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 facility;
(b) Utility infrastructure;
Page 8, Line 6(c) Renewable energy infrastructure;
(d) Recycling infrastructure;
Page 8, Line 7(e) Energy efficiency infrastructure;
(f) An education facility;
Page 8, Line 8(g) Water infrastructure;
(h) Affordable and accessible housing stock; or
Page 8, Line 9(i) Digital, social, or other infrastructure related to economic development.
Page 8, Line 10(8) "Operational fund" means the fund created in section 24-117-108.
Page 8, Line 11(9) "Program" means the building urgent infrastructure and leveraging dollars program created in section 24-117-112.
Page 8, Line 12(10) "Project labor agreement" means a prehire collective
Page 8, Line 13bargaining agreement with one or more labor organizations
Page 8, Line 14that establishes the terms and conditions of employment for a
Page 8, Line 15specific construction project and is an agreement described in 29 U.S.C. sec. 158 (f).
Page 8, Line 1624-117-104. Building urgent infrastructure and leveraging
Page 8, Line 17dollars authority - creation - board of directors - meetings - records.
Page 9, Line 1(1) The building urgent infrastructure and leveraging dollars
Page 9, Line 2authority is created as a body corporate and a political
Page 9, Line 3subdivision of the state. The authority is not an agency of state
Page 9, Line 4government and is not subject to administrative direction by
Page 9, Line 5any department, commission, board, bureau, or agency of the state.
Page 9, Line 6(2) (a) The powers of the authority are vested in the
Page 9, Line 7governing body of the authority, which is a board of directors. The board consists of nine members as follows:
Page 9, Line 8(I) The state treasurer or the state treasurer's designee;
(II) The state architect or the state architect's designee;
Page 9, Line 9(III) The chair of the capital development committee of the general assembly or any successor committee;
Page 9, Line 10(IV) A member of the capital development committee of
Page 9, Line 11the general assembly or any successor committee who is the
Page 9, Line 12longest serving member on the committee and who belongs to
Page 9, Line 13the major political party other than the party of the chair of the committee;
Page 9, Line 14(V) A representative of a statewide organization of
Page 9, Line 15general and specialty commercial construction contractors, appointed by the governor;
Page 9, Line 16(VI) A representative of a statewide employee
Page 9, Line 17organization representing building and construction trade workers, appointed by the president of the senate;
Page 9, Line 18(VII) An individual representing service employees;
Page 9, Line 19(VIII) An individual with a background in finance who has
Page 9, Line 20experience with pension fund management, appointed by the state treasurer; and
Page 10, Line 1(IX) An individual with a background in finance who has experience with bonds, appointed by the state treasurer.
Page 10, Line 2(b) The appointing authorities shall make their initial appointments to the board no later than January 1, 2026.
Page 10, Line 3(3) The term of appointment for each member of the board
Page 10, Line 4appointed pursuant to subsection (2) of this section is four years;
Page 10, Line 5except that the term of each member initially appointed
Page 10, Line 6pursuant to subsections (2)(a)(V) and (2)(a)(IX) of this section is
Page 10, Line 7three years. A member may be appointed for no more than three
Page 10, Line 8terms. Any vacancy must be filled in the same manner as the original appointment for the unexpired term.
Page 10, Line 9(4) Members of the board serve without compensation but
Page 10, Line 10are entitled to receive reimbursement for actual and necessary
Page 10, Line 11expenses incurred in the performance of the members' duties on the board.
Page 10, Line 12(5) The state treasurer or the state treasurer's designee
Page 10, Line 13shall serve as the chair and shall call the first meeting of the board to occur no later than January 1, 2026.
Page 10, Line 14(6) The board shall meet at least once every three
Page 10, Line 15months. The chair may call additional meetings as necessary for the board to complete its duties.
Page 10, Line 16(7) (a) All meetings of the board are open to the public. No
Page 10, Line 17business of the board shall be transacted except at a regular or
Page 10, Line 18special meeting at which a quorum consisting of at least a
Page 10, Line 19majority of the total membership of the board is present. Any
Page 10, Line 20action of the board requires the affirmative vote of a majority of the members present at the meeting.
