A Bill for an Act
Page 1, Line 101Concerning the investment of state fund money to benefit
Page 1, Line 102Colorado communities.
Bill Summary
(Note: This summary applies to this bill as introduced and does not reflect any amendments that may be subsequently adopted. If this bill passes third reading in the house of introduction, a bill summary that applies to the reengrossed version of this bill will be available at http://leg.colorado.gov.)
Section 1 of the bill requires at least one member of the public school fund investment board (board) to have expertise in community investments, requires the board to direct the state treasurer to securely invest money deposited in the public school fund in a manner that prioritizes new investment objectives, and authorizes the board to enter into contracts with investment advisors or other investment professionals to provide advice on community investments. Section 2 makes conforming changes in order to expand the types of investments the state treasurer can make using public school fund money and extends the amount of time the treasurer has to offset an aggregate loss of principal to the public school fund from 18 to 24 months.
Section 3 creates the new community investment portfolio within the permanent school fund, and requires the state treasurer to invest at least 6% of the money in the permanent school fund into the community investment portfolio by July 1, 2027. The state treasurer is required to invest at least 20% of the money in the permanent school fund into the community investment portfolio by July 1, 2032.
Money in the portfolio must be invested in community investments, and allowable community investments include:
- Bonds issued by Colorado school districts and charter schools;
- Certificates of participation issued by Colorado school districts and charter schools;
- Mortgage pass-through securities and collateralized mortgage obligations secured by residential real estate, the majority of which is owned by public school employees;
- Loans to the Colorado middle income housing authority for a revolving loan fund that funds rental housing developments that include preferences for public school employees;
- Bonds issued by the middle income housing authority that fund rental housing developments which include preferences for public school employees;
- Bonds issued by the Colorado housing and finance authority that fund rental housing developments that include preferences for public school employees;
- Mortgage revenue bonds that support public school employee mortgages with interest rates of 3% or less;
- Loans to community development financial institutions that fund:
- The construction of housing developments that include preferences for public school employees; or
- Low-interest mortgages secured by residential real estate that is owned by public school employees; and
- Other venture capital, private equity, or public equity funds that support education in Colorado.
- By July 1, 2027, the greater of 6% of the fund's value or $100 million; and
- By July 1, 2028, the greater of 12% of the fund's value or $200 million.
- 75% of the money in the program shall be administered by the program administrator and used for a shared equity down payment assistance program that:
- Provides at least 15% of the total cost of a home to public school employees; and
- Allows appreciation-sharing between the program and the homeowner, with the program's share of appreciation capped at 10%.
- 25% of the money in the program must be invested in allowable community investments with the purpose of increasing the supply of houses for sale and access to home ownership in rural and other underserved communities.
- $100 million on July 1, 2025, that the department of local affairs shall use to create a new zero-interest revolving loan program for affordable housing developers; and
- $50 million that the department of local affairs shall use to create a new zero-interest revolving loan program to benefit fire protection districts and ambulance districts experiencing cash flow issues.
- The community investment portfolio;
- Bonds issued by Colorado school districts, charter schools, local governments, special districts, state enterprises, Indian tribes, or special purpose authorities;
- Certificates of participation issued by Colorado school districts, charter schools, local governments, special districts, state enterprises, Indian tribes, or special purpose authorities;
- Mortgage pass-through securities and collateralized mortgage obligations secured by Colorado residential real estate that is owned by Coloradans;
- Bonds issued by the middle income housing authority;
- Bonds issued by the Colorado housing and finance authority;
- Loans to community development financial institutions that fund:
- The construction of housing developments in Colorado; or
- Mortgages secured by Colorado residential real estate that is owned by Coloradans;
- Bonds issued by businesses headquartered in Colorado;
- Asset-backed securities supported by loans to small businesses in Colorado;
- The venture capital authority within the office of economic development and international trade; or
- Other venture capital, private equity, or public equity funds that support communities in Colorado.
