A Bill for an Act
Page 1, Line 101Concerning public financing, and, in connection therewith,
Page 1, Line 102establishing the building urgent infrastructure and
Page 1, Line 103leveraging dollars authority, modifying the state
Page 1, Line 104public financing cash fund, and allowing the state
Page 1, Line 105treasurer to use a security token offering for state
Page 1, Line 106capital financing.
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 amends the state public financing cash fund (fund) statute in 2 ways. First, the bill removes the limit on the amounts included in the issuance or incurrence of certain financial obligations by the state that the state treasurer credits to the fund. Second, the bill modifies the fund so that bond counsel approval is no longer needed before money in the fund is used to reimburse the state treasurer for certain verifiable costs.
Section 2 allows the state treasurer to use a security token offering for state capital financing and adopt rules as necessary to do so.
Section 3 creates a new special purpose authority: The building urgent infrastructure and leveraging dollars authority (authority). The authority's primary purpose is to finance certain infrastructure projects that are ready for construction or commencement. As used in this context, an infrastructure project is a project that includes, but is not limited to, the development, construction, repair, improvement, operation, maintenance, decommissioning, or ownership of: A transportation facility; utility infrastructure; renewable energy infrastructure; recycling infrastructure; energy efficiency infrastructure; an education facility; water infrastructure; affordable and accessible housing stock; or digital, social, or other infrastructure related to economic development.
The powers of the authority are vested in a 9-member board with the following membership:
- The state treasurer or the state treasurer's designee;
- The state architect or the state architect's designee;
- The chair of the capital development committee of the general assembly or any successor committee;
- A member of the capital development committee of the general assembly or any successor committee who is the longest serving member on the committee and who is a member of the major political party other than the party of the chair of the committee;
- A representative of a statewide organization of general and specialty commercial construction contractors, appointed by the governor;
- A representative of a statewide employee organization representing building and construction trade workers, appointed by the president of the senate;
- An individual representing service employees;
- An individual with a background in finance who has experience with pension fund management, appointed by the state treasurer; and
- An individual with a background in finance who has experience with bonds, appointed by the state treasurer.
- Make and execute agreements, contracts, and other instruments as necessary to achieve the authority's purposes, including contracting with the officers, personnel, and consultants of the state treasurer to achieve its purposes;
- Charge to and collect from state agencies and persons fees and charges in connection with the authority's loans or other services;
- Issue and sell building urgent infrastructure and leveraging dollars bonds, payable solely from the building urgent infrastructure and leveraging dollars bonding fund created within the authority;
- Invest and deposit money; and
- Finance or participate in the financing of eligible projects or any interest in such a project.
The state treasurer or the state treasurer's designee shall serve as the chair and shall call the first meeting of the board no later than January 1, 2026.
Among other powers, the authority may:
The infrastructure and long-term development assistance program (program) is created in the authority to allow for the authority to provide financing for eligible projects. The bill requires the authority to develop policies and procedures necessary to implement the program. At a minimum, the policies and procedures must specify application criteria, an application process, and a selection process for the authority to determine which eligible projects it will finance or assist in financing through the program. The authority shall pay for such financing out of the eligible project revolving fund created in the authority.
Page 3, Line 1Be it enacted by the General Assembly of the State of Colorado:
Page 3, Line 2SECTION 1. In Colorado Revised Statutes, 24-36-121, amend (7) as follows:
Page 3, Line 324-36-121. Authority to manage state public financing - state
Page 3, Line 4public financing cash fund - rules - legislative declaration -
Page 3, Line 5definitions. (7) (a) On and after July 1, 2012, the issuance or incurrence
Page 3, Line 6of every financial obligation by the state acting by and through a state
Page 3, Line 7agency that the state treasurer manages pursuant to subsection (4) of this
Page 3, Line 8section
shallPage 3, Line 9code, an amount determined by the state treasurer.
not to exceed the lesserPage 3, Line 10
of one hundred thousand dollars or two percent of the principal proceedsPage 4, Line 1
of the issuance or incurrence to be paid to the state treasurer.Page 4, Line 2treasurer shall credit the
moneysPage 4, Line 3fund, which is hereby created in the state treasury. The fund consists of
Page 4, Line 4
moneysparagraph (a)Page 4, Line 5subsection (7)(a) and
shallPage 4, Line 6described in
paragraph (b) of this subsection (7)Page 4, Line 7this section. The
moneysarePage 4, Line 8appropriated to the state treasurer. All unexpended and unencumbered
Page 4, Line 9
moneysPage 4, Line 10deposit and investment of
moneysshall remainPage 4, Line 11remains in the fund and shall not revert to the general fund or any other fund at the end of a fiscal year.
Page 4, Line 12(b)
To the extent permitted by bond counsel,Page 4, Line 13state public financing cash fund shall be used to reimburse the state
Page 4, Line 14treasurer for verifiable costs incurred in performing or overseeing the
Page 4, Line 15state's primary issuance compliance and post-issuance compliance
Page 4, Line 16responsibilities over the term of a financial obligation, including
Page 4, Line 17complying with or monitoring compliance with the requirements of the
Page 4, Line 18internal revenue code, making public disclosures or continuing disclosure
Page 4, Line 19undertakings required pursuant to federal securities laws or ensuring that
Page 4, Line 20such disclosures are made, and performing or coordinating requirements
Page 4, Line 21in connection with the financial obligation.
The state treasurer may alsoPage 4, Line 22
expend up to one hundred twenty-five thousand dollars from the statePage 4, Line 23
public financing cash fund to fund the completion of the study of thePage 4, Line 24
feasibility of using security token offerings for state capital financing required by section 24-36-121.5 (3).Page 4, Line 25SECTION 2. In Colorado Revised Statutes, 24-36-121.5, add (4) as follows:
Page 5, Line 124-36-121.5. Use of security tokens for state capital financing
Page 5, Line 2- feasibility study - authorization of use - legislative declaration -
Page 5, Line 3definitions. (4) The state treasurer may use a security token
Page 5, Line 4offering for state capital financing and may adopt rules as necessary to implement this section.