Page 11, Line 1(b) One or more members of the board may participate in
Page 11, Line 2any meeting and may vote through the use of
Page 11, Line 3telecommunications devices, including a conference telephone
Page 11, Line 4or similar communications equipment. Participation through
Page 11, Line 5telecommunications devices constitutes presence in person at
Page 11, Line 6the meeting. Use of telecommunications for participation does
Page 11, Line 7not supersede any requirements for open meetings otherwise provided by law.
Page 11, Line 8(8) The board and any employee, other agent, or adviser
Page 11, Line 9of the authority shall act in good faith, in a commercially reasonable manner, and in the interest of the state.
Page 11, Line 10(9) Any board member, employee, other agent, or adviser
Page 11, Line 11of the authority who has a direct or indirect interest in any
Page 11, Line 12contract, transaction, or proposal with the authority or any
Page 11, Line 13interest, direct or indirect, in a nonprofit or for-profit
Page 11, Line 14organization submitting a proposal to the authority shall
Page 11, Line 15disclose this interest to the authority. This interest must be set
Page 11, Line 16forth in the minutes of the authority, and a board member,
Page 11, Line 17employee, or other agent or adviser having such an interest
Page 11, Line 18shall not participate on behalf of the authority in the authorization of any such contract or transaction.
Page 11, Line 19(10) All public records of the authority are subject to the
Page 11, Line 20"Colorado Open Records Act", part 2 of article 72 of this title
Page 11, Line 2124. All records are subject to any budget and audit laws
Page 11, Line 22applicable to the authority and may be subject to regular audit
Page 11, Line 23to the extent required by law.
Page 12, Line 1(11) No part of the revenues or assets of the authority
Page 12, Line 2may inure to the benefit of, or be distributed to, the authority's members or officers.
Page 12, Line 3(12) The authority may hire staff as it deems necessary or
Page 12, Line 4convenient to administer this article 117, and the department of
Page 12, Line 5personnel may assist the authority with administering this
Page 12, Line 6article 117. The authority may cooperate and enter into
Page 12, Line 7contracts with the department of personnel, or with another
Page 12, Line 8agency or entity, for administrative or operations matters,
Page 12, Line 9including for staffing. The authority shall pay the department
Page 12, Line 10of personnel, or another agency or entity that the authority
Page 12, Line 11has entered into a contract with, for all costs incurred for
Page 12, Line 12services, staffing, and administrative costs that are approved by
Page 12, Line 13the initial chairperson and ratified by the board or that are
Page 12, Line 14approved by the authority. Nothing in this article 117 precludes
Page 12, Line 15the authority from hiring staff and entering into contracts
Page 12, Line 16concurrently as the authority deems necessary or convenient for administration or operations matters.
Page 12, Line 17(13) Any state agency may, subject to annual
Page 12, Line 18appropriations, provide technical advice, support, and assistance to the authority.
Page 12, Line 19(14) The authority is a "public entity" as set forth in
Page 12, Line 20sections 24-10-103 (5) and 11-57-203 (3) and a "special purpose authority" as set forth in section 24-77-102 (15).
Page 12, Line 21(15) The authority and its corporate existence continues
Page 12, Line 22until terminated by law; except that a law must not take effect
Page 12, Line 23so long as the authority has bonds or other outstanding
Page 13, Line 1obligations unless adequate provision has been made for the
Page 13, Line 2payment of the bonds or other outstanding obligations. Upon
Page 13, Line 3termination of the existence of the authority, all its rights and
Page 13, Line 4properties in excess of its obligations must pass to and be vested in the state.
Page 13, Line 529-117-105. General powers. (1) In addition to any other
Page 13, Line 6powers granted to the authority in this article 117, the authority has the powers to:
Page 13, Line 7(a) Have the duties, privileges, immunities, rights,
Page 13, Line 8liabilities, and disabilities of a body corporate and political subdivision of the state;
Page 13, Line 9(b) Have perpetual existence and succession;
(c) Adopt, alter, have, and use a seal;
Page 13, Line 10(d) Sue and be sued;
Page 13, Line 11(e) Acquire office space, equipment, services, supplies, and
Page 13, Line 12insurance necessary to carry out the purposes of this article 117;
Page 13, Line 13(f) Fix the time and place at which its regular and special meetings are to be held;
Page 13, Line 14(g) Adopt, amend, or repeal bylaws, policies, and
Page 13, Line 15procedures consistent with the provisions of this article 117,
Page 13, Line 16including policies and procedures regarding the definition and
Page 13, Line 17interpretation of terms used in this article 117. Nothing in this
Page 13, Line 18subsection (1)(g) grants the authority the power to redefine terms that are already defined in this article 117.
