Amendments for SB25-081
Senate Journal, February 19
After consideration on the merits, the Committee recommends that SB25-081 be amended
as follows, and as so amended, be referred to the Committee on Appropriations with
favorable recommendation.
Amend printed bill, page 8, after line 6 insert:
"(a) A TRANSPORTATION INFRASTRUCTURE PROJECT;
(b) AN INFRASTRUCTURE PROJECT IN A TRANSIT-ORIENTED COMMUNITY;
(c) A COUNTY COURTHOUSE FACILITY;".
Reletter succeeding paragraphs accordingly.
Page 8, line 14, strike "STOCK;" and substitute "INFRASTRUCTURE;".
Page 9, line 9, strike "NINE" and substitute "ELEVEN".
Page 9, after line 18 insert:
"(V) A REPRESENTATIVE OF LOCAL GOVERNMENTS, APPOINTED BY THE
GOVERNOR;".
Renumber succeeding subparagraphs accordingly.
Page 9, line 25, strike "EMPLOYEES;" and substitute "EMPLOYEES, APPOINTED
BY THE STATE TREASURER;".
Page 10, line 1, strike "AND".
Page 10, line 3, strike "TREASURER." and substitute "TREASURER; AND
(XI) AN INDIVIDUAL WITH A BACKGROUND IN COMMERCIAL LENDING
REPRESENTING AN INSTITUTION INSURED BY THE FEDERAL DEPOSIT INSURANCE
CORPORATION, APPOINTED BY THE STATE TREASURER.".
Page 17, after line 11 insert:
"(7) THE AUTHORITY SHALL ENSURE THAT ANY LOAN THAT IS ISSUED BY
THE AUTHORITY AND THEN PAID IN FULL IS CLOSED. THE AUTHORITY SHALL NOT
USE A CLOSED LOAN AS EQUITY FOR ANY OTHER PROJECT.".
Renumber succeeding subsection accordingly.
Page 25, line 5, after "AUTHORITY" insert "OR THE DEPARTMENT OF THE
TREASURY".
Page 28, strike line 17 and substitute: "(15)(b)(XX) and (15)(b)(XXI); and add
(15)(b)(XXII) as follows:".
Page 28, strike lines 21 through 24 and substitute:
"(XX) The middle-income housing authority created in section
29-4-1104 (1); and
(XXI) The equal justice authority created in section 13-5.7-202; AND".
Page 28, line 25, strike "(XXI)" and substitute "(XXII)".
Finance
Senate Journal, March 11
SB25-081 by Senator(s) Bridges and Amabile; also Representative(s) Bird--Concerning public
financing, and, in connection therewith, establishing the building urgent infrastructure and
leveraging dollars authority, modifying the state public financing cash fund, and allowing
the state treasurer to use a security token offering for state capital financing.
Amendment No. 1, Finance Committee Amendment.
(Printed in Senate Journal, February 19, page(s) 267-268 and placed in members' bill
files.)
Amendment No. 2(L.004), by Senator Bridges.
Amend printed bill, page 20, line 14, after "LOANS" and insert "MADE IN
CONNECTION WITH ELIGIBLE PROJECTS".
Page 25, line 5, after "MAY" insert "SEEK, ACCEPT, AND EXPEND GIFTS, GRANTS,
OR DONATIONS FROM PRIVATE OR PUBLIC SOURCES OR".
Page 27, line 27, strike "OPERATIONAL" and substitute "ELIGIBLE PROJECT
REVOLVING".
Page 28, after line 26 insert:
"SECTION 5. In Colorado Revised Statutes, 29-1-102, amend (13) as
follows:
29-1-102. Definitions. As used in this part 1, unless the context
otherwise requires:
(13) "Local government" means any authority, county, municipality,
city and county, district, or other political subdivision of the state of Colorado;
any institution, department, agency, or authority of any of the foregoing; and
any other entity, organization, or corporation formed by intergovernmental
agreement or other contract between or among any of the foregoing. The office
of the county public trustee shall be deemed an agency of the county for the
purposes of this part 1. "Local government" does not include the Colorado
educational and cultural facilities authority, the university of Colorado hospital
authority, collegeinvest, the Colorado health facilities authority, the Colorado
housing and finance authority, the Colorado agricultural development authority,
the Colorado sheep and wool authority, the Colorado beef council authority, the
Colorado horse development authority, THE BUILDING URGENT
INFRASTRUCTURE AND LEVERAGING DOLLARS AUTHORITY, THE MIDDLE-INCOME
HOUSING AUTHORITY, the fire and police pension association, any public entity
insurance or investment pool formed pursuant to state law, any county or
municipal housing authority, any association of political subdivisions formed
pursuant to section 29-1-401, or any home rule city or town, home rule city and
county, cities and towns operating under a territorial charter, school district, or
local college district.".
Renumber succeeding section accordingly.
As amended, ordered engrossed and placed on the calendar for third reading and final
passage.