The educator first home ownership program (program) is created within the community investment portfolio. The treasurer shall invest the following amounts in the program by the following dates:
The treasurer shall invest the money in the program as follows:
The program administrator shall ensure that mortgages in the shared equity down payment assistance program bear interest rates that are at least as low as prevailing mortgage rates at the time the mortgages in the shared equity down payment assistance program are entered into. The program administrator shall present an annual report to the public school fund investment board on program outcomes.
Sections 4 and 5 clarify that the state treasurer may invest state money in direct and indirect equity investments and other asset classes including mutual funds, exchange-traded funds, direct and indirect real estate investments, and education-related community investments.
Section 6 requires the state treasurer to invest at least 20% of the money in the unclaimed property trust fund in direct and indirect equity investments, mutual funds, exchange-traded funds, direct and indirect real estate investments, and other asset classes by July 1, 2032. The state treasurer is also required to make 2 loans of money from the unclaimed property trust fund to the department of local affairs, both of which must be paid back in full by July 1, 2045, including:
Section 7 creates the new Colorado investment portfolio (Colorado portfolio) within the unclaimed property trust fund. The treasurer is required to invest at least 5% of the money in the unclaimed property trust fund into the Colorado portfolio by July 1, 2027, and at least 20% of the money in the unclaimed property trust fund into the Colorado portfolio by July 1, 2032.
Money in the Colorado portfolio must be invested in:
Section 8 reduces the amount credited to the housing development grant fund from the general fund by $15 million for state fiscal year 2026-27.
Page 4, Line 1Be it enacted by the General Assembly of the State of Colorado:
Page 4, Line 2SECTION 1. In Colorado Revised Statutes, 22-41-102.5, amend (1)(a)(III), (3), (4)(a)(II), and (5) as follows:
Page 4, Line 322-41-102.5. Public school fund investment board - creation
Page 4, Line 4- working group - report. (1) (a) There is hereby created the public
Page 5, Line 1school fund investment board, referred to in this section as the "board". The board consists of five members as follows:
Page 5, Line 2(III) Three members appointed by the state treasurer
SuchPage 5, Line 3
appointees must have diversity in party affiliation andPage 5, Line 4party affiliations. At least one appointee required by this
Page 5, Line 5subsection (1)(a)(III) must have expertise in community
Page 5, Line 6investments, as defined in section 22-41-104.7 (1), and the other
Page 5, Line 7two must have professional qualifications regarding the prudent
Page 5, Line 8investment of trust fund money or expertise in institutional investment management.
Page 5, Line 9(3) The board shall direct the state treasurer on how to securely invest money deposited in the public school fund:
Page 5, Line 10(a) For the intergenerational benefit of public schools;
andPage 5, Line 11(b) In a manner that complies with the "Uniform Prudent Investor Act", article 1.1 of title 15;
C.R.S.Page 5, Line 12(c) In a manner that targets the following investment objectives:
Page 5, Line 13(I) Preserving the principal of the public school fund;
Page 5, Line 14(II) Providing substantial benefit to the beneficiaries of
Page 5, Line 15the public school fund through community investing as outlined in section 22-41-104.7;
Page 5, Line 16(III) Maintaining a minimum annual distribution of
Page 5, Line 17interest and income of at least three percent of a rolling five-year average of fund value; and
Page 5, Line 18(IV) Achieving reasonable and consistent public school
Page 5, Line 19fund growth over time by investing in equities and other
Page 5, Line 20diversified assets and targeting a seven and one-half percent compound annual growth rate over a rolling five-year period.
Page 6, Line 1(4) (a) No later than March 31, 2017, the board shall establish
Page 6, Line 2policies that are necessary and proper for the administration of this section, including but not limited to:
Page 6, Line 3(II) A policy establishing allowable investments that comply with
Page 6, Line 4section 22-41-104, section 22-41-104.7, and section 3 of article IX of the state constitution; and
Page 6, Line 5(5) The board may enter into contracts with private professional
Page 6, Line 6fund managers, investment advisors, or other investment
Page 6, Line 7professionals to provide expertise, technical support, and advice on
Page 6, Line 8investment market conditions and to provide support for the
Page 6, Line 9implementation of the community investment portfolio. Such
Page 6, Line 10
contract orPage 6, Line 11practices including, but not limited to, the use of requests for information,
Page 6, Line 12requests for proposals, or any other standard vendor selection practices
Page 6, Line 13determined by the board to be best suited to selecting an appropriate
Page 6, Line 14private professional fund manager. Payments for these services will be
Page 6, Line 15paid from the interest and income of the public school fund subject to the requirements set forth in section 22-41-102.