Page 13, Line 19(h) Appoint agents, employees, and professional and
Page 13, Line 20business advisers, including real estate professionals,
Page 14, Line 1construction companies, property managers, attorneys,
Page 14, Line 2accountants, and financial advisers as necessary to accomplish
Page 14, Line 3the purposes of this article 117, and to fix the compensation of
Page 14, Line 4such agents, employees, and advisers, and to establish the
Page 14, Line 5powers and duties of all agents, employees, and advisers, as
Page 14, Line 6well as any other person contracting with the authority to
Page 14, Line 7provide services, including termination of employment or the
Page 14, Line 8contract for services; except that the authority may contract
Page 14, Line 9with the officers, personnel, and consultants of the state
Page 14, Line 10treasurer to perform any or all activities specified in this article 117;
Page 14, Line 11(i) Make and execute agreements, contracts, and other
Page 14, Line 12instruments necessary or convenient in the exercise of the
Page 14, Line 13powers and functions of the authority under this article 117,
Page 14, Line 14including contracts with any person, firm, corporation,
Page 14, Line 15municipality, state agency, county, or other entity. All
Page 14, Line 16municipalities, counties, and state agencies may enter into and
Page 14, Line 17do all things necessary to perform any such arrangement or contract with the authority.
Page 14, Line 18(j) Utilize available money for administrative costs;
(k) Establish advisory committees;
Page 14, Line 19(l) Borrow money through the issuance of bonds and other securities as provided in this article 117;
Page 14, Line 20(m) Enter into interest rate exchange agreements for bonds in accordance with section 24-117-106;
Page 14, Line 21(n) Acquire, hold, and sell loan obligations at prices and
Page 14, Line 22through methods deemed advisable by the board;
Page 15, Line 1(o) Contract for and to accept any gifts, grants, and
Page 15, Line 2loans of money, property, or any other aid in any form from the
Page 15, Line 3federal government, the state, any state agency, or any other
Page 15, Line 4source or any combination thereof, and to comply, subject to
Page 15, Line 5the provisions of this article 117, with the terms and conditions of such contracts for the acceptance of such items;
Page 15, Line 6(p) Secure insurance, guarantees, or other forms of collateral or credit support for issued bonds or securities;
Page 15, Line 7(q) Invest and deposit money in accordance with section 24-117-111;
Page 15, Line 8(r) Finance or participate in the financing of eligible projects, or any interest therein;
Page 15, Line 9(s) Charge to and collect from state agencies and persons
Page 15, Line 10fees and charges in connection with the authority's loans or
Page 15, Line 11other services, including but not limited to fees and charges
Page 15, Line 12sufficient to reimburse the authority for all reasonable costs
Page 15, Line 13necessarily incurred by the authority in connection with
Page 15, Line 14carrying out the purpose and intent of this article 117 and the
Page 15, Line 15establishment and maintenance of reserves or other money, as the authority may determine to be reasonable;
Page 15, Line 16(t) Collect debts owed to the authority, including through necessary legal actions; and
Page 15, Line 17(u) Have and exercise all rights and powers necessary,
Page 15, Line 18incidental to, or implied from the specific powers granted in this
Page 15, Line 19article 117, which specific powers shall not be considered as a
Page 15, Line 20limitation on any power necessary or appropriate to carry out
Page 15, Line 21the purposes and intent of this article 117.
Page 16, Line 1(2) The authority shall develop policies and procedures as necessary for the implementation of this article 117.
Page 16, Line 2(3) The authority shall engage with under-represented communities and organizations.
Page 16, Line 3(4) The authority shall engage in responsible contracting and labor practices.
Page 16, Line 4(5) (a) The authority shall comply with all applicable
Page 16, Line 5federal laws governing the use of federal funds, including, without limitation, statutes and regulations governing:
Page 16, Line 6(I) Any conditions or limitations on expenditures;
(II) Reporting; and
Page 16, Line 7(III) The commingling of federal funds.