House Journal, April 22
41 SB25-081 be amended as follows, and as so amended, be referred to
42 the Committee of the Whole with favorable
43 recommendation:
44
45 Amend reengrossed bill, page 8, after line 17 insert:
46
47 "(k) INFORMATION TECHNOLOGY CAPITAL CONSTRUCTION;"
48
49 Reletter succeeding paragraphs accordingly.
50
51 Page 9, line 13, strike "ELEVEN" and substitute "THIRTEEN".
52
53 Page 9, line 23, strike "LOCAL GOVERNMENTS," and substitute "A
54 STATEWIDE ORGANIZATION REPRESENTING COUNTIES,".
55
1 Page 9, after line 24, insert:
2 "(VI) A REPRESENTATIVE OF A STATEWIDE ORGANIZATION
3 REPRESENTING MUNICIPALITIES, APPOINTED BY THE GOVERNOR;
4 (VII) THE EXECUTIVE DIRECTOR OF THE COLORADO EDUCATIONAL
5 AND CULTURAL FACILITIES AUTHORITY OR THEIR DESIGNEE;".
6
7 Renumber succeeding subparagraphs accordingly.
8
9 Page 10, line 19, strike "(2)(a)(IX)" and substitute "(2)(a)(XI)".
10
11 Page 15, line 22, strike "THEREIN;" and substitute "THEREIN, EXCEPT FOR
12 ANY PROJECTS THAT ARE WITHIN THE STATUTORY AUTHORITY OF THE
13 COLORADO HOUSING AND FINANCE AUTHORITY;".
14
15 Page 15, after line 22 insert:
16
17 "(s) FACILITATE THE FUNDING OF INFRASTRUCTURE PROJECTS, AND
18 IN SO DOING, THE AUTHORITY MUST PRIORITIZE ASSISTING
19 INFRASTRUCTURE PROJECTS THAT SATISFY THE CRITERIA IDENTIFIED IN
20 SECTION 24-117-112 (5);".
21
22 Reletter succeeding paragraphs accordingly.
23
24 Page 18, after line 7 insert:
25
26 "(9) THE AUTHORITY SHALL NOT ISSUE BONDS FOR, FINANCE, OR
27 PARTICIPATE IN THE FINANCING OF ANY PROJECTS THAT ARE WITHIN THE
28 STATUTORY AUTHORITY OF THE COLORADO HOUSING AND FINANCE
29 AUTHORITY.".
30
31 Page 23, after line 8 insert:
32
33 "(7) THE AUTHORITY SHALL NOT ISSUE EXEMPT FACILITY BONDS,
34 AS DEFINED IN SECTION 142(a) OF THE FEDERAL "INTERNAL REVENUE
35 CODE OF 1986", THAT REQUIRE THE USE OF PRIVATE ACTIVITY BONDS
36 VOLUME CAP ALLOCATION IN THE ISSUANCE OF ANY BONDS, OR RECEIVE
37 A DIRECT ALLOCATION, STATEWIDE BALANCE AWARD, OR ASSIGNMENT OF
38 ALLOCATION OF STATE CEILING UNDER THE "COLORADO PRIVATE
39 ACTIVITY BOND CEILING ALLOCATION ACT" SET FORTH IN PART 17 OF
40 ARTICLE 32 OF THIS TITLE 24.".
41
42 Page 26, after line 19 insert:
43
44 "(4) (a) IF THE BOARD DETERMINES THAT THE INVESTMENT IN,
45 PURCHASE OR PARTICIPATION IN THE PURCHASE OF INVESTMENT LOANS
46 FOR, OR MAKING LOANS TO LENDERS FOR AN ELIGIBLE INFRASTRUCTURE
47 PROJECT IS NECESSARY TO FUND AN ELIGIBLE INFRASTRUCTURE PROJECT,
48 THE AUTHORITY MAY CREATE A PLAN FOR THE AUTHORITY INVESTING IN
49 THAT ELIGIBLE INFRASTRUCTURE PROJECT AND THE BOARD MAY APPROVE
50 SUCH PLAN.
51 (b) IN CONNECTION WITH THE PURCHASE FROM A LENDER OF A
52 LOAN FOR AN ELIGIBLE INFRASTRUCTURE PROJECT OR INTEREST ON THAT
53 LOAN, THE AUTHORITY MAY REQUIRE THE LENDER TO FURNISH AN
54 AMOUNT OF COLLATERAL SECURITY NECESSARY TO ASSURE THE PAYMENT
1 OF THAT LOAN AND THE INTEREST ON THAT LOAN AS THE LOAN OR
2 INTEREST BECOME DUE. THE COLLATERAL SECURITY SHALL CONSIST OF
3 ANY OBLIGATIONS OR LOANS SATISFACTORY TO THE AUTHORITY.
