§ 22-30.5-409. Annual Reports on Bonds Issued on Behalf of Charter Schools – Review by State Auditor

1. Prior to January 30, 2003, and prior to January 30 of each year thereafter, the Colorado educational and cultural facilities authority created in section 23-15-104 (1)(a), C.R.S., shall submit a report to the state auditor that includes information concerning the issuance of qualified charter school bonds, as defined in section 22-30.5-408 (1)(d), that have resulted in charter schools obtaining more favorable financing terms by reliance on the existence of the state charter school debt reserve fund created in section 22-30.5-407 (2)(a) and the potential replenishment of the state charter school debt reserve fund pursuant to section 22-30.5-408 (2)(a). Such report shall include, but need not be limited to:
   1. The total amount of such qualified charter school bonds issued during the most recently completed calendar year;
   2. The charter schools on whose behalf such qualified charter school bonds were issued;
   3. An itemization of the charter school facilities for which such qualified charter school bonds were issued, the total cost of each such charter school facility, and the percentage of the total cost of each such facility to be paid from the proceeds obtained from the issuance of such qualified charter school bonds;
   4. The investment ratings of such qualified charter school bonds;
   5. The total amount of net and gross proceeds obtained from the issuance of such qualified charter school bonds during the most recently completed calendar year;
   6. The total amount of such outstanding qualified charter school bonds;
   7. The total amount of annual installments of principal and interest on such qualified charter school bonds that were scheduled to be paid during the most recently completed calendar year, the total amount of such annual installments actually paid during the most recently completed calendar year, and the total amount of such annual installments scheduled to be paid during the current calendar year and future calendar years;
   8. The total amount, if any, of moneys expended from each charter school’s own debt service reserve fund or account during the most recently completed calendar year for the purpose of paying principal and interest on such qualified charter school bonds; and
   9. The total amount, if any, of moneys expended from the state charter school debt reserve fund during the most recently completed calendar year for the purpose of paying principal and interest on such qualified charter school bonds.
2. Notwithstanding section 24-1-136 (11)(a)(I), no later than March 1, 2002, and no later than March 1 each year thereafter, the state auditor shall examine the report submitted in accordance with subsection (1) of this section and, upon completion of such review, shall report any findings regarding said submitted report to the education committees of the senate and the house of representatives, the legislative audit committee, the capital development committee, the joint budget committee, and the department of education.

Source: L. 2002: Entire part added, p. 1764, § 31, effective June 7. L. 2003: IP(1) and (1)(i) amended, p. 1804, § 5, effective May 21. L. 2006: IP(1) amended, p. 1495, § 27, effective June 1. L. 2017: (2) amended, (HB 17-1267), ch. 242, p. 996, § 11, effective August 9.