Page 16, Line 8(b) Earnings made in connection with this article 117 on
Page 16, Line 9balances in any federal accounts must be credited and invested
Page 16, Line 10in accordance with federal law. Earnings made in connection
Page 16, Line 11with this article 117 on any state and local money must be
Page 16, Line 12deposited in the same fund to the credit of the account that generates the earnings.
Page 16, Line 13(6) The authority shall follow all applicable federal and
Page 16, Line 14state prevailing wage and apprenticeship utilization statutory and regulatory requirements, including:
Page 16, Line 15(a) The federal "Davis-Bacon Act", 40 U.S.C. sec. 3141 et seq., and related federal acts;
Page 16, Line 16(b) Where applicable, the federal "Inflation Reduction
Page 16, Line 17Act of 2022", United States Code, title 26, including but not
Page 16, Line 18limited to sections 30C, 45, 45B, 45L, 45Q, 45U, 45V, 45X, 45Y, 45Z,
Page 16, Line 1948, 48C, 48E, and 179D, and associated implementing rules and
Page 17, Line 1guidance promulgated by the United States department of the
Page 17, Line 2treasury and the United States internal revenue service, as the
Page 17, Line 3statute and implementing rules and guidance may be amended from time to time;
Page 17, Line 4(c) State prevailing wage and apprenticeship utilization
Page 17, Line 5requirements 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 6(d) State prevailing wage and apprenticeship utilization
Page 17, Line 7requirements established in sections 24-92-115 and 24-92-201 for
Page 17, Line 8projects that meet the definition of "energy sector public works projects", as defined in section 24-92-303 (5).
Page 17, Line 9(7) If a project being considered by the authority is not
Page 17, Line 10required under state or federal law to follow prevailing wage
Page 17, Line 11or apprenticeship utilization requirements, the authority shall
Page 17, Line 12give preference for projects that voluntarily agree to follow
Page 17, Line 13the state prevailing wage for employees employed in the
Page 17, Line 14construction, rehabilitation, operation, or maintenance
Page 17, Line 15services of facilities, as described in sections 24-92-201 to
Page 17, Line 1624-92-210, and state apprenticeship utilization requirements described in section 24-92-115.
Page 17, Line 1724-117-106. Building urgent infrastructure and leveraging
Page 17, Line 18dollars bonds - conditions of issuance - building urgent infrastructure
Page 17, Line 19and leveraging dollars bonding fund creation - auditor examination
Page 17, Line 20- payment from bonding fund - exemption from taxation. (1) The
Page 17, Line 21authority may issue and sell building urgent infrastructure and
Page 17, Line 22leveraging dollars bonds, payable solely from the building
Page 17, Line 23urgent infrastructure and leveraging dollars bonding fund, in
Page 18, Line 1compliance with this article 117. This article 117 is, without
Page 18, Line 2reference to any other law, full authority for the issuance and
Page 18, Line 3sale of bonds. Bonds have all the qualities of investment
Page 18, Line 4securities under the "Uniform Commercial Code", title 4, and
Page 18, Line 5must not be deemed invalid for any irregularity or defect or be
Page 18, Line 6contestable in the hands of bona fide purchasers or holders of the bonds for value.
Page 18, Line 7(2) (a) Bonds may be executed and delivered by the
Page 18, Line 8authority at such times; may be in such form and denominations
Page 18, Line 9and include such terms and maturities; may be subject to
Page 18, Line 10optional or mandatory redemption prior to maturity with or
Page 18, Line 11without a premium; may be in fully registered form or bearer
Page 18, Line 12form registrable as to principal or interest or both; may bear
Page 18, Line 13such conversion privileges; may be payable in such installments
Page 18, Line 14and at such times not exceeding thirty years; may be payable at
Page 18, Line 15such place or places whether within or without the state; may
Page 18, Line 16bear interest at such rate or rates per annum, which may be
Page 18, Line 17fixed or vary according to index, procedure, or formula or as
Page 18, Line 18determined by the authority or its agents, without regard to
Page 18, Line 19any interest rate limitation appearing in any other law of the
Page 18, Line 20state; may be subject to purchase at the option of the holder or
Page 18, Line 21the authority; may be evidenced in such manner; may be executed
Page 18, Line 22by such officers of the authority, including the use of one or
Page 18, Line 23more facsimile signatures so long as at least one manual
Page 18, Line 24signature appears on the bonds, which may be either of an officer
Page 18, Line 25of the authority or of an agent authenticating the same; may be
Page 18, Line 26in the form of coupon bonds that have attached interest
Page 19, Line 1coupons bearing a manual or facsimile signature of an officer of
Page 19, Line 2the authority; and may contain such provisions not inconsistent
Page 19, Line 3with this article 117, all as provided in the resolution of the
Page 19, Line 4authority under which the bonds are authorized to be issued or
Page 19, Line 5as provided in a trust indenture between the authority and any commercial bank or trust company having full trust powers.
