(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) (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) (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.
‹ Prev All Colorado sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.