4 (c) (I) A LOAN FROM THE AUTHORITY TO A LENDER IS A GENERAL
5 OBLIGATION OF THE LENDER AND SHALL BE ADDITIONALLY SECURED AS TO
6 PAYMENT OF BOTH PRINCIPAL AND INTEREST BY A PLEDGE OF AND LIEN
7 UPON COLLATERAL SECURITY IN AN AMOUNT AND TYPE THAT THE BOARD,
8 BY REGULATION, DETERMINES TO BE NECESSARY TO ASSURE THE PAYMENT
9 OF THAT LOAN AND THE INTEREST ON THAT LOAN AS THE LOAN AND
10 INTEREST BECOME PAYABLE.
11 (II) THE AUTHORITY MAY REQUIRE THAT A LENDER LODGE
12 COLLATERAL WITH A BANK OR TRUST COMPANY, LOCATED EITHER WITHIN
13 OR OUTSIDE THE STATE, DESIGNATED BY THE AUTHORITY. IN THE ABSENCE
14 OF SUCH A REQUIREMENT, EACH LENDER SHALL ENTER INTO AN
15 AGREEMENT WITH THE AUTHORITY REFERRING TO THIS SUBSECTION (4)(c);
16 CONTAINING PROVISIONS DEEMED NECESSARY BY THE AUTHORITY TO
17 IDENTIFY, MAINTAIN, AND SERVICE THE COLLATERAL; AND PROVIDING
18 THAT THE LENDER SHALL HOLD SUCH COLLATERAL AS TRUSTEE FOR THE
19 BENEFIT OF THE AUTHORITY AND SHALL BE HELD ACCOUNTABLE AS THE
20 TRUSTEE OF AN EXPRESS TRUST FOR THE APPLICATION AND DISPOSITION OF
21 SUCH COLLATERAL, INCLUDING THE INCOME AND PROCEEDS THEREFROM,
22 SOLELY FOR THE USES AND PURPOSES AS PROVIDED IN THE AGREEMENT. A
23 COPY OF EACH AGREEMENT AND ANY REVISIONS OR SUPPLEMENTS
24 THERETO, WHICH REVISIONS OR SUPPLEMENTS MAY, AMONG OTHER
25 THINGS, ADD TO, DELETE FROM, OR SUBSTITUTE ITEMS OF COLLATERAL
26 PLEDGED BY THE AGREEMENT, SHALL BE FILED WITH THE SECRETARY OF
27 STATE TO PERFECT THE SECURITY INTEREST OF THE AUTHORITY IN THE
28 COLLATERAL. NO FILING, RECORDING, POSSESSION, OR OTHER ACTION
29 UNDER ARTICLE 9 OF TITLE 4 OR ANY OTHER LAW OF THIS STATE IS
30 REQUIRED TO PERFECT THE SECURITY INTEREST OF THE AUTHORITY IN
31 SUCH COLLATERAL. THE SECURITY INTEREST OF THE AUTHORITY IN THE
32 COLLATERAL SHALL BE DEEMED PERFECTED, AND THE TRUST FOR THE
33 BENEFIT OF THE AUTHORITY SO CREATED SHALL BE BINDING ON AND AFTER
34 THE TIME OF SUCH FILING WITH THE SECRETARY OF STATE AGAINST ALL
35 PARTIES HAVING PRIOR UNPERFECTED OR SUBSEQUENT SECURITY
36 INTERESTS OR CLAIMS OF ANY KIND IN TORT, IN CONTRACT, OR OTHERWISE
37 AGAINST SUCH LENDER. THE AUTHORITY MAY ALSO ESTABLISH
38 ADDITIONAL REQUIREMENTS AS NECESSARY WITH RESPECT TO THE
39 PLEDGING, ASSIGNING, SETTING ASIDE, OR HOLDING OF SUCH COLLATERAL
40 AND THE MAKING OF SUBSTITUTIONS THEREFOR OR ADDITIONS THERETO
41 AND THE DISPOSITION OF INCOME AND RECEIPTS THEREFROM.
42 (d) SUBJECT TO ANY AGREEMENT WITH BOND HOLDERS, THE
43 AUTHORITY MAY COLLECT, ENFORCE THE COLLECTION OF, AND FORECLOSE
44 ON ANY COLLATERAL REQUIRED BY SUBSECTIONS (4)(b) AND (4)(c) OF
45 THIS SECTION AND ACQUIRE OR TAKE POSSESSION OF SUCH COLLATERAL
46 AND SELL THE SAME AT PUBLIC OR PRIVATE SALE, WITH OR WITHOUT
47 PUBLIC BIDDING, AND OTHERWISE DEAL WITH THE COLLATERAL AS
48 NECESSARY TO PROTECT THE INTEREST OF THE AUTHORITY THEREIN.
49 (e) IN ADDITION TO THE OTHER POWERS GRANTED BY THIS ARTICLE
50 117, THE AUTHORITY HAS THE POWER, WITH RESPECT TO ELIGIBLE
51 INFRASTRUCTURE PROJECