(1) The board shall review each application for admission to the state system to determine whether the plan and date of entry specified by the local college district will best promote the orderly development of higher education and of the applicant institution. The board shall transmit to the local district college board of trustees any suggested changes in the plan within ninety days after the date of submission. (2) When the board has approved the plan and date of entry, it shall forward the application to the Colorado commission on higher education for its action. The commission may approve the recommendation of the board. If the commission does not approve the entry into the state system, the board may require a joint meeting of the board and the commission to hear the reasons and to explain the position taken by the board. After review, the commission may reaffirm its position or take such other action as it deems appropriate. The board shall notify the local district college board of trustees of any action taken by the commission under this subsection (2). (2.5) After the Colorado commission on higher education has approved the recommendation of the board, it shall forward such recommendation to the general assembly. If the general assembly, acting by bill, approves the entry of the district into the state system, the local district college board of trustees may call a special election pursuant to subsection (4) of this section. If the general assembly does not so approve such entry, it shall be deemed rejected, and the district shall not become a part of the state system. (3) Except to the extent inconsistent with this part 2, the dissolution election shall be called, held, and canvassed by the board of trustees in substantially the same manner as provided for elections authorizing the issuance of local college district general obligation bonds. (4) When the Colorado commission on higher education, the board, and the general assembly have approved the application, the board of trustees shall call a special election at which only eligible electors of the district may vote. The question shall be: Shall the _______ local college district be dissolved, all assets transferred to the state board for community colleges and occupational education and provision made for meeting all liabilities as provided in the plan of dissolution by _______(date)? Yes ___ No ___. (5) If a majority of the eligible electors voting vote "yes", the board of trustees and the board shall proceed with the transfer of all assets to the board and with all necessary steps to meet liabilities pursuant to the approved plan. If revenue bonds of the district remain outstanding or unpaid, the board as successor to the board of trustees and to the district shall continuously operate the college, pay principal and interest, and do all things in such manner as to fulfill the obligations of the district under existing resolutions and instruments constituting contracts among the district and bondholders and other contracting parties. Nothing in this part 2 shall impair or authorize the impairment of any obligation of contract. The board shall serve ex officio as the board of trustees of the district until all existing general liabilities, including without limitation all general obligation bonded indebtedness and the interest thereon but not including revenue bonds, are paid, and, except as provided in this part 2, the levy required for the payment shall continue until the payment is made in full. General obligation bonds of a dissolved district may be refunded in the manner provided in part 6 of this article.
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