Page 5, Line 5SECTION 3. In Colorado Revised Statutes, add article 117 to title 24 as follows:
Page 5, Line 6ARTICLE 117
The Building Urgent Infrastructure
Page 5, Line 7and Leveraging Dollars Authority
Page 5, Line 824-117-101. Short title.The short title of this article 117 is the "Colorado BUILD Authority Act".
Page 5, Line 924-117-102. Legislative declaration. (1) The general assembly finds and declares that:
Page 5, Line 10(a) Colorado faces significant challenges accessing and
Page 5, Line 11leveraging the funding needed for critical infrastructure
Page 5, Line 12projects spanning from housing to water, roads to broadband, and clean energy;
Page 5, Line 13(b) The state acknowledges and commends the ongoing
Page 5, Line 14work by existing infrastructure authorities to address
Page 5, Line 15infrastructure needs while recognizing the growing need to
Page 5, Line 16address these infrastructure deficiencies by leveraging capital
Page 5, Line 17and financing projects that will create jobs, promote economic development, and protect the environment;
Page 5, Line 18(c) It is imperative for the state to take proactive
Page 5, Line 19measures to allocate resources efficiently and effectively
Page 6, Line 1towards critical infrastructure projects that not only meet
Page 6, Line 2immediate needs but also lay the foundation for sustainable long-term development;
Page 6, Line 3(d) By prioritizing infrastructure projects with project
Page 6, Line 4labor agreements, prevailing wage requirements, and high labor
Page 6, Line 5standards that ensure fair compensation and retirement
Page 6, Line 6security, the state not only enhances the livelihoods of its
Page 6, Line 7workers but also stimulates consumer spending, fosters financial stability, and drives long-term economic growth;
Page 6, Line 8(e) When a service contract expires and a follow-on
Page 6, Line 9contract is awarded for the same or similar services, the state's
Page 6, Line 10procurement interests in economy and efficiency are best served
Page 6, Line 11when the successor contractor or subcontractor hires the
Page 6, Line 12predecessor's employees, thus avoiding displacement of these employees;
Page 6, Line 13(f) Using a carryover workforce reduces disruption in the
Page 6, Line 14delivery of services during the period of transition between
Page 6, Line 15contractors, maintains physical and information security, and
Page 6, Line 16provides the state with the benefits of an experienced and
Page 6, Line 17well-trained workforce that is familiar with the state's personnel, facilities, and requirements;
Page 6, Line 18(g) The establishment of a dedicated financing authority,
Page 6, Line 19the building urgent infrastructure and leveraging dollars
Page 6, Line 20authority, will provide the necessary framework to leverage
Page 6, Line 21capital and offer innovative financing for critical infrastructure projects;
Page 6, Line 22(h) The building urgent infrastructure and leveraging
Page 7, Line 1dollars authority is specifically formulated to leverage
Page 7, Line 2federal dollars, such as funding available under the bipartisan
Page 7, Line 3infrastructure law, and to creatively maximize state funds for
Page 7, Line 4vital infrastructure needs and has safeguards to prevent the privatization of public assets; and
Page 7, Line 5(i) Through strategic investments and collaborative
Page 7, Line 6partnerships, the building urgent infrastructure and leveraging
Page 7, Line 7dollars authority will play a pivotal role in accelerating the
Page 7, Line 8implementation of vital infrastructure initiatives, thereby
Page 7, Line 9enhancing the overall resilience, livability, and competitiveness of the state's communities.
Page 7, Line 1024-117-103. Definitions.As used in this article 117, unless the context otherwise requires:
Page 7, Line 11(1) "Authority" means the building urgent infrastructure and leveraging dollars authority created in this article 117.
Page 7, Line 12(2) "Board" means the board of directors of the authority.
Page 7, Line 13(3) "Bond" means any bond, note, debenture, interim
Page 7, Line 14certificate, grant and revenue anticipation note, financed
Page 7, Line 15purchase of an asset, or other evidence of indebtedness
Page 7, Line 16authorized to be issued by the authority pursuant to this article 117.
Page 7, Line 17(4) "Bonding fund" means the fund created in section 24-117-106 (3).
Page 7, Line 18(5) "Eligible project" means an infrastructure project
Page 7, Line 19that is selected by the authority for financing and is otherwise
Page 7, Line 20ready for construction or commencement.
Page 8, Line 1(6) "Eligible project revolving fund" means the fund created in section 24-117-112 (6).
Page 8, Line 2(7) "Infrastructure project" means a project that
Page 8, Line 3includes, but is not limited to, the development, construction,
Page 8, Line 4repair, improvement, operation, maintenance, decommissioning, or ownership of:
Page 8, Line 5(a) A transportation infrastructure project;
Page 8, Line 6(b) An infrastructure project in a transit-oriented community;
Page 8, Line 7(c) A county courthouse facility;
(d) A transportation facility;
Page 8, Line 8(e) Utility infrastructure;
(f) Renewable energy infrastructure;
Page 8, Line 9(g) Recycling infrastructure;
(h) Energy efficiency infrastructure;
Page 8, Line 10(i) An education facility;
(j) Water infrastructure;
Page 8, Line 11(k) Affordable and accessible housing infrastructure; or
Page 8, Line 12(l) Digital, social, or other infrastructure related to economic development.
Page 8, Line 13(8) "Operational fund" means the fund created in section 24-117-108.
Page 8, Line 14(9) "Program" means the building urgent infrastructure and leveraging dollars program created in section 24-117-112.
Page 8, Line 15(10) "Project labor agreement" means a prehire collective
Page 8, Line 16bargaining agreement with one or more labor organizations
Page 8, Line 17that establishes the terms and conditions of employment for a
Page 9, Line 1specific construction project and is an agreement described in 29 U.S.C. sec. 158 (f).