Page 19, Line 6(b) (I) Bonds may be sold at public or private sale at such
Page 19, Line 7price or prices, in such manner, and at such times as determined
Page 19, Line 8by the board, and the board may pay all fees, expenses, and
Page 19, Line 9commissions that it deems necessary or advantageous in connection with the sale of bonds.
Page 19, Line 10(II) The board may delegate to an officer or agent of the board the power to:
Page 19, Line 11(A) Fix the date of sale of bonds;
(B) Receive bids or proposals;
Page 19, Line 12(C) Award and sell bonds;
(D) Fix interest rates; and
Page 19, Line 13(E) Take all other action necessary to sell and deliver bonds.
Page 19, Line 14(III) The authority may refund any outstanding bonds pursuant to article 56 of title 11.
Page 19, Line 15(IV) All bonds and any interest coupons applicable to the bonds are declared to be negotiable instruments.
Page 19, Line 16(c) Bonds are exempt from taxation by the state and any
Page 19, Line 17county, city and county, municipality, or other political subdivision of the state.
Page 19, Line 18(d) Public entities, as defined in section 24-75-601 (1), may
Page 20, Line 1invest public money in bonds so long as the bonds satisfy the
Page 20, Line 2investment requirements established in part 6 of article 75 of this title 24.
Page 20, Line 3(e) Neither a member of the board nor an employee of the
Page 20, Line 4authority nor any person executing bonds is liable personally
Page 20, Line 5on the bonds or subject to any personal liability by reason of the issuance of the bonds.
Page 20, Line 6(3) (a) (I) The building urgent infrastructure and
Page 20, Line 7leveraging dollars bonding fund is created in the authority. The bonding fund consists of:
Page 20, Line 8(A) Fees and service charges collected;
(B) Bond proceeds;
Page 20, Line 9(C) Money from payments of principal and interest on
Page 20, Line 10loans if the authority has provided financing for eligible projects; and
Page 20, Line 11(D) All interest and income derived from the deposit and investment of money in the bonding fund.
Page 20, Line 12(II) The authority may create separate accounts within
Page 20, Line 13the bonding fund in connection with any issuance of bonds and
Page 20, Line 14may deposit in the separate accounts revenue received by the
Page 20, Line 15authority. Any separate account must be held by a trustee
Page 20, Line 16acting under a trust indenture relating to the bonds connected
Page 20, Line 17to the account. Interest and income derived from the deposit
Page 20, Line 18and investment of money in a separate account must be credited to the account.
Page 20, Line 19(b) (I) Money in the bonding fund must be deposited in a
Page 20, Line 20bank designated by the authority in an account or accounts as
Page 21, Line 1the authority may establish. Money in accounts of the bonding
Page 21, Line 2fund must only be withdrawn on the order of a person
Page 21, Line 3authorized by the authority. All deposits of money from the
Page 21, Line 4bonding fund must be secured in the manner determined by the authority.
Page 21, Line 5(II) All money and activities of the authority, including
Page 21, Line 6its receipts, disbursements, contracts, leases, money,
Page 21, Line 7investments, and any other records and papers relating to its
Page 21, Line 8financial standing, are subject to annual audit, at the authority's expense, in accordance with section 29-1-603.
Page 21, Line 9(c) Money in the bonding fund is money of the authority
Page 21, Line 10and is pledged for the payment of principal and interest on bonds
Page 21, Line 11issued pursuant to this article 117. Money in any separate
Page 21, Line 12account may be pledged solely to payment of the bonds for
Page 21, Line 13which the separate account was created. The authority may
Page 21, Line 14expend money in the bonding fund or a separate account for the
Page 21, Line 15purpose of paying debt service, including redemption premiums,
Page 21, Line 16on bonds and expenses incurred in the issuance, payment, and administration of the bonds.
