House Committee of Reference Report
Committee on Finance
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April 21, 2025
After consideration on the merits, the Committee recommends the following:
SB25-081 be amended as follows, and as so amended, be referred to the Committee of the Whole with favorable recommendation:
Page 1, Line 1Amend reengrossed bill, page 8, after line 17 insert:
Page 1, Line 2"(k) Information technology capital construction;"
Page 1, Line 3Reletter succeeding paragraphs accordingly.
Page 1, Line 4Page 9, line 13, strike "eleven" and substitute "thirteen".
Page 1, Line 5Page 9, line 23, strike "local governments," and substitute "a
Page 1, Line 6statewide organization representing counties,".
Page 1, Line 7Page 9, after line 24, insert:
Page 1, Line 8"(VI) A representative of a statewide organization
Page 1, Line 9representing municipalities, appointed by the governor;
Page 1, Line 10(VII) The executive director of the Colorado educational
Page 1, Line 11and cultural facilities authority or their designee;".
Page 1, Line 12Renumber succeeding subparagraphs accordingly.
Page 1, Line 13Page 10, line 19, strike "(2)(a)(IX)" and substitute "(2)(a)(XI)".
Page 1, Line 14Page 15, line 22, strike "therein;" and substitute "therein, except for
Page 1, Line 15any projects that are within the statutory authority of the
Page 1, Line 16Colorado housing and finance authority;".
Page 1, Line 17Page 15, after line 22 insert:
Page 1, Line 18"(s) Facilitate the funding of infrastructure projects, and
Page 2, Line 1in so doing, the authority must prioritize assisting
Page 2, Line 2infrastructure projects that satisfy the criteria identified in
Page 2, Line 3section 24-117-112 (5);".
Page 2, Line 4Reletter succeeding paragraphs accordingly.
Page 2, Line 5Page 18, after line 7 insert:
Page 2, Line 6"(9) The authority shall not issue bonds for, finance, or
Page 2, Line 7participate in the financing of any projects that are within the
Page 2, Line 8statutory authority of the Colorado housing and finance
Page 2, Line 9authority.".
Page 2, Line 10Page 23, after line 8 insert:
Page 2, Line 11"(7) The authority shall not issue exempt facility bonds,
Page 2, Line 12as defined in section 142(a) of the federal "Internal Revenue
Page 2, Line 13Code of 1986", that require the use of private activity bonds
Page 2, Line 14volume cap allocation in the issuance of any bonds, or receive
Page 2, Line 15a direct allocation, statewide balance award, or assignment of
Page 2, Line 16allocation of state ceiling under the "Colorado Private
Page 2, Line 17Activity Bond Ceiling Allocation Act" set forth in part 17 of
Page 2, Line 18article 32 of this title 24.".
Page 2, Line 19Page 26, after line 19 insert:
Page 2, Line 20"(4) (a) If the board determines that the investment in,
Page 2, Line 21purchase or participation in the purchase of investment loans
Page 2, Line 22for, or making loans to lenders for an eligible infrastructure
Page 2, Line 23project is necessary to fund an eligible infrastructure project,
Page 2, Line 24the authority may create a plan for the authority investing in
Page 2, Line 25that eligible infrastructure project and the board may approve
Page 2, Line 26such plan.
Page 2, Line 27(b) In connection with the purchase from a lender of a
Page 2, Line 28loan for an eligible infrastructure project or interest on that
Page 2, Line 29loan, the authority may require the lender to furnish an
Page 2, Line 30amount of collateral security necessary to assure the payment
Page 2, Line 31of that loan and the interest on that loan as the loan or
Page 2, Line 32interest become due. The collateral security shall consist of
Page 2, Line 33any obligations or loans satisfactory to the authority.
Page 2, Line 34(c) (I) A loan from the authority to a lender is a general
Page 2, Line 35obligation of the lender and shall be additionally secured as to
Page 2, Line 36payment of both principal and interest by a pledge of and lien
Page 3, Line 1upon collateral security in an amount and type that the board,
Page 3, Line 2by regulation, determines to be necessary to assure the payment
Page 3, Line 3of that loan and the interest on that loan as the loan and
Page 3, Line 4interest become payable.
