(1) The district is the successor to the contractual rights and obligations of the southwest chief and front range passenger rail commission as the commission existed before its authorizing statutes were repealed and the commission was terminated by Senate Bill 21-238, enacted in 2021, and, to the extent permitted by federal law, also is the successor to the commission for the purpose of pursuing pending commission applications for and receiving federal grants. (2) The district may contract with any existing nonprofit corporation, agency, or other entity organized to evaluate the feasibility of, advocate for, promote, develop, finance, construct, operate, or maintain a passenger rail system to be the successor to the corporation, agency, or other entity. Upon execution of such a contract, the district shall assume all contractual rights, privileges, obligations, and liabilities of the corporation, agency, or other entity under its existing contracts; except that the district may not assume any multiple-fiscal year direct or indirect district debt or other financial obligation whatsoever for which voter approval in advance is required under section 20 (4)(b) of article X of the state constitution unless the corporation, agency, or other entity that originally incurred the debt or financial obligation obtained voter approval before doing so or the district obtains voter approval in advance to assume the debt or financial obligation. The assumption of obligations and liabilities by the district pursuant to this section does not create any new debt or obligation for purposes of the state constitution or the laws of the state.
‹ 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.