Page 21, Line 17(4) Twice annually, the authority shall estimate the
Page 21, Line 18amounts needed to make debt service and other payments on
Page 21, Line 19bonds during the next twelve months from the bonding fund and
Page 21, Line 20from any separate account created in the bonding fund plus the
Page 21, Line 21amount that may be needed for any required reserves or other
Page 21, Line 22requirements as may be set forth in the trust indenture related
Page 21, Line 23to the bonds. The authority shall transfer to the operational
Page 21, Line 24fund any balance in the bonding fund or any separate account
Page 22, Line 1created in the bonding fund above the estimated amounts.
Page 22, Line 2Payments for administrative costs must be deposited in the operational fund.
Page 22, Line 3(5) Bonds are payable solely from the bonding fund, any
Page 22, Line 4separate account created within the bonding fund, or, with the
Page 22, Line 5approval of the bondholders, any other special funds as may be
Page 22, Line 6provided by law, and the bonds do not create an obligation or
Page 22, Line 7indebtedness of the state within the meaning of any
Page 22, Line 8constitutional provision or law. A breach of a contractual
Page 22, Line 9obligation incurred pursuant to this article 117 does not impose
Page 22, Line 10a pecuniary liability or a charge upon the general credit or taxing power of the state.
Page 22, Line 11(6) The state pledges that the bonding fund, including any
Page 22, Line 12separate account within the bonding fund, must be used only for
Page 22, Line 13the purposes specified in this section and is pledged first to repay
Page 22, Line 14bonds issued pursuant to this article 117. The state further
Page 22, Line 15pledges that any law requiring the deposit of revenue in the
Page 22, Line 16bonding fund or authorizing expenditures from the bonding fund
Page 22, Line 17must not be amended, repealed, or otherwise modified so as to
Page 22, Line 18impair the bonds to which the bonding fund is dedicated as provided in this section.
Page 22, Line 1924-117-107. Payment of bonds - nonliability of state.
Page 22, Line 20(1) Bonds issued by the authority must not constitute or become
Page 22, Line 21an indebtedness, a debt, or a liability of the state nor do such
Page 22, Line 22bonds constitute the giving, pledging, or loaning of the full
Page 22, Line 23faith and credit of the state. Bonds issued by the authority are
Page 22, Line 24payable solely from the money provided for in this article 117.
Page 23, Line 1The issuance of bonds by the authority pursuant to this article
Page 23, Line 2117 does not obligate the state or empower the authority,
Page 23, Line 3directly, indirectly, or contingently, to levy or collect any
Page 23, Line 4form of taxes or assessments, create any indebtedness payable
Page 23, Line 5out of taxes or assessments, or make any appropriation for their
Page 23, Line 6payment, and such appropriation, levy, or collection is prohibited.
Page 23, Line 7(2) Nothing in this section prevents or may be construed
Page 23, Line 8to prevent the authority from pledging its full faith and credit
Page 23, Line 9to the payment of bonds authorized pursuant to this article 117,
Page 23, Line 10but nothing in this article 117 may be construed to authorize the
Page 23, Line 11authority to create a debt of the state within the meaning of
Page 23, Line 12the constitution or statutes of Colorado, and all bonds issued
Page 23, Line 13by the authority pursuant to the provisions of this article 117
Page 23, Line 14are payable and must state that they are payable solely from
Page 23, Line 15the money pledged for their payment in accordance with the
Page 23, Line 16resolution authorizing their issuance or with any trust
Page 23, Line 17indenture executed as security for such bonds and are not a debt or liability of the state.
Page 23, Line 18(3) The state is not liable in any event for the payment of
Page 23, Line 19the principal of or interest on any bonds of the authority or for
Page 23, Line 20the performance of any pledge, obligation, or agreement of any
Page 23, Line 21kind whatsoever which may be undertaken by the authority. No
Page 23, Line 22breach of any such pledge, obligation, or agreement imposes any
Page 23, Line 23pecuniary liability upon the state or any charge upon its general credit or against its taxing power.