Page 9, Line 224-117-104. Building urgent infrastructure and leveraging
Page 9, Line 3dollars authority - creation - board of directors - meetings - records.
Page 9, Line 4(1) The building urgent infrastructure and leveraging dollars
Page 9, Line 5authority is created as a body corporate and a political
Page 9, Line 6subdivision of the state. The authority is not an agency of state
Page 9, Line 7government and is not subject to administrative direction by
Page 9, Line 8any department, commission, board, bureau, or agency of the state.
Page 9, Line 9(2) (a) The powers of the authority are vested in the
Page 9, Line 10governing body of the authority, which is a board of directors. The board consists of eleven members as follows:
Page 9, Line 11(I) The state treasurer or the state treasurer's designee;
(II) The state architect or the state architect's designee;
Page 9, Line 12(III) The chair of the capital development committee of the general assembly or any successor committee;
Page 9, Line 13(IV) A member of the capital development committee of
Page 9, Line 14the general assembly or any successor committee who is the
Page 9, Line 15longest serving member on the committee and who belongs to
Page 9, Line 16the major political party other than the party of the chair of the committee;
Page 9, Line 17(V) A representative of local governments, appointed by the governor;
Page 9, Line 18(VI) A representative of a statewide organization of
Page 9, Line 19general and specialty commercial construction contractors,
Page 9, Line 20appointed by the governor;
Page 10, Line 1(VII) A representative of a statewide employee
Page 10, Line 2organization representing building and construction trade workers, appointed by the president of the senate;
Page 10, Line 3(VIII) An individual representing service employees, appointed by the state treasurer;
Page 10, Line 4(IX) An individual with a background in finance who has
Page 10, Line 5experience with pension fund management, appointed by the state treasurer;
Page 10, Line 6(X) An individual with a background in finance who has experience with bonds, appointed by the state treasurer; and
Page 10, Line 7(XI) An individual with a background in commercial
Page 10, Line 8lending representing an institution insured by the federal deposit insurance corporation, appointed by the state treasurer.
Page 10, Line 9(b) The appointing authorities shall make their initial appointments to the board no later than January 1, 2026.
Page 10, Line 10(3) The term of appointment for each member of the board
Page 10, Line 11appointed pursuant to subsection (2) of this section is four years;
Page 10, Line 12except that the term of each member initially appointed
Page 10, Line 13pursuant to subsections (2)(a)(V) and (2)(a)(IX) of this section is
Page 10, Line 14three years. A member may be appointed for no more than three
Page 10, Line 15terms. Any vacancy must be filled in the same manner as the original appointment for the unexpired term.
Page 10, Line 16(4) Members of the board serve without compensation but
Page 10, Line 17are entitled to receive reimbursement for actual and necessary
Page 10, Line 18expenses incurred in the performance of the members' duties on the board.
Page 10, Line 19(5) The state treasurer or the state treasurer's designee
Page 11, Line 1shall serve as the chair and shall call the first meeting of the board to occur no later than January 1, 2026.
Page 11, Line 2(6) The board shall meet at least once every three
Page 11, Line 3months. The chair may call additional meetings as necessary for the board to complete its duties.
Page 11, Line 4(7) (a) All meetings of the board are open to the public. No
Page 11, Line 5business of the board shall be transacted except at a regular or
Page 11, Line 6special meeting at which a quorum consisting of at least a
Page 11, Line 7majority of the total membership of the board is present. Any
Page 11, Line 8action of the board requires the affirmative vote of a majority of the members present at the meeting.
Page 11, Line 9(b) One or more members of the board may participate in
Page 11, Line 10any meeting and may vote through the use of
Page 11, Line 11telecommunications devices, including a conference telephone
Page 11, Line 12or similar communications equipment. Participation through
Page 11, Line 13telecommunications devices constitutes presence in person at
Page 11, Line 14the meeting. Use of telecommunications for participation does
Page 11, Line 15not supersede any requirements for open meetings otherwise provided by law.
Page 11, Line 16(8) The board and any employee, other agent, or adviser
Page 11, Line 17of the authority shall act in good faith, in a commercially reasonable manner, and in the interest of the state.
Page 11, Line 18(9) Any board member, employee, other agent, or adviser
Page 11, Line 19of the authority who has a direct or indirect interest in any
Page 11, Line 20contract, transaction, or proposal with the authority or any
Page 11, Line 21interest, direct or indirect, in a nonprofit or for-profit
Page 11, Line 22organization submitting a proposal to the authority shall
Page 12, Line 1disclose this interest to the authority. This interest must be set
Page 12, Line 2forth in the minutes of the authority, and a board member,
Page 12, Line 3employee, or other agent or adviser having such an interest
Page 12, Line 4shall not participate on behalf of the authority in the authorization of any such contract or transaction.
Page 12, Line 5(10) All public records of the authority are subject to the
Page 12, Line 6"Colorado Open Records Act", part 2 of article 72 of this title
Page 12, Line 724. All records are subject to any budget and audit laws
Page 12, Line 8applicable to the authority and may be subject to regular audit to the extent required by law.
Page 12, Line 9(11) No part of the revenues or assets of the authority
Page 12, Line 10may inure to the benefit of, or be distributed to, the authority's members or officers.
Page 12, Line 11(12) The authority may hire staff as it deems necessary or
Page 12, Line 12convenient to administer this article 117, and the department of
Page 12, Line 13personnel may assist the authority with administering this
Page 12, Line 14article 117. The authority may cooperate and enter into
Page 12, Line 15contracts with the department of personnel, or with another
Page 12, Line 16agency or entity, for administrative or operations matters,
Page 12, Line 17including for staffing. The authority shall pay the department
Page 12, Line 18of personnel, or another agency or entity that the authority
Page 12, Line 19has entered into a contract with, for all costs incurred for
Page 12, Line 20services, staffing, and administrative costs that are approved by
Page 12, Line 21the initial chairperson and ratified by the board or that are
Page 12, Line 22approved by the authority. Nothing in this article 117 precludes
Page 12, Line 23the authority from hiring staff and entering into contracts
Page 12, Line 24concurrently as the authority deems necessary or convenient for administration or operations matters.