Page 6, Line 16SECTION 2. In Colorado Revised Statutes, 22-41-104, amend (1) and (2); and add (4) as follows:
Page 6, Line 1722-41-104. Lawful investments - legislative declaration.
Page 6, Line 18(1) The state treasurer, as directed by the public school fund investment
Page 6, Line 19board, may invest and reinvest
moneysPage 6, Line 20public school fund in the types of deposits and investments authorized in
Page 6, Line 21sections 24-36-109, 24-36-112, and 24-36-113,
C.R.S.,Page 6, Line 22by school districts. The
moneysin stocksPage 7, Line 1
and other financial assetsPage 7, Line 2investment board investment policy established as required in section
Page 7, Line 322-41-102.5 (4)(b).
except that investment includes only mutual funds,Page 7, Line 4
index funds, and any other instrument that is not a direct investment in a corporation.Page 7, Line 5(2) The state treasurer has authority, to be exercised at the state
Page 7, Line 6treasurer's discretion, to effect exchanges or sales whenever such
Page 7, Line 7exchanges or sales will not result in an aggregate loss of principal to the
Page 7, Line 8public school fund. An aggregate loss of principal to the public school
Page 7, Line 9fund occurs only when an exchange or sale that resulted in an initial loss
Page 7, Line 10of principal is not offset by a gain on an exchange or sale in the fund
Page 7, Line 11within
eighteenPage 7, Line 12loss must also include any gains that were realized in the twelve months prior to the loss of principal.
Page 7, Line 13(4) The general assembly finds and declares that:
Page 7, Line 14(a) The mission of the public school fund is to support
Page 7, Line 15Colorado children and Colorado schools. The strategic
Page 7, Line 16investment of capital can achieve positive social outcomes and
Page 7, Line 17beneficial financial returns. The fund's intergenerational
Page 7, Line 18mission is best served by investing a portion of the fund's corpus
Page 7, Line 19in a way that advances clear, meaningful, and measurable
Page 7, Line 20outcomes through the community investment portfolio.
Page 7, Line 21Investments should be aligned with the fund's mission and should benefit Colorado school children.
Page 7, Line 22(b) Investment in communities can lead to increased
Page 7, Line 23construction of housing for teachers and families, affordable
Page 7, Line 24home ownership for teachers and public school employees,
Page 8, Line 1scaling of innovative educational tools, provision of capital for
Page 8, Line 2early childhood businesses, and subsidization of school
Page 8, Line 3facilities. These investments can improve the lives of Colorado
Page 8, Line 4families, increase educational opportunities, and advance the intergenerational mission of the fund.
Page 8, Line 5(c) The public purpose of the community investment
Page 8, Line 6portfolio within the public school fund is to amplify the benefit
Page 8, Line 7provided to Colorado school children by investing in Colorado children, families, and communities.
Page 8, Line 8(d) Investing money in the public school fund into the
Page 8, Line 9community investment portfolio complies with the "Uniform
Page 8, Line 10Prudent Investor Act", article 1.1 of title 15, and specifically
Page 8, Line 11section 15-1.1-102.5, because the assets in the portfolio have a
Page 8, Line 12"special relationship or special value" to the purposes of the
Page 8, Line 13trust and to one or more of the beneficiaries. Investments in the
Page 8, Line 14portfolio benefit Colorado school children and advance "the
Page 8, Line 15intergenerational benefit of public schools" in accordance with section 22-41-102.5 (3).