Page 23, Line 2424-117-108. The building urgent infrastructure and leveraging
Page 24, Line 1dollars authority operational fund - creation.The building urgent
Page 24, Line 2infrastructure and leveraging dollars authority operational
Page 24, Line 3fund is created in the authority. The operational fund consists
Page 24, Line 4of money transferred to the operational fund; gifts; grants;
Page 24, Line 5donations; contributions from a governmental entity,
Page 24, Line 6not-for-profit organization, or private entity; federal funds; a
Page 24, Line 7warrant issued by the state or any other governmental entity;
Page 24, Line 8any other money that the authority may transfer to the
Page 24, Line 9operational fund; and interest and income derived from the
Page 24, Line 10deposit and investment of money in the operational fund. Money
Page 24, Line 11in the fund is money of the authority for the purpose of carrying
Page 24, Line 12out this article 117, and the authority may establish procedures
Page 24, Line 13to administer the operational fund in accordance with this article 117 and any other applicable provision of state law.
Page 24, Line 1424-117-109. Exemption from taxation - securities law. (1) The
Page 24, Line 15following are exempt from all taxation and assessments in Colorado:
Page 24, Line 16(a) The income or other revenues of the authority;
(b) All properties at any time owned by the authority;
Page 24, Line 17(c) Any bonds, notes, or other obligations issued pursuant
Page 24, Line 18to this article 117 or any interest paid on those bonds, notes, or other obligations;
Page 24, Line 19(d) The transfer of and the income, including any profit made on sale, from any such bonds or other obligations; and
Page 24, Line 20(e) All trust indentures and other documents issued in connection with such bonds or other obligations.
Page 24, Line 21(2) Bonds issued by the authority are also exempt from the provisions of article 51 of title 11.
Page 25, Line 124-117-110. Startup costs.For the purposes of meeting the
Page 25, Line 2necessary expenses of initial organization and operation, until
Page 25, Line 3such date as the authority otherwise derives sufficient money
Page 25, Line 4pursuant to this article 117, the authority may borrow such
Page 25, Line 5money as may be required for the necessary expenses of
Page 25, Line 6organization and operation of the authority. The authority
Page 25, Line 7shall repay such borrowed money within a reasonable time
Page 25, Line 8after the authority receives money provided pursuant to this article 117.
Page 25, Line 924-117-111. Investment powers of authority. (1) The authority has the power to:
Page 25, Line 10(a) Invest any money held in reserve, sinking funds,
Page 25, Line 11capital reserve funds, or any funds not required for immediate
Page 25, Line 12disbursement in property or in securities in which the state
Page 25, Line 13treasurer may legally invest money subject to the treasurer's control;
Page 25, Line 14(b) Sell securities purchased and held by the authority;
Page 25, Line 15(c) Deposit securities in any bank within or without the state; and
Page 25, Line 16(d) Invest any such money in unsecured promissory notes of a national bank having the highest investment ratings.
Page 25, Line 17(2) Any funds deposited in a banking institution by the
Page 25, Line 18authority must be secured in a manner and subject to terms and
Page 25, Line 19conditions as determined by the board, with or without payment
Page 25, Line 20of any interest on the deposit, including, without limitation,
Page 25, Line 21time deposits evidenced by certificates of deposit.
Page 26, Line 1(3) Any commercial bank incorporated under the laws of
Page 26, Line 2this state which may act as a depository of any money of the
Page 26, Line 3authority may issue indemnifying bonds or may pledge such securities as may be required by the board.
Page 26, Line 424-117-112. Infrastructure and long-term development
Page 26, Line 5assistance program - eligible project revolving fund - policies and
Page 26, Line 6procedures. (1) The infrastructure and long-term development
Page 26, Line 7assistance program is created in the authority. The purpose of
Page 26, Line 8the program is to provide financing to eligible projects. The
Page 26, Line 9authority is not responsible, through the program or otherwise, for assisting in a project qualifying as an eligible project.
Page 26, Line 10(2) The authority shall administer the program to provide
Page 26, Line 11financing to eligible projects that seek financing through the
Page 26, Line 12authority. Financing must be paid out of the eligible project
Page 26, Line 13revolving fund and the administrative expenses incurred by the
Page 26, Line 14department in administering the program must be paid out of the operating fund.