Page 13, Line 1(13) Any state agency may, subject to annual
Page 13, Line 2appropriations, provide technical advice, support, and assistance to the authority.
Page 13, Line 3(14) The authority is a "public entity" as set forth in
Page 13, Line 4sections 24-10-103 (5) and 11-57-203 (3) and a "special purpose authority" as set forth in section 24-77-102 (15).
Page 13, Line 5(15) The authority and its corporate existence continues
Page 13, Line 6until terminated by law; except that a law must not take effect
Page 13, Line 7so long as the authority has bonds or other outstanding
Page 13, Line 8obligations unless adequate provision has been made for the
Page 13, Line 9payment of the bonds or other outstanding obligations. Upon
Page 13, Line 10termination of the existence of the authority, all its rights and
Page 13, Line 11properties in excess of its obligations must pass to and be vested in the state.
Page 13, Line 1229-117-105. General powers. (1) In addition to any other
Page 13, Line 13powers granted to the authority in this article 117, the authority has the powers to:
Page 13, Line 14(a) Have the duties, privileges, immunities, rights,
Page 13, Line 15liabilities, and disabilities of a body corporate and political subdivision of the state;
Page 13, Line 16(b) Have perpetual existence and succession;
(c) Adopt, alter, have, and use a seal;
Page 13, Line 17(d) Sue and be sued;
Page 13, Line 18(e) Acquire office space, equipment, services, supplies, and
Page 13, Line 19insurance necessary to carry out the purposes of this article
Page 13, Line 20117;
Page 14, Line 1(f) Fix the time and place at which its regular and special meetings are to be held;
Page 14, Line 2(g) Adopt, amend, or repeal bylaws, policies, and
Page 14, Line 3procedures consistent with the provisions of this article 117,
Page 14, Line 4including policies and procedures regarding the definition and
Page 14, Line 5interpretation of terms used in this article 117. Nothing in this
Page 14, Line 6subsection (1)(g) grants the authority the power to redefine terms that are already defined in this article 117.
Page 14, Line 7(h) Appoint agents, employees, and professional and
Page 14, Line 8business advisers, including real estate professionals,
Page 14, Line 9construction companies, property managers, attorneys,
Page 14, Line 10accountants, and financial advisers as necessary to accomplish
Page 14, Line 11the purposes of this article 117, and to fix the compensation of
Page 14, Line 12such agents, employees, and advisers, and to establish the
Page 14, Line 13powers and duties of all agents, employees, and advisers, as
Page 14, Line 14well as any other person contracting with the authority to
Page 14, Line 15provide services, including termination of employment or the
Page 14, Line 16contract for services; except that the authority may contract
Page 14, Line 17with the officers, personnel, and consultants of the state
Page 14, Line 18treasurer to perform any or all activities specified in this article 117;
Page 14, Line 19(i) Make and execute agreements, contracts, and other
Page 14, Line 20instruments necessary or convenient in the exercise of the
Page 14, Line 21powers and functions of the authority under this article 117,
Page 14, Line 22including contracts with any person, firm, corporation,
Page 14, Line 23municipality, state agency, county, or other entity. All
Page 14, Line 24municipalities, counties, and state agencies may enter into and
Page 15, Line 1do all things necessary to perform any such arrangement or contract with the authority.
Page 15, Line 2(j) Utilize available money for administrative costs;
(k) Establish advisory committees;
Page 15, Line 3(l) Borrow money through the issuance of bonds and other securities as provided in this article 117;
Page 15, Line 4(m) Enter into interest rate exchange agreements for bonds in accordance with section 24-117-106;
Page 15, Line 5(n) Acquire, hold, and sell loan obligations at prices and through methods deemed advisable by the board;
Page 15, Line 6(o) Contract for and to accept any gifts, grants, and
Page 15, Line 7loans of money, property, or any other aid in any form from the
Page 15, Line 8federal government, the state, any state agency, or any other
Page 15, Line 9source or any combination thereof, and to comply, subject to
Page 15, Line 10the provisions of this article 117, with the terms and conditions of such contracts for the acceptance of such items;
Page 15, Line 11(p) Secure insurance, guarantees, or other forms of collateral or credit support for issued bonds or securities;
Page 15, Line 12(q) Invest and deposit money in accordance with section 24-117-111;
Page 15, Line 13(r) Finance or participate in the financing of eligible projects, or any interest therein;
Page 15, Line 14(s) Charge to and collect from state agencies and persons
Page 15, Line 15fees and charges in connection with the authority's loans or
Page 15, Line 16other services, including but not limited to fees and charges
Page 15, Line 17sufficient to reimburse the authority for all reasonable costs
Page 15, Line 18necessarily incurred by the authority in connection with
Page 16, Line 1carrying out the purpose and intent of this article 117 and the
Page 16, Line 2establishment and maintenance of reserves or other money, as the authority may determine to be reasonable;
Page 16, Line 3(t) Collect debts owed to the authority, including through necessary legal actions; and
Page 16, Line 4(u) Have and exercise all rights and powers necessary,
Page 16, Line 5incidental to, or implied from the specific powers granted in this
Page 16, Line 6article 117, which specific powers shall not be considered as a
Page 16, Line 7limitation on any power necessary or appropriate to carry out the purposes and intent of this article 117.
Page 16, Line 8(2) The authority shall develop policies and procedures as necessary for the implementation of this article 117.
Page 16, Line 9(3) The authority shall engage with under-represented communities and organizations.
Page 16, Line 10(4) The authority shall engage in responsible contracting and labor practices.