Page 8, Line 16(e) The state treasurer may invest in direct and indirect
Page 8, Line 17equity investments and other asset classes including mutual
Page 8, Line 18funds, exchange-traded funds, direct and indirect real estate
Page 8, Line 19investments, and education-related community investments.
Page 8, Line 20Investment in these asset classes furthers the public purpose of increasing the fund balance for fund beneficiaries.
Page 8, Line 21SECTION 3. In Colorado Revised Statutes, add 22-41-104.7 as follows:
Page 8, Line 2222-41-104.7. Community investment portfolio - required
Page 9, Line 1investments - creation - legislative declaration - definitions.
Page 9, Line 2(1) Definitions.As used in this section, unless the context otherwise requires:
Page 9, Line 3(a) "Community investment" means an investment that is
Page 9, Line 4intended to generate positive, measurable impact for Colorado
Page 9, Line 5school children, families, or communities while simultaneously
Page 9, Line 6generating financial returns. Community investments may have below-market rates of return.
Page 9, Line 7(b) "Fund" means the public school fund of the state created in section 3 of article IX of the state constitution.
Page 9, Line 8(c) "Portfolio" means the community investment portfolio created in this section.
Page 9, Line 9(d) "Program" means the educator first home ownership program created in this section.
Page 9, Line 10(e) "Program administrator" means a political subdivision
Page 9, Line 11of the state that is established for the purpose, among others,
Page 9, Line 12of increasing the supply of decent, safe, and sanitary housing for low- and moderate-income families, and that administers the
Page 9, Line 13shared equity down payment assistance program pursuant to subsection (4)(b)(I) of this section.
Page 9, Line 14(f) "Public school employee" means any employee of a
Page 9, Line 15Colorado school district, charter school, institute charter school, or innovation zone.
Page 9, Line 16(2) Portfolio created.The community investment portfolio
Page 9, Line 17is created within the fund. By July 1, 2027, the treasurer shall
Page 9, Line 18invest at least six percent of the fund's value into the educator
Page 9, Line 19first home ownership program within the portfolio in
Page 10, Line 1accordance with subsection (4)(a) of this section. By July 1, 2032,
Page 10, Line 2the treasurer shall invest at least twenty percent of the fund's value into the portfolio.
Page 10, Line 3(3) Allowable portfolio investments.Money in the portfolio
Page 10, Line 4must be invested in community investments. Allowable community investments include:
Page 10, Line 5(a) Bonds issued by Colorado school districts and charter schools;
Page 10, Line 6(b) Certificates of participation issued by Colorado school districts and charter schools;
Page 10, Line 7(c) Mortgage pass-through securities and collateralized
Page 10, Line 8mortgage obligations secured by residential real estate, the majority of which is owned by public school employees;
Page 10, Line 9(d) Loans to the Colorado middle income housing
Page 10, Line 10authority for a revolving loan fund that funds rental housing
Page 10, Line 11developments that include preferences for public school employees;
Page 10, Line 12(e) Bonds issued by the middle income housing authority
Page 10, Line 13that fund rental housing developments that include preferences for public school employees;
Page 10, Line 14(f) Bonds issued by the Colorado housing and finance
Page 10, Line 15authority that fund rental housing developments that include preferences for public school employees;
Page 10, Line 16(g) Mortgage revenue bonds that support public school
Page 10, Line 17employee mortgages with interest rates of three percent or less;
Page 10, Line 18(h) Loans to community development financial institutions that fund:
Page 11, Line 1(I) The construction of housing developments that include preferences for public school employees; or
Page 11, Line 2(II) Low-interest mortgages secured by residential real estate that is owned by public school employees;
Page 11, Line 3(i) Other venture capital, private equity, or public equity funds that support education in Colorado.
Page 11, Line 4(4) Educator first home ownership program. (a) The
Page 11, Line 5educator first home ownership program is created within the
Page 11, Line 6portfolio. The treasurer shall invest the following amounts into the program by the following dates:
Page 11, Line 7(I) By July 1, 2027, the greater of six percent of the fund's value or one hundred million dollars;
Page 11, Line 8(II) By July 1, 2028, the greater of twelve percent of the fund's value or two hundred million dollars.
