§ 24-115-101. Short Title
This article shall be known and may be cited as the “Critical State Needs Financing Act”. Source: L. 2005: Entire article added, p. 745, § 1, effective June 1.
§ 24-115-102. Legislative Declaration
The general assembly hereby finds and declares that: The population of the state has grown rapidly in recent years, and that growth has increased the burdens placed upon state and local governments. The state and local governments have found it difficult to maintain existing infrastructure and to fully fund critical needs due to a decline […]
§ 24-115-103. Definitions
As used in this article, unless the context otherwise requires: “Board” means the board of directors of the critical needs financing corporation. “Commission” means the transportation commission created in section 43-1-106 (1), C.R.S. “Corporation” means the critical needs financing corporation created in section 24-115-104 (1). “Department” means the department of transportation created in section 43-1-103 […]
§ 24-115-104. Critical Needs Financing Corporation – Creation – Composition of Board of Directors – Powers
There is hereby created an independent public body politic and corporate to be known as the critical needs financing corporation. The corporation shall be a body corporate and an instrumentality of the state and shall not be an agency of state government and shall not be subject to administrative direction by any department, commission, board, […]
§ 24-115-105. Organizational Meeting – Chair – Personnel – Surety Note – Conflict of Interest
The director of the office of state planning and budgeting shall call and convene the initial organizational meeting of the board and shall serve as its chair pro tempore. At the meeting, appropriate bylaws shall be presented for adoption. The bylaws may provide for the election or appointment of officers, the delegation of certain powers […]
§ 24-115-106. Meetings of Board – Quorum – Expenses
Three members of the board shall constitute a quorum for the purpose of conducting business and exercising the board’s powers. Action may be taken by the board upon the affirmative vote of three members of the board. A vacancy in the membership of the board shall not impair the right of a quorum to exercise […]
§ 24-115-107. General Powers of Corporation
In addition to any other powers specifically granted to the corporation in this article, the corporation has the following powers: To have perpetual existence and succession as a body politic and corporate; To adopt, amend, or repeal bylaws for the regulation of its affairs and the conduct of its business, consistent with the provisions of […]
§ 24-115-108. Corporate Fiscal Year – Account of Activities and Receipts for Expenditures – Report – Audit
The fiscal and budget year for the corporation shall commence on July 1 and end on June 30 of each year. The corporation shall keep an accurate account of all its activities and of all its receipts and expenditures and shall submit an annual report that sets forth a complete and detailed operating and financial […]
§ 24-115-109. Limitation on Power of Corporation to Declare Bankruptcy
Notwithstanding any other provision of law, the corporation is not authorized to be, and no public officer, organization, entity, or other person shall authorize the corporation to be, a debtor in a case under the United States bankruptcy code, title 11 of the United States Code, to make an assignment for the benefit of creditors […]
§ 24-115-110. Critical Needs Notes – Issuance Schedule – Distribution of Note Proceeds
Except as otherwise provided in paragraphs (b) and (c) of this subsection (1), if the general assembly passes and the governor signs a joint resolution that requires the submission of a ballot issue to voters statewide that seeks authorization for the state to incur multiple-fiscal year financial obligations by issuing critical needs notes and the […]
§ 24-115-111. Critical Needs Fund – Creation – Appropriations to Fund – Repayment of Notes From Fund
The critical needs fund is hereby created in the state treasury. The fund shall consist of moneys appropriated to the fund by the general assembly and all interest and income earned on the deposit and investment of moneys in the fund. The board or the executive director may expend moneys in the fund only to […]
§ 24-115-112. Notes Legal Investments
All banks, trust companies, savings and loan associations, insurance companies, executors, administrators, guardians, trustees, and other fiduciaries may legally invest any moneys within their control in any notes issued in accordance with this article. Public entities, as defined in section 24-75-601 (1), may invest public funds in notes only if the notes satisfy the investment […]
§ 24-115-113. Exemption From Taxation
Except as otherwise provided in this section, the income from notes issued pursuant to this article is exempt from all taxation and assessments in the state. In the certificate, indenture of trust, or other instrument authorizing the issuance of notes, the board or the executive director may waive the exemption from federal or state income […]
§ 24-115-114. No Action Maintainable
An action or proceeding at law or in equity to review any act or proceeding or to question the validity or enjoin the performance of any act or proceeding or the issuance of any notes or for any other relief against or from any act or proceeding done under this article, whether based upon irregularities […]
§ 24-115-115. Annual Reports
No later than January 15 of any year in which notes issued pursuant to this article are outstanding or any moneys are in the critical needs fund, each issuing authority shall submit a report to the members of the joint budget committee of the general assembly and the members of the legislative audit committee of […]
§ 24-115-116. Investments
Except as otherwise provided in subsection (2) of this section, proceeds from the issuance of notes may be invested in any manner in which public moneys generally may be invested as provided by section 24-75-601.1 or any other applicable law. An issuing authority, in consultation with the state treasurer, may direct a corporate trustee that […]
§ 24-115-117. Construction of Article
The powers conferred by this article shall be in addition and supplemental to, and not in substitution for, and the limitations imposed by this article shall not directly or indirectly modify, limit, or affect, the powers conferred to the department, the executive director, or the commission by the state constitution or by any other law. […]
§ 24-115-118. Voter Approval Required
Notwithstanding any other provision of this article, the corporation, the department, the board, and the executive director shall have the authority to issue notes and otherwise exercise the powers specified in this article only if voters statewide approve House Bill 05-1194, enacted at the first regular session of the sixty-fifth general assembly, at the November […]