Page 16, Line 11(5) (a) The authority shall comply with all applicable
Page 16, Line 12federal laws governing the use of federal funds, including, without limitation, statutes and regulations governing:
Page 16, Line 13(I) Any conditions or limitations on expenditures;
(II) Reporting; and
Page 16, Line 14(III) The commingling of federal funds.
Page 16, Line 15(b) Earnings made in connection with this article 117 on
Page 16, Line 16balances in any federal accounts must be credited and invested
Page 16, Line 17in accordance with federal law. Earnings made in connection
Page 16, Line 18with this article 117 on any state and local money must be
Page 16, Line 19deposited in the same fund to the credit of the account that generates the earnings.
Page 17, Line 1(6) The authority shall follow all applicable federal and
Page 17, Line 2state prevailing wage and apprenticeship utilization statutory and regulatory requirements, including:
Page 17, Line 3(a) The federal "Davis-Bacon Act", 40 U.S.C. sec. 3141 et seq., and related federal acts;
Page 17, Line 4(b) Where applicable, the federal "Inflation Reduction
Page 17, Line 5Act of 2022", United States Code, title 26, including but not
Page 17, Line 6limited to sections 30C, 45, 45B, 45L, 45Q, 45U, 45V, 45X, 45Y, 45Z,
Page 17, Line 748, 48C, 48E, and 179D, and associated implementing rules and
Page 17, Line 8guidance promulgated by the United States department of the
Page 17, Line 9treasury and the United States internal revenue service, as the
Page 17, Line 10statute and implementing rules and guidance may be amended from time to time;
Page 17, Line 11(c) State prevailing wage and apprenticeship utilization
Page 17, Line 12requirements for projects that meet the definition of "public projects", as defined in sections 24-92-201 (5) and 24-92-115; and
Page 17, Line 13(d) State prevailing wage and apprenticeship utilization
Page 17, Line 14requirements established in sections 24-92-115 and 24-92-201 for
Page 17, Line 15projects that meet the definition of "energy sector public works projects", as defined in section 24-92-303 (5).
Page 17, Line 16(7) The authority shall ensure that any loan that is
Page 17, Line 17issued by the authority and then paid in full is closed. The
Page 17, Line 18authority shall not use a closed loan as equity for any other project.
Page 17, Line 19(8) If a project being considered by the authority is not
Page 17, Line 20required under state or federal law to follow prevailing wage
Page 18, Line 1or apprenticeship utilization requirements, the authority shall
Page 18, Line 2give preference for projects that voluntarily agree to follow
Page 18, Line 3the state prevailing wage for employees employed in the
Page 18, Line 4construction, rehabilitation, operation, or maintenance
Page 18, Line 5services of facilities, as described in sections 24-92-201 to
Page 18, Line 624-92-210, and state apprenticeship utilization requirements described in section 24-92-115.
Page 18, Line 724-117-106. Building urgent infrastructure and leveraging
Page 18, Line 8dollars bonds - conditions of issuance - building urgent infrastructure
Page 18, Line 9and leveraging dollars bonding fund creation - auditor examination
Page 18, Line 10- payment from bonding fund - exemption from taxation. (1) The
Page 18, Line 11authority may issue and sell building urgent infrastructure and
Page 18, Line 12leveraging dollars bonds, payable solely from the building
Page 18, Line 13urgent infrastructure and leveraging dollars bonding fund, in
Page 18, Line 14compliance with this article 117. This article 117 is, without
Page 18, Line 15reference to any other law, full authority for the issuance and
Page 18, Line 16sale of bonds. Bonds have all the qualities of investment
Page 18, Line 17securities under the "Uniform Commercial Code", title 4, and
Page 18, Line 18must not be deemed invalid for any irregularity or defect or be
Page 18, Line 19contestable in the hands of bona fide purchasers or holders of the bonds for value.
Page 18, Line 20(2) (a) Bonds may be executed and delivered by the
Page 18, Line 21authority at such times; may be in such form and denominations
Page 18, Line 22and include such terms and maturities; may be subject to
Page 18, Line 23optional or mandatory redemption prior to maturity with or
Page 18, Line 24without a premium; may be in fully registered form or bearer
Page 18, Line 25form registrable as to principal or interest or both; may bear
Page 19, Line 1such conversion privileges; may be payable in such installments
Page 19, Line 2and at such times not exceeding thirty years; may be payable at
Page 19, Line 3such place or places whether within or without the state; may
Page 19, Line 4bear interest at such rate or rates per annum, which may be
Page 19, Line 5fixed or vary according to index, procedure, or formula or as
Page 19, Line 6determined by the authority or its agents, without regard to
Page 19, Line 7any interest rate limitation appearing in any other law of the
Page 19, Line 8state; may be subject to purchase at the option of the holder or
Page 19, Line 9the authority; may be evidenced in such manner; may be executed
Page 19, Line 10by such officers of the authority, including the use of one or
Page 19, Line 11more facsimile signatures so long as at least one manual
Page 19, Line 12signature appears on the bonds, which may be either of an officer
Page 19, Line 13of the authority or of an agent authenticating the same; may be
Page 19, Line 14in the form of coupon bonds that have attached interest
Page 19, Line 15coupons bearing a manual or facsimile signature of an officer of
Page 19, Line 16the authority; and may contain such provisions not inconsistent
Page 19, Line 17with this article 117, all as provided in the resolution of the
Page 19, Line 18authority under which the bonds are authorized to be issued or
Page 19, Line 19as provided in a trust indenture between the authority and any commercial bank or trust company having full trust powers.
Page 19, Line 20(b) (I) Bonds may be sold at public or private sale at such
Page 19, Line 21price or prices, in such manner, and at such times as determined
Page 19, Line 22by the board, and the board may pay all fees, expenses, and
Page 19, Line 23commissions that it deems necessary or advantageous in connection with the sale of bonds.
Page 19, Line 24(II) The board may delegate to an officer or agent of the
Page 19, Line 25board the power to:
(A) Fix the date of sale of bonds;
Page 20, Line 1(B) Receive bids or proposals;
(C) Award and sell bonds;
Page 20, Line 2(D) Fix interest rates; and
Page 20, Line 3(E) Take all other action necessary to sell and deliver bonds.
Page 20, Line 4(III) The authority may refund any outstanding bonds pursuant to article 56 of title 11.
Page 20, Line 5(IV) All bonds and any interest coupons applicable to the bonds are declared to be negotiable instruments.
Page 20, Line 6(c) Bonds are exempt from taxation by the state and any
Page 20, Line 7county, city and county, municipality, or other political subdivision of the state.
Page 20, Line 8(d) Public entities, as defined in section 24-75-601 (1), may
Page 20, Line 9invest public money in bonds so long as the bonds satisfy the
Page 20, Line 10investment requirements established in part 6 of article 75 of this title 24.
Page 20, Line 11(e) Neither a member of the board nor an employee of the
Page 20, Line 12authority nor any person executing bonds is liable personally
Page 20, Line 13on the bonds or subject to any personal liability by reason of the issuance of the bonds.
Page 20, Line 14(3) (a) (I) The building urgent infrastructure and
Page 20, Line 15leveraging dollars bonding fund is created in the authority. The bonding fund consists of:
Page 20, Line 16(A) Fees and service charges collected;
(B) Bond proceeds;
Page 20, Line 17(C) Money from payments of principal and interest on
Page 21, Line 1loans made in connection with eligible projects if the authority has provided financing for eligible projects; and
Page 21, Line 2(D) All interest and income derived from the deposit and investment of money in the bonding fund.
Page 21, Line 3(II) The authority may create separate accounts within
Page 21, Line 4the bonding fund in connection with any issuance of bonds and
Page 21, Line 5may deposit in the separate accounts revenue received by the
Page 21, Line 6authority. Any separate account must be held by a trustee
Page 21, Line 7acting under a trust indenture relating to the bonds connected
Page 21, Line 8to the account. Interest and income derived from the deposit
Page 21, Line 9and investment of money in a separate account must be credited to the account.
Page 21, Line 10(b) (I) Money in the bonding fund must be deposited in a
Page 21, Line 11bank designated by the authority in an account or accounts as
Page 21, Line 12the authority may establish. Money in accounts of the bonding
Page 21, Line 13fund must only be withdrawn on the order of a person
Page 21, Line 14authorized by the authority. All deposits of money from the
Page 21, Line 15bonding fund must be secured in the manner determined by the authority.
Page 21, Line 16(II) All money and activities of the authority, including
Page 21, Line 17its receipts, disbursements, contracts, leases, money,
Page 21, Line 18investments, and any other records and papers relating to its
Page 21, Line 19financial standing, are subject to annual audit, at the authority's expense, in accordance with section 29-1-603.
Page 21, Line 20(c) Money in the bonding fund is money of the authority
Page 21, Line 21and is pledged for the payment of principal and interest on bonds
Page 21, Line 22issued pursuant to this article 117. Money in any separate
Page 22, Line 1account may be pledged solely to payment of the bonds for
Page 22, Line 2which the separate account was created. The authority may
Page 22, Line 3expend money in the bonding fund or a separate account for the
Page 22, Line 4purpose of paying debt service, including redemption premiums,
Page 22, Line 5on bonds and expenses incurred in the issuance, payment, and administration of the bonds.
Page 22, Line 6(4) Twice annually, the authority shall estimate the
Page 22, Line 7amounts needed to make debt service and other payments on
Page 22, Line 8bonds during the next twelve months from the bonding fund and
Page 22, Line 9from any separate account created in the bonding fund plus the
Page 22, Line 10amount that may be needed for any required reserves or other
Page 22, Line 11requirements as may be set forth in the trust indenture related
Page 22, Line 12to the bonds. The authority shall transfer to the operational
Page 22, Line 13fund any balance in the bonding fund or any separate account
Page 22, Line 14created in the bonding fund above the estimated amounts.
Page 22, Line 15Payments for administrative costs must be deposited in the operational fund.
Page 22, Line 16(5) Bonds are payable solely from the bonding fund, any
Page 22, Line 17separate account created within the bonding fund, or, with the
Page 22, Line 18approval of the bondholders, any other special funds as may be
Page 22, Line 19provided by law, and the bonds do not create an obligation or
Page 22, Line 20indebtedness of the state within the meaning of any
Page 22, Line 21constitutional provision or law. A breach of a contractual
Page 22, Line 22obligation incurred pursuant to this article 117 does not impose
Page 22, Line 23a pecuniary liability or a charge upon the general credit or taxing power of the state.
Page 22, Line 24(6) The state pledges that the bonding fund, including any
Page 23, Line 1separate account within the bonding fund, must be used only for
Page 23, Line 2the purposes specified in this section and is pledged first to repay
Page 23, Line 3bonds issued pursuant to this article 117. The state further
Page 23, Line 4pledges that any law requiring the deposit of revenue in the
Page 23, Line 5bonding fund or authorizing expenditures from the bonding fund
Page 23, Line 6must not be amended, repealed, or otherwise modified so as to
Page 23, Line 7impair the bonds to which the bonding fund is dedicated as provided in this section.
Page 23, Line 824-117-107. Payment of bonds - nonliability of state.
Page 23, Line 9(1) Bonds issued by the authority must not constitute or become
Page 23, Line 10an indebtedness, a debt, or a liability of the state nor do such
Page 23, Line 11bonds constitute the giving, pledging, or loaning of the full
Page 23, Line 12faith and credit of the state. Bonds issued by the authority are
Page 23, Line 13payable solely from the money provided for in this article 117.
Page 23, Line 14The issuance of bonds by the authority pursuant to this article
Page 23, Line 15117 does not obligate the state or empower the authority,
Page 23, Line 16directly, indirectly, or contingently, to levy or collect any
Page 23, Line 17form of taxes or assessments, create any indebtedness payable
Page 23, Line 18out of taxes or assessments, or make any appropriation for their
Page 23, Line 19payment, and such appropriation, levy, or collection is prohibited.
