Senate Committee of Reference Report
Committee on Finance
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This is text that is removed from law. -
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April 30, 2026
After consideration on the merits, the Committee recommends the following:
SB26-178 be amended as follows, and as so amended, be referred to the Committee on Appropriations with favorable recommendation:
Page 1, Line 1Amend printed bill, page 3, line 15, strike "(6.5), (16), and (17)" and
Page 1, Line 2substitute "(1.3), (1.5), (6.5), and (16)".
Page 1, Line 3Page 3, after line 17 insert:
Page 1, Line 4"(1.3) "Bond" means any bond, note, interim certificate,
Page 1, Line 5commercial paper, contract, or other evidence of indebtedness
Page 1, Line 6of the enterprise authorized by this part 12.
Page 1, Line 7(1.5) "Bond obligations" means the debt service on, and
Page 1, Line 8related costs and obligations in connection with, bonds,
Page 1, Line 9including:
Page 1, Line 10(a) Payments with respect to principal, interest,
Page 1, Line 11prepayment premiums, reserve funds, surplus funds, sinking
Page 1, Line 12funds, and costs of issuance;
Page 1, Line 13(b) Payments related to any credit enhancement, liquidity
Page 1, Line 14support, or interest rate protection for bonds;
Page 1, Line 15(c) Fees and expenses of any trustee, bond registrar,
Page 1, Line 16paying agent, authenticating agent, rebate analyst or
Page 1, Line 17consultant, calculation agent, remarketing agent, or credit
Page 1, Line 18enhancement, liquidity support, or interest rate protection
Page 1, Line 19provider;
Page 1, Line 20(d) Coverage requirements; and
Page 1, Line 21(e) Other costs, fees, and expenses related to any of the
Page 1, Line 22obligations specified in subsections (1.5)(a) to (1.5)(d) of this
Page 1, Line 23section and any other amounts required to be paid pursuant to
Page 1, Line 24the provisions of any documents authorizing the issuance of the
Page 1, Line 25bonds.".
Page 1, Line 26
Page 2, Line 1Page 4, strike lines 3 and 4.
Page 2, Line 2Page 4, line 7, before "(2)(f)," insert "(2)(d),".
Page 2, Line 3Page 5, after line 1 insert:
Page 2, Line 4"(d) To issue revenue bonds payable from the revenues and
Page 2, Line 5other available money of the enterprise pledged for their payment
Page 2, Line 6as authorized in section 10-16-1213;".
Page 2, Line 7Page 5, line 6, strike "fund" and substitute "fund, other than
Page 2, Line 8proceeds from the sale of bonds or earnings on such proceeds
Page 2, Line 9invested pursuant to section 10-16-1213 (2),".
Page 2, Line 10Page 7, line 15, after "thereafter," insert "the proceeds from the
Page 2, Line 11issuance of revenue bonds pursuant to section 10-16-1213,".
Page 2, Line 12Page 7, line 16, strike "thereafter," and substitute "thereafter".
Page 2, Line 13Page 8, strike line 25 and substitute "(1)(d), (1)(h), (1)(i), and (2); and
Page 2, Line 14add (1)(j) as follows:".
Page 2, Line 15Page 9, after line 2 insert:
Page 2, Line 16"(d) The revenue proceeds collected from revenue bonds issued
Page 2, Line 17pursuant to section 10-16-1204 (1)(b)(II) section 10-16-1213 and any
Page 2, Line 18earnings on the investment of bond proceeds invested pursuant
Page 2, Line 19to section 10-16-1213 (2);".
Page 2, Line 20Page 9, line 7, after "(1)(a)(III);" add "and".
Page 2, Line 21Page 9, strike lines 8 through 10.
Page 2, Line 22Reletter succeeding paragraph accordingly.
Page 2, Line 23Page 9, strike lines 13 through 27.
Page 2, Line 24Page 10, strike lines 1 through 7 and substitute:
Page 2, Line 25"(2) (a) Money in the fund shall not be transferred to any other
Page 2, Line 26fund, except as provided in section 10-16-1205 (2), and shall not be used
Page 2, Line 27for any purpose other than the purposes specified in this part 12.
Page 2, Line 28(b) Before allocating any money in the fund for programs
Page 3, Line 1funded by the enterprise pursuant to this part 12, the enterprise
Page 3, Line 2shall first pay for bond obligations on revenue bonds issued
Page 3, Line 3pursuant to section 10-16-1213.".
