
High-visibility alcohol and drug impaired driving enforcement 43‑4‑902
Local high-visibility alcohol and drug impaired driving enforcement - qualified program - report - rules 43‑4‑903
High-visibility alcohol and drug impaired driving enforcement funding 43‑4‑1101
Legislative declaration 43‑4‑1102
Definitions 43‑4‑1103
Multimodal transportation options fund - creation - revenue sources for fund - use of fund 43‑4‑1201
Legislative declaration 43‑4‑1202
Definitions 43‑4‑1203
Clean transit enterprise - creation - board - powers and duties - rules - fees - fund 43‑4‑1301
Legislative declaration 43‑4‑1302
Definitions 43‑4‑1303
Nonattainment area air pollution mitigation enterprise - creation - board - powers and duties - rules - fees - fund 43‑4‑1401
Definitions 43‑4‑1402
Colorado wildlife safe passages fund - creation - use of fund - report 43‑4‑1501
Legislative declaration 43‑4‑1502
Definitions 43‑4‑1503
Fuels impact enterprise - creation - powers and duties 43‑4‑1504
Fuels impact enterprise cash fund - definition 43‑4‑1505
Fuels impact reduction fee 43‑4‑1506
Fuels impact reduction grant program 43‑4‑1507
Repeal of part
Green check means up to date. Up to date

Current through Fall 2024

§ 43-4-705’s source at colorado​.gov