Page 26, Line 15(3) The authority shall implement the program in
Page 26, Line 16accordance with this section. The authority shall develop
Page 26, Line 17policies and procedures as required in this article 117 and any
Page 26, Line 18additional policies and procedures necessary to implement the
Page 26, Line 19program. At a minimum, the policies and procedures must specify
Page 26, Line 20application criteria, an application process, and a selection
Page 26, Line 21process for the authority to determine which eligible projects it will finance or assist in financing.
Page 26, Line 22(4) To receive financing, an applicant must submit an
Page 26, Line 23application to the authority in accordance with the policies and procedures developed by the authority.
Page 27, Line 1(5) The authority shall review the applications received
Page 27, Line 2pursuant to this section and must consider, among other criteria:
Page 27, Line 3(a) Whether a project demonstrates:
Page 27, Line 4(I) A match by an equal or greater amount of a loan or
Page 27, Line 5other financial assistance provided by a pension fund investor
Page 27, Line 6or a commingled fund of pension fund investments with a demonstrated track record of successful investment; and
Page 27, Line 7(II) A long-term commitment to hiring local residents and
Page 27, Line 8using apprentices in apprenticeship programs registered with the
Page 27, Line 9state apprenticeship council or the United States department of labor's office of apprenticeship;
Page 27, Line 10(b) Whether a project has a project labor agreement;
Page 27, Line 11(c) Whether a project complies with section 24-92-115 and parts 2 and 3 of article 92 of this title 24; and
Page 27, Line 12(d) Whether a project is located in or benefits an under-represented community.
Page 27, Line 13(6) The eligible project revolving fund is created in the
Page 27, Line 14authority. The eligible project revolving fund consists of money
Page 27, Line 15transferred to the fund; gifts; grants; donations; contributions
Page 27, Line 16from a governmental entity, not-for-profit organization, or
Page 27, Line 17private entity; federal funds; a warrant issued by the state or
Page 27, Line 18any other governmental entity; any other money that the
Page 27, Line 19authority may transfer to the fund; and interest and income
Page 27, Line 20derived from the deposit and investment of money in the
Page 27, Line 21operational fund. Money in the fund is money of the authority
Page 28, Line 1for administering and implementing the infrastructure and
Page 28, Line 2long-term development assistance program. The authority may
Page 28, Line 3establish procedures to administer the fund in accordance with this article 117 and any other applicable provision of state law.
Page 28, Line 424-117-113. Report to general assembly.Commencing in 2026,
Page 28, Line 5the authority shall submit a report of its activities to the
Page 28, Line 6governor, the capital development committee, and the
Page 28, Line 7transportation, housing, and local government committee of
Page 28, Line 8the house of representatives and the local government and
Page 28, Line 9housing committee of the senate, or any successor committees,
Page 28, Line 10not later than September 30 of each year. The report shall set
Page 28, Line 11forth a complete operating and financial statement covering
Page 28, Line 12the operations of the authority for the previous state fiscal
Page 28, Line 13year. Notwithstanding section 24-1-136 (11)(a)(I), the requirement to submit the report continues indefinitely.
Page 28, Line 14SECTION 4. In Colorado Revised Statutes, 24-77-102, amend (15)(b)(XIX) and (15)(b)(XX); and add (15)(b)(XXI) as follows:
Page 28, Line 1524-77-102. Definitions. As used in this article 77, unless the context otherwise requires:
Page 28, Line 16(15) (b) "Special purpose authority" includes, but is not limited to:
Page 28, Line 17(XIX) The Colorado electric transmission authority created in section 40-42-103 (1);
andPage 28, Line 18(XX) The middle-income housing authority created in section 29-4-1104 (1); and
Page 28, Line 19(XXI) The building urgent infrastructure and leveraging dollars authority created in section 24-117-104 (1).
Page 28, Line 20SECTION 5. Act subject to petition - effective date. This act
Page 29, Line 1takes effect at 12:01 a.m. on the day following the expiration of the
Page 29, Line 2ninety-day period after final adjournment of the general assembly; except
Page 29, Line 3that, if a referendum petition is filed pursuant to section 1 (3) of article V
Page 29, Line 4of the state constitution against this act or an item, section, or part of this
Page 29, Line 5act within such period, then the act, item, section, or part will not take
Page 29, Line 6effect unless approved by the people at the general election to be held in
Page 29, Line 7November 2026 and, in such case, will take effect on the date of the official declaration of the vote thereon by the governor.