Page 3, Line 4Page 11, line 6, strike "Spanish" and substitute "Spanish, including
Page 3, Line 5making written materials and presentations available not later
Page 3, Line 6than seven days after meetings,".
Page 3, Line 7Page 11, line 19, after "amend" insert "(1)(b)(I)(F) and".
Page 3, Line 8Page 11, after line 26 insert:
Page 3, Line 9"(F) Any revenue collected from revenue bonds pursuant to
Page 3, Line 10section 10-16-1204 (1)(b)(II) section 10-16-1213;".
Page 3, Line 11Page 12, strike lines 5 through 7 and substitute:
Page 3, Line 12"(J) Any proceeds from the issuance of revenue bonds
Page 3, Line 13pursuant to section 10-16-1213;".
Page 3, Line 14Page 12, line 8, after "10-16-1212" insert "and 10-16-1213".
Page 3, Line 15Page 12, strike lines 26 and 27.
Page 3, Line 16Strike pages 13 and 14.
Page 3, Line 17Page 15, strike lines 1 through 18 and substitute:
Page 3, Line 18"10-16-1213. Bonds - investments - bonds eligible for
Page 3, Line 19investment and exempt from taxation.
Page 3, Line 20(1) (a) The enterprise may issue bonds to generate
Page 3, Line 21proceeds of up to a total of one hundred million dollars for any
Page 3, Line 22of the business purposes specified in this part 12, including to
Page 3, Line 23fund the programs specified in this part 12. The bonds shall be
Page 3, Line 24issued pursuant to resolution of the board and shall be payable
Page 3, Line 25solely out of all or a specified portion of the money in the fund.
Page 3, Line 26(b) Bonds may be executed and delivered by the enterprise
Page 3, Line 27at such times; may be in such form and denominations and
Page 3, Line 28include such terms and maturities; may be subject to optional or
Page 3, Line 29mandatory redemption prior to maturity with or without a
Page 3, Line 30premium; may be in fully registered form or bearer form
Page 3, Line 31registrable as to principal or interest or both; may bear such
Page 3, Line 32conversion privileges; may be payable in such installments and
Page 4, Line 1at such times not exceeding forty-five years from the date of
Page 4, Line 2issuance; may be payable at such place or places whether within
Page 4, Line 3or without the state; may bear interest at such rate or rates per
Page 4, Line 4annum, which may be fixed or vary according to index,
Page 4, Line 5procedure, or formula or as determined by the enterprise or its
Page 4, Line 6agents, without regard to any interest rate limitation
Page 4, Line 7appearing in any other law of the state; may be subject to
Page 4, Line 8purchase at the option of the holder or the enterprise; may be
Page 4, Line 9evidenced in such manner; may be executed by such officers of
Page 4, Line 10the enterprise, including the use of one or more facsimile
Page 4, Line 11signatures so long as at least one manual signature appears on
Page 4, Line 12the bonds, which may be either of an officer of the enterprise or
Page 4, Line 13of an agent authenticating the same; may be in the form of
Page 4, Line 14coupon bonds that have attached interest coupons bearing a
Page 4, Line 15manual or facsimile signature of an officer of the enterprise;
Page 4, Line 16and may contain such provisions not inconsistent with this part
Page 4, Line 1712, all as provided in the resolution of the board under which
Page 4, Line 18the bonds are authorized to be issued or as provided in a trust
Page 4, Line 19indenture between the enterprise and any commercial bank or
Page 4, Line 20trust company having full trust powers.
Page 4, Line 21(c) Bonds of the enterprise may be sold at public or
Page 4, Line 22private sale at such price or prices, in such manner, and at such
Page 4, Line 23times as determined by the board, and the board may pay all
Page 4, Line 24fees, expenses, and commissions that it deems necessary or
Page 4, Line 25advantageous in connection with the sale of the bonds. The
Page 4, Line 26power to fix the date of sale of the bonds, to receive bids or
Page 4, Line 27proposals, to award and sell bonds, to fix interest rates, and to
Page 4, Line 28take all other action necessary to sell and deliver the bonds
Page 4, Line 29may be delegated to an officer or agent of the enterprise. Any
Page 4, Line 30outstanding bonds may be refunded by the enterprise pursuant
Page 4, Line 31to article 56 of title 11. All bonds and any interest coupons
Page 4, Line 32applicable to the bonds are declared to be negotiable
Page 4, Line 33instruments.