Page 23, Line 20(2) Nothing in this section prevents or may be construed
Page 23, Line 21to prevent the authority from pledging its full faith and credit
Page 23, Line 22to the payment of bonds authorized pursuant to this article 117,
Page 23, Line 23but nothing in this article 117 may be construed to authorize the
Page 23, Line 24authority to create a debt of the state within the meaning of
Page 23, Line 25the constitution or statutes of Colorado, and all bonds issued
Page 24, Line 1by the authority pursuant to the provisions of this article 117
Page 24, Line 2are payable and must state that they are payable solely from
Page 24, Line 3the money pledged for their payment in accordance with the
Page 24, Line 4resolution authorizing their issuance or with any trust
Page 24, Line 5indenture executed as security for such bonds and are not a debt or liability of the state.
Page 24, Line 6(3) The state is not liable in any event for the payment of
Page 24, Line 7the principal of or interest on any bonds of the authority or for
Page 24, Line 8the performance of any pledge, obligation, or agreement of any
Page 24, Line 9kind whatsoever which may be undertaken by the authority. No
Page 24, Line 10breach of any such pledge, obligation, or agreement imposes any
Page 24, Line 11pecuniary liability upon the state or any charge upon its general credit or against its taxing power.
Page 24, Line 1224-117-108. The building urgent infrastructure and leveraging
Page 24, Line 13dollars authority operational fund - creation.The building urgent
Page 24, Line 14infrastructure and leveraging dollars authority operational
Page 24, Line 15fund is created in the authority. The operational fund consists
Page 24, Line 16of money transferred to the operational fund; gifts; grants;
Page 24, Line 17donations; contributions from a governmental entity,
Page 24, Line 18not-for-profit organization, or private entity; federal funds; a
Page 24, Line 19warrant issued by the state or any other governmental entity;
Page 24, Line 20any other money that the authority may transfer to the
Page 24, Line 21operational fund; and interest and income derived from the
Page 24, Line 22deposit and investment of money in the operational fund. Money
Page 24, Line 23in the fund is money of the authority for the purpose of carrying
Page 24, Line 24out this article 117, and the authority may establish procedures
Page 24, Line 25to administer the operational fund in accordance with this article 117 and any other applicable provision of state law.
Page 25, Line 124-117-109. Exemption from taxation - securities law. (1) The
Page 25, Line 2following are exempt from all taxation and assessments in Colorado:
Page 25, Line 3(a) The income or other revenues of the authority;
(b) All properties at any time owned by the authority;
Page 25, Line 4(c) Any bonds, notes, or other obligations issued pursuant
Page 25, Line 5to this article 117 or any interest paid on those bonds, notes, or other obligations;
Page 25, Line 6(d) The transfer of and the income, including any profit made on sale, from any such bonds or other obligations; and
Page 25, Line 7(e) All trust indentures and other documents issued in connection with such bonds or other obligations.
Page 25, Line 8(2) Bonds issued by the authority are also exempt from the provisions of article 51 of title 11.
Page 25, Line 924-117-110. Startup costs.For the purposes of meeting the
Page 25, Line 10necessary expenses of initial organization and operation, until
Page 25, Line 11such date as the authority otherwise derives sufficient money
Page 25, Line 12pursuant to this article 117, the authority or the department of
Page 25, Line 13the treasury may seek, accept, and expend gifts, grants, or
Page 25, Line 14donations from private or public sources or borrow such money
Page 25, Line 15as may be required for the necessary expenses of organization
Page 25, Line 16and operation of the authority. The authority shall repay such
Page 25, Line 17borrowed money within a reasonable time after the authority receives money provided pursuant to this article 117.
Page 25, Line 1824-117-111. Investment powers of authority. (1) The
Page 25, Line 19authority has the power to:
Page 26, Line 1(a) Invest any money held in reserve, sinking funds,
Page 26, Line 2capital reserve funds, or any funds not required for immediate
Page 26, Line 3disbursement in property or in securities in which the state
Page 26, Line 4treasurer may legally invest money subject to the treasurer's control;
Page 26, Line 5(b) Sell securities purchased and held by the authority;
Page 26, Line 6(c) Deposit securities in any bank within or without the state; and
Page 26, Line 7(d) Invest any such money in unsecured promissory notes of a national bank having the highest investment ratings.
Page 26, Line 8(2) Any funds deposited in a banking institution by the
Page 26, Line 9authority must be secured in a manner and subject to terms and
Page 26, Line 10conditions as determined by the board, with or without payment
Page 26, Line 11of any interest on the deposit, including, without limitation, time deposits evidenced by certificates of deposit.
Page 26, Line 12(3) Any commercial bank incorporated under the laws of
Page 26, Line 13this state which may act as a depository of any money of the
Page 26, Line 14authority may issue indemnifying bonds or may pledge such securities as may be required by the board.
Page 26, Line 1524-117-112. Infrastructure and long-term development
Page 26, Line 16assistance program - eligible project revolving fund - policies and
Page 26, Line 17procedures. (1) The infrastructure and long-term development
Page 26, Line 18assistance program is created in the authority. The purpose of
Page 26, Line 19the program is to provide financing to eligible projects. The
Page 26, Line 20authority is not responsible, through the program or otherwise, for assisting in a project qualifying as an eligible project.
Page 26, Line 21(2) The authority shall administer the program to provide
Page 27, Line 1financing to eligible projects that seek financing through the
Page 27, Line 2authority. Financing must be paid out of the eligible project
Page 27, Line 3revolving fund and the administrative expenses incurred by the
Page 27, Line 4department in administering the program must be paid out of the operating fund.