Page 11, Line 9(b) The treasurer shall invest money in the program as follows:
Page 11, Line 10(I) Seventy-five percent of the money in the program shall
Page 11, Line 11be administered by the program administrator and used for a shared equity down payment assistance program that:
Page 11, Line 12(A) Provides at least fifteen percent of the total cost of a home to public school employees; and
Page 11, Line 13(B) Allows appreciation-sharing between the program and
Page 11, Line 14the homeowner, with the program's share of appreciation capped at ten percent.
Page 11, Line 15(II) Twenty-five percent of the money in the program must
Page 11, Line 16be invested in allowable community investments described in
Page 12, Line 1subsection (3) of this section with the purpose of increasing the
Page 12, Line 2supply of houses for sale and access to home ownership in rural and other underserved communities.
Page 12, Line 3(c) The program administrator shall ensure that
Page 12, Line 4mortgages in the shared equity down payment assistance
Page 12, Line 5program described in subsection (4)(b)(I) of this section bear
Page 12, Line 6interest rates that are at least as low as prevailing mortgage
Page 12, Line 7rates at the time the mortgages in the shared equity down payment assistance program are entered into.
Page 12, Line 8(d) The program administrator shall present an annual
Page 12, Line 9report to the public school fund investment board on program outcomes, including:
Page 12, Line 10(I) The number of public school employees served by the program;
Page 12, Line 11(II) The geographic distribution of the public school employees served by the program;
Page 12, Line 12(III) Average home prices and monthly payments for public school employees that benefit from the program; and
Page 12, Line 13(IV) The program's impact on public school employee retention.
Page 12, Line 14(e) Nothing in this section prevents the use of other
Page 12, Line 15sources of state or local funding to be leveraged with the program.
Page 12, Line 16SECTION 4. In Colorado Revised Statutes, 24-36-113, add (6.5) as follows:
Page 12, Line 1724-36-113. Investment of state money - limitations - legislative
Page 12, Line 18declaration. (6.5) The general assembly finds and declares that:
Page 13, Line 1(a) The strategic investment of capital can further the
Page 13, Line 2public purpose of growing the balance of funds under the treasurer's management for the benefit of all Coloradans; and
Page 13, Line 3(b) The treasurer may invest in direct and indirect equity
Page 13, Line 4investments and other asset classes including mutual funds,
Page 13, Line 5exchange-traded funds, direct and indirect real estate
Page 13, Line 6investments, and education-related community investments.
Page 13, Line 7Investment in these asset classes furthers the public purpose of increasing fund balances for fund beneficiaries.
Page 13, Line 8SECTION 5. In Colorado Revised Statutes, 24-75-601.1, add (5) as follows:
Page 13, Line 924-75-601.1. Legal investments of public funds - legislative
Page 13, Line 10declaration - definition. (5) (a) The general assembly finds and
Page 13, Line 11declares that the strategic investment of capital can further
Page 13, Line 12the public purpose of growing the balance of funds under the
Page 13, Line 13state treasurer's management for the benefit of all
Page 13, Line 14Coloradans, and it is therefore necessary and appropriate to
Page 13, Line 15authorize the state treasurer to make investments as set forth in subsection (5)(b) of this section.
Page 13, Line 16(b) The state treasurer may invest in direct and indirect
Page 13, Line 17equity investments and other asset classes including mutual
Page 13, Line 18funds, exchange-traded funds, direct and indirect real estate
Page 13, Line 19investments, and education-related community investments.
Page 13, Line 20Investment in these asset classes furthers the public purpose of increasing fund balances for fund beneficiaries.