Page 4, Line 34(d) The resolution or trust indenture authorizing the
Page 4, Line 35issuance of the bonds may pledge all or a portion of the fund;
Page 4, Line 36may pledge all or a portion of the rights of the enterprise to
Page 4, Line 37impose, and receive the revenues generated by, the fee
Page 4, Line 38authorized by section 10-16-1205 (1)(a)(I), the supplemental
Page 4, Line 39assessment authorized by section 10-16-1205 (1)(a)(III), and any
Page 4, Line 40other revenues generated or received by the enterprise, other
Page 4, Line 41than any federal money the enterprise may receive; may contain
Page 4, Line 42such provisions for protecting and enforcing the rights and
Page 4, Line 43remedies of holders of any of the bonds as the enterprise deems
Page 5, Line 1appropriate; may set forth the rights and remedies of the
Page 5, Line 2holders of any of the bonds; and may contain provisions that the
Page 5, Line 3enterprise deems appropriate for the security of the holders of
Page 5, Line 4the bonds, including provisions for letters of credit, insurance,
Page 5, Line 5standby credit agreements, or other forms of credit ensuring
Page 5, Line 6timely payment of the bonds, including the redemption price or
Page 5, Line 7the purchase price.
Page 5, Line 8(e) Any pledge of the fund is valid and binding from the
Page 5, Line 9time the pledge is made. The pledged fund is immediately subject
Page 5, Line 10to the lien of the pledge without any physical delivery or
Page 5, Line 11further act, and the lien of the pledge is valid and binding
Page 5, Line 12against all parties having claims of any kind in tort, contract,
Page 5, Line 13or otherwise against the pledging party regardless of whether
Page 5, Line 14the claiming party has notice of the lien. The instrument by
Page 5, Line 15which the pledge is created need not be recorded or filed.
Page 5, Line 16(f) Neither the members of the board, nor employees of the
Page 5, Line 17enterprise, nor any person executing the bonds is liable
Page 5, Line 18personally on the bonds or subject to any personal liability by
Page 5, Line 19reason of the issuance of the bonds.
Page 5, Line 20(g) The enterprise may purchase its bonds out of any
Page 5, Line 21available money and may hold, pledge, cancel, or resell such
Page 5, Line 22bonds subject to and in accordance with agreements with the
Page 5, Line 23bond holders.
Page 5, Line 24(2) The enterprise may invest or deposit any proceeds and
Page 5, Line 25any interest from the sale of bonds in the manner provided by
Page 5, Line 26part 6 of article 75 of title 24. In addition, an issuing enterprise
Page 5, Line 27may direct a corporate trustee that holds the bond proceeds
Page 5, Line 28and any interest to invest or deposit the proceeds and interest
Page 5, Line 29in investments or deposits other than those specified by said part
Page 5, Line 306 if the board determines, by resolution, that the investment or
Page 5, Line 31deposit meets the standard established in section 15-1-304, the
Page 5, Line 32income is at least comparable to income available on
Page 5, Line 33investments or deposits specified by said part 6, and the
Page 5, Line 34investment will assist the enterprise in funding programs
Page 5, Line 35specified in this part 12.
Page 5, Line 36(3) All banks, trust companies, savings and loan
Page 5, Line 37associations, insurance companies, executors, administrators,
Page 5, Line 38guardians, trustees, and other fiduciaries may legally invest
Page 5, Line 39any money within their control in any bonds issued under this
Page 5, Line 40part 12. Public entities, as defined in section 24-75-601 (1), may
Page 5, Line 41invest public money in such bonds only if the bonds satisfy the
Page 5, Line 42investment requirements established in part 6 of article 75 of
Page 5, Line 43title 24.
Page 6, Line 1(4) The income or other revenues of the enterprise, bonds
Page 6, Line 2issued by the enterprise, and the transfer of and the income from
Page 6, Line 3any bonds issued by the enterprise are exempt from all taxation
Page 6, Line 4and assessments in the state. In the resolution or indenture
Page 6, Line 5authorizing the bonds, the enterprise may waive the exemption
Page 6, Line 6from federal income taxation for interest on the bonds. Bonds
Page 6, Line 7issued by the enterprise are exempt from the provisions of
Page 6, Line 8article 51 of title 11.".
Page 6, Line 9Renumber succeeding sections accordingly.