Page 27, Line 5(3) The authority shall implement the program in
Page 27, Line 6accordance with this section. The authority shall develop
Page 27, Line 7policies and procedures as required in this article 117 and any
Page 27, Line 8additional policies and procedures necessary to implement the
Page 27, Line 9program. At a minimum, the policies and procedures must specify
Page 27, Line 10application criteria, an application process, and a selection
Page 27, Line 11process for the authority to determine which eligible projects it will finance or assist in financing.
Page 27, Line 12(4) To receive financing, an applicant must submit an
Page 27, Line 13application to the authority in accordance with the policies and procedures developed by the authority.
Page 27, Line 14(5) The authority shall review the applications received
Page 27, Line 15pursuant to this section and must consider, among other criteria:
Page 27, Line 16(a) Whether a project demonstrates:
Page 27, Line 17(I) A match by an equal or greater amount of a loan or
Page 27, Line 18other financial assistance provided by a pension fund investor
Page 27, Line 19or a commingled fund of pension fund investments with a demonstrated track record of successful investment; and
Page 27, Line 20(II) A long-term commitment to hiring local residents and
Page 27, Line 21using apprentices in apprenticeship programs registered with the
Page 27, Line 22state apprenticeship council or the United States department of labor's office of apprenticeship;
Page 28, Line 1(b) Whether a project has a project labor agreement;
Page 28, Line 2(c) Whether a project complies with section 24-92-115 and parts 2 and 3 of article 92 of this title 24; and
Page 28, Line 3(d) Whether a project is located in or benefits an under-represented community.
Page 28, Line 4(6) The eligible project revolving fund is created in the
Page 28, Line 5authority. The eligible project revolving fund consists of money
Page 28, Line 6transferred to the fund; gifts; grants; donations; contributions
Page 28, Line 7from a governmental entity, not-for-profit organization, or
Page 28, Line 8private entity; federal funds; a warrant issued by the state or
Page 28, Line 9any other governmental entity; any other money that the
Page 28, Line 10authority may transfer to the fund; and interest and income
Page 28, Line 11derived from the deposit and investment of money in the eligible
Page 28, Line 12project revolving fund. Money in the fund is money of the
Page 28, Line 13authority for administering and implementing the
Page 28, Line 14infrastructure and long-term development assistance program.
Page 28, Line 15The authority may establish procedures to administer the fund
Page 28, Line 16in accordance with this article 117 and any other applicable provision of state law.
Page 28, Line 1724-117-113. Report to general assembly.Commencing in 2026,
Page 28, Line 18the authority shall submit a report of its activities to the
Page 28, Line 19governor, the capital development committee, and the
Page 28, Line 20transportation, housing, and local government committee of
Page 28, Line 21the house of representatives and the local government and
Page 28, Line 22housing committee of the senate, or any successor committees,
Page 28, Line 23not later than September 30 of each year. The report shall set
Page 29, Line 1forth a complete operating and financial statement covering
Page 29, Line 2the operations of the authority for the previous state fiscal
Page 29, Line 3year. Notwithstanding section 24-1-136 (11)(a)(I), the requirement to submit the report continues indefinitely.
Page 29, Line 4SECTION 4. In Colorado Revised Statutes, 24-77-102, amend(15)(b)(XX) and (15)(b)(XXI); and add (15)(b)(XXII) as follows:
Page 29, Line 524-77-102. Definitions. As used in this article 77, unless the context otherwise requires:
Page 29, Line 6(15) (b) "Special purpose authority" includes, but is not limited to:
Page 29, Line 7(XX) The middle-income housing authority created in section 29-4-1104 (1);
andPage 29, Line 8(XXI) The equal justice authority created in section 13-5.7-202; and
Page 29, Line 9(XXII) The building urgent infrastructure and leveraging dollars authority created in section 24-117-104 (1).
Page 29, Line 10SECTION 5. In Colorado Revised Statutes, 29-1-102, amend (13) as follows:
Page 29, Line 1129-1-102. Definitions. As used in this part 1, unless the context otherwise requires:
Page 29, Line 12(13) "Local government" means any authority, county,
Page 29, Line 13municipality, city and county, district, or other political subdivision of the
Page 29, Line 14state of Colorado; any institution, department, agency, or authority of any
Page 29, Line 15of the foregoing; and any other entity, organization, or corporation
Page 29, Line 16formed by intergovernmental agreement or other contract between or
Page 29, Line 17among any of the foregoing. The office of the county public trustee shall
Page 29, Line 18be deemed an agency of the county for the purposes of this part 1. "Local
Page 29, Line 19government" does not include the Colorado educational and cultural
Page 30, Line 1facilities authority, the university of Colorado hospital authority,
Page 30, Line 2collegeinvest, the Colorado health facilities authority, the Colorado
Page 30, Line 3housing and finance authority, the Colorado agricultural development
Page 30, Line 4authority, the Colorado sheep and wool authority, the Colorado beef
Page 30, Line 5council authority, the Colorado horse development authority, the
Page 30, Line 6building urgent infrastructure and leveraging dollars
Page 30, Line 7authority, the middle-income housing authority, the fire and police
Page 30, Line 8pension association, any public entity insurance or investment pool
Page 30, Line 9formed pursuant to state law, any county or municipal housing authority,
Page 30, Line 10any association of political subdivisions formed pursuant to section
Page 30, Line 1129-1-401, or any home rule city or town, home rule city and county, cities
Page 30, Line 12and towns operating under a territorial charter, school district, or local college district.
Page 30, Line 13SECTION 6. Act subject to petition - effective date. This act
Page 30, Line 14takes effect at 12:01 a.m. on the day following the expiration of the
Page 30, Line 15ninety-day period after final adjournment of the general assembly; except
Page 30, Line 16that, if a referendum petition is filed pursuant to section 1 (3) of article V
Page 30, Line 17of the state constitution against this act or an item, section, or part of this
Page 30, Line 18act within such period, then the act, item, section, or part will not take
Page 30, Line 19effect unless approved by the people at the general election to be held in
Page 30, Line 20November 2026 and, in such case, will take effect on the date of the official declaration of the vote thereon by the governor.