Page 3, Line 5(II) The authority may require that a lender lodge
Page 3, Line 6collateral with a bank or trust company, located either within
Page 3, Line 7or outside the state, designated by the authority. In the absence
Page 3, Line 8of such a requirement, each lender shall enter into an
Page 3, Line 9agreement with the authority referring to this subsection (4)(c);
Page 3, Line 10containing provisions deemed necessary by the authority to
Page 3, Line 11identify, maintain, and service the collateral; and providing
Page 3, Line 12that the lender shall hold such collateral as trustee for the
Page 3, Line 13benefit of the authority and shall be held accountable as the
Page 3, Line 14trustee of an express trust for the application and disposition of
Page 3, Line 15such collateral, including the income and proceeds therefrom,
Page 3, Line 16solely for the uses and purposes as provided in the agreement. A
Page 3, Line 17copy of each agreement and any revisions or supplements
Page 3, Line 18thereto, which revisions or supplements may, among other
Page 3, Line 19things, add to, delete from, or substitute items of collateral
Page 3, Line 20pledged by the agreement, shall be filed with the secretary of
Page 3, Line 21state to perfect the security interest of the authority in the
Page 3, Line 22collateral. No filing, recording, possession, or other action
Page 3, Line 23under article 9 of title 4 or any other law of this state is
Page 3, Line 24required to perfect the security interest of the authority in
Page 3, Line 25such collateral. The security interest of the authority in the
Page 3, Line 26collateral shall be deemed perfected, and the trust for the
Page 3, Line 27benefit of the authority so created shall be binding on and after
Page 3, Line 28the time of such filing with the secretary of state against all
Page 3, Line 29parties having prior unperfected or subsequent security
Page 3, Line 30interests or claims of any kind in tort, in contract, or otherwise
Page 3, Line 31against such lender. The authority may also establish
Page 3, Line 32additional requirements as necessary with respect to the
Page 3, Line 33pledging, assigning, setting aside, or holding of such collateral
Page 3, Line 34and the making of substitutions therefor or additions thereto
Page 3, Line 35and the disposition of income and receipts therefrom.
Page 3, Line 36(d) Subject to any agreement with bond holders, the
Page 3, Line 37authority may collect, enforce the collection of, and foreclose
Page 3, Line 38on any collateral required by subsections (4)(b) and (4)(c) of
Page 3, Line 39this section and acquire or take possession of such collateral
Page 3, Line 40and sell the same at public or private sale, with or without
Page 3, Line 41public bidding, and otherwise deal with the collateral as
Page 3, Line 42necessary to protect the interest of the authority therein.
Page 3, Line 43(e) In addition to the other powers granted by this article
Page 4, Line 1117, the authority has the power, with respect to eligible
Page 4, Line 2infrastructure project loans to lenders as provided under this
Page 4, Line 3section, to collect and pay reasonable fees and charges and to
Page 4, Line 4establish the terms and conditions of eligible infrastructure
Page 4, Line 5project loans to lenders by rules and regulations, including
Page 4, Line 6rules and regulations as to:
Page 4, Line 7(I) Reinvestment and commitments to reinvest by lenders
Page 4, Line 8of the proceeds of eligible infrastructure project loans; and
Page 4, Line 9(II) Other matters related to such infrastructure project
Page 4, Line 10loans to lenders deemed necessary by the authority to
Page 4, Line 11accomplish the purposes of this article 117.".
Page 4, Line 12Page 28, after line 6 insert:
Page 4, Line 13"(6) (a) If, upon reviewing an application, the authority
Page 4, Line 14determines that an infrastructure project is eligible for
Page 4, Line 15financing from the Colorado educational and cultural
Page 4, Line 16facilities authority created in section 23-15-104 (1)(a), the
Page 4, Line 17authority shall notify both the entity that submitted the
Page 4, Line 18application and the Colorado educational and cultural
Page 4, Line 19facilities authority of that determination. Within the later of
Page 4, Line 20thirty days after it receives such notice or ten days after its
Page 4, Line 21next board meeting that occurs after it receives such notice,
Page 4, Line 22the Colorado educational and cultural facilities authority
Page 4, Line 23must notify the authority whether it intends to independently
Page 4, Line 24finance the infrastructure project without funding from the
Page 4, Line 25authority.
Page 4, Line 26(b) The authority shall only provide financing to a
Page 4, Line 27project identified pursuant to subsection (6)(a) of this section if
Page 4, Line 28the Colorado educational and cultural facilities authority
Page 4, Line 29does not respond within the period described in subsection (6)(a)
Page 4, Line 30of this section or indicates that it does not intend to
Page 4, Line 31independently finance the infrastructure project without
Page 4, Line 32financing from the authority.".
Page 4, Line 33Renumber succeeding subsection accordingly.