Page 13, Line 21SECTION 6. In Colorado Revised Statutes, 38-13-801, amend
Page 13, Line 22(1)(b); and add (1.5), (1.7), (2.5)(c), (2.5)(d), and (6) as follows:
Page 14, Line 138-13-801. Unclaimed property trust fund - creation -
Page 14, Line 2legislative declaration - payments - interest - appropriations - records
Page 14, Line 3- rules - investment objectives. (1) (b) Except as provided in
Page 14, Line 4subsections (2), (2.5), (3), and (3.5) of this section, the principal of the
Page 14, Line 5trust fund shall not be expended except to pay claims made pursuant to
Page 14, Line 6this article 13. Money constituting the principal of the trust fund is not
Page 14, Line 7fiscal year spending of the state for purposes of section 20 of article X of
Page 14, Line 8the state constitution and is not subject to appropriation by the general assembly.
Page 14, Line 9(1.5) The general assembly finds and declares that:
Page 14, Line 10(a) The strategic investment of capital can further the
Page 14, Line 11public purpose of growing the fund balance for the benefit of all Coloradans, including those with unclaimed property; and
Page 14, Line 12(b) A loan made from the unclaimed property trust fund
Page 14, Line 13to a separate fund within a state department is an interfund
Page 14, Line 14loan according to Governmental Accounting Standards Board
Page 14, Line 15codification 1800.102, meaning the loan is not classified as
Page 14, Line 16revenue and is booked as an interfund receivable or payable.
Page 14, Line 17Therefore, the loan does not create a multiple-fiscal year debt or financial obligation.
Page 14, Line 18(1.7) (a) The state treasurer may invest money in the
Page 14, Line 19unclaimed property trust fund in direct and indirect equity
Page 14, Line 20investments and other asset classes including mutual funds,
Page 14, Line 21exchange-traded funds, direct and indirect real estate
Page 14, Line 22investments, and education-related community investments.
Page 14, Line 23Investment in these asset classes furthers the public purpose of
Page 14, Line 24increasing the fund balance for fund beneficiaries.
Page 15, Line 1(b) At least twenty percent of the money in the unclaimed
Page 15, Line 2property trust fund must be invested in direct and indirect
Page 15, Line 3equity investments, mutual funds, exchange-traded funds,
Page 15, Line 4direct and indirect real estate investments, and other asset classes by July 1, 2032.
Page 15, Line 5(2.5) (c) On July 1, 2025, the administrator shall make an
Page 15, Line 6interest-free loan in the amount of one hundred million dollars
Page 15, Line 7from the unclaimed property trust fund to the department of
Page 15, Line 8local affairs created in section 24-1-125, which department may
Page 15, Line 9use up to two percent of the loan for administrative costs, and shall:
Page 15, Line 10(I) Use the loan to create a new zero-interest revolving
Page 15, Line 11loan program for affordable housing developers within the
Page 15, Line 12housing development grant fund created in section 24-32-721; and
Page 15, Line 13(II) Pay the loan back to the unclaimed property trust fund by July 1, 2045.
Page 15, Line 14(d) On July 1, 2025, the administrator shall make an
Page 15, Line 15interest-free loan in the amount of fifty million dollars from
Page 15, Line 16the unclaimed property trust fund to the department of local
Page 15, Line 17affairs created in section 24-1-125, which department may use up to two percent of the loan for administrative costs, and shall:
Page 15, Line 18(I) Use the loan to create a new zero-interest revolving
Page 15, Line 19loan program to benefit fire protection districts and ambulance districts; and
Page 15, Line 20(II) Pay the loan back to the unclaimed property trust
Page 15, Line 21fund by July 1, 2045.
Page 16, Line 1(6) When investing money in the unclaimed property trust
Page 16, Line 2fund, the administrator shall prioritize the following investment objectives:
Page 16, Line 3(a) Preserving the principal of the fund;
Page 16, Line 4(b) Providing substantial benefit to Coloradans through community investing;
Page 16, Line 5(c) Achieving reasonable and consistent fund growth over time;
Page 16, Line 6(d) Setting appropriate risk and return thresholds; and
Page 16, Line 7(e) Balancing the relative merits of fund growth,
Page 16, Line 8investment returns, and increasing the net present value of
Page 16, Line 9investments in Colorado communities through community investing.
