§ 24-32-1701. Short Title
This part 17 shall be known and may be cited as the “Colorado Private Activity Bond Ceiling Allocation Act”. Source: L. 87: Entire part added, p. 988, § 1, effective May 20.
§ 24-32-1702. Legislative Declaration
The “Internal Revenue Code of 1986”, as amended, limits the total amount of tax-exempt private activity bonds which may be issued by any state and its political subdivisions in each year by imposing volume caps. Said code allows each state to provide by law a formula for allocating the state volume cap among the issuing […]
§ 24-32-1703. Definitions
As used in this part 17, unless the context otherwise requires: “Application” means the application submitted by an issuing authority to request from the department an allocation from the statewide balance, including any amendments to said application. (1.5) “Board” means the state housing board created in section 24-32-706 (1). “Bond” means any bond or other […]
§ 24-32-1704. Allocation of State Ceiling
The state ceiling shall be allocated among issuing authorities in accordance with the formulas and the procedures for assignment established in this part 17. Source: L. 87: Entire part added, p. 990, § 1, effective May 20.
§ 24-32-1705. Allocations to State Issuing Authorities
Within thirty days after May 20, 1987, and by January 15 of each year thereafter, fifty percent of the state ceiling shall be initially allocated among the following state issuing authorities in amounts established by the department: The Colorado agricultural development authority, created by section 35-75-104, C.R.S.; The Colorado health facilities authority, created by section […]
§ 24-32-1706. Allocations to Designated Local Issuing Authorities
Within twenty days after May 20, 1987, and by January 15 of each year thereafter, that portion of the state ceiling that bears the same ratio to fifty percent of the state ceiling for such calendar year as the population of the designated local issuing authority bears to the population of the entire state shall […]
§ 24-32-1707. Statewide Balance
Fifty percent of the state ceiling less any amount allocated to designated local issuing authorities pursuant to section 24-32-1706 shall be allocated within twenty days after May 20, 1987, and as of January 15 of each year thereafter, to the statewide balance. In addition, the statewide balance shall include any amounts relinquished thereto pursuant to […]
§ 24-32-1708. Bond Issuance and Mortgage Credit Certificate Election – Reporting Requirement
Each issuing authority shall, within five days after the issuance and delivery of any bonds or within five days after it has made a mortgage credit certificate election and in no case later than 5 p.m. on December 23 of each year, file a copy of form 8038 or a copy of the mortgage credit […]
§ 24-32-1709. Application for Allocation From Statewide Balance
An issuing authority may request an allocation from the statewide balance by filing with the department a separate application regarding each project for which an allocation is requested, signed by an officer of the issuing authority. Each application shall be filed on a form provided by the department, which shall contain the following information and […]
§ 24-32-1709.5. Administrative Costs of the Department – Private Activity Bond Allocation Fund – Creation
The department may charge and collect the following administrative fees for the costs associated with the administration of this part 17: The direct allocation fee. The department may charge an administrative fee for direct allocations. The executive director shall annually determine the amount of the fee. The fee charged shall only be borne by entities […]
§ 24-32-1710. Notifications and Validity of Allocations From the Statewide Balance
The department shall notify the issuing authority in writing of the amount allocated or not allocated from the statewide balance to the proposed project. The notification shall: Be of such format as determined by the department and as conforms to the code; Specify the amount of bonds that the issuing authority may issue based upon […]
§ 24-32-1711. Statewide Balance Carryforward Allocations
Any portion of the statewide balance that has not been allocated to bonds that were issued on or before December 23 or that the issuing authority elected not to issue pursuant to a mortgage credit certificate election made on or before December 23 or that are not the subject of a proper carryforward election under […]
§ 24-32-1712. Time Period Must End on Business Day
If the last day of any period described in this part 17 is not a business day, then the last day of such period shall be the next business day thereafter; except that, if the last day of any period is December 23 or December 29, and December 23 or December 29 is not a […]
§ 24-32-1713. Effect of Mortgage Credit Certificate Election or Issuance of Bonds Without Allocation
Any issuing authority which issues bonds or makes a mortgage credit certificate election prior to the receipt by the issuing authority of a related allocation, or in excess of the allocation, or after the relinquishment of the allocation, or in respect of which a form 8038 or a mortgage credit certificate election form is not […]
§ 24-32-1714. Severability
This part 17 is subject to the severability provisions of section 2-4-204, C.R.S. To the extent this part 17 is unconstitutional, all allocations of the state ceiling previously made under this part 17 shall be treated as allocations made by the general assembly of the state of Colorado. Source: L. 87: Entire part added, p. […]
§ 24-32-1715. Agreement With Bond Owners
The state of Colorado pledges and agrees with the owners of any bonds to which an allocation of the state ceiling has been granted under this part 17 that the state will not retroactively alter the allocation of the state ceiling to the qualified issuing authority for such bonds. Source: L. 87: Entire part added, […]