Page 16, Line 10SECTION 7. In Colorado Revised Statutes, add 38-13-801.7 as follows:
Page 16, Line 1138-13-801.7. Colorado investment portfolio - legislative
Page 16, Line 12declaration - creation - required investments - definitions.
Page 16, Line 13(1) Definitions.As used in this section, unless the context otherwise requires:
Page 16, Line 14(a) "Fund" means the unclaimed property trust fund created in section 38-13-801.
Page 16, Line 15(b) "Portfolio" means the Colorado investment portfolio created in this section.
Page 16, Line 16(2) Portfolio created.The Colorado investment portfolio is
Page 16, Line 17created within the fund. By July 1, 2027, the administrator shall
Page 16, Line 18invest at least five percent of the money in the fund into the
Page 16, Line 19portfolio. By July 1, 2032, the administrator shall invest at least twenty percent of the money in the fund into the portfolio.
Page 17, Line 1(3) Allowable investments. Money in the portfolio must be invested in:
Page 17, Line 2(a) The community investment portfolio created in section 22-41-104.7;
Page 17, Line 3(b) Bonds issued by Colorado school districts, charter
Page 17, Line 4schools, local governments, special districts, state enterprises, Indian tribes, or special purpose authorities;
Page 17, Line 5(c) Certificates of participation issued by Colorado
Page 17, Line 6school districts, charter schools, local governments, special
Page 17, Line 7districts, state enterprises, Indian tribes, or special purpose authorities;
Page 17, Line 8(d) Mortgage pass-through securities and collateralized
Page 17, Line 9mortgage obligations secured by Colorado residential real estate that is owned by Coloradans;
Page 17, Line 10(e) Bonds issued by the middle income housing authority;
Page 17, Line 11(f) Bonds issued by the Colorado housing and finance authority;
Page 17, Line 12(g) Loans to community development financial institutions that fund:
Page 17, Line 13(I) The construction of housing developments in Colorado; or
Page 17, Line 14(II) Mortgages secured by Colorado residential real estate that is owned by Coloradans;
Page 17, Line 15(h) Bonds issued by businesses headquartered in Colorado;
Page 17, Line 16(i) Asset-backed securities supported by loans to small businesses in Colorado;
Page 18, Line 1(j) The venture capital authority within the office of economic development and international trade; or
Page 18, Line 2(k) Other venture capital, private equity, or public equity funds that support communities in Colorado.
Page 18, Line 3(4) The administrator shall invest no more than ten
Page 18, Line 4percent of the money in the portfolio in bonds issued by
Page 18, Line 5businesses headquartered in Colorado described in subsection (3)(h) of this section.
Page 18, Line 6SECTION 8. In Colorado Revised Statutes, 39-26-123, amend (3)(b)(II)(D); and add (3)(b)(II)(D.5) and (3)(b)(II)(D.7) as follows:
Page 18, Line 739-26-123. Receipts - disposition - transfers of general fund
Page 18, Line 8surplus - sales tax holding fund - creation - definitions. (3) (b) (II) The
Page 18, Line 9amount credited to the housing development grant fund created in section
Page 18, Line 1024-32-721 (1) under subsection (3)(b)(I) of this section is reduced by the following amounts:
Page 18, Line 11(D) Thirty-five million nine hundred eighty-five thousand three
Page 18, Line 12hundred thirty-five dollars for the state fiscal year 2024-25 through state fiscal year
2031-32; andPage 18, Line 13(D.5) Fifty million nine hundred eighty-five thousand three hundred thirty-five dollars for state fiscal year 2026-27;
Page 18, Line 14(D.7) Thirty-five million nine hundred eighty-five
Page 18, Line 15thousand three hundred thirty-five dollars for state fiscal year 2027-28 through state fiscal year 2031-32; and
Page 18, Line 16SECTION 9. Safety clause. The general assembly finds,
Page 18, Line 17determines, and declares that this act is necessary for the immediate
Page 18, Line 18preservation of the public peace, health, or safety or for appropriations for
Page 19, Line 1the support and maintenance of the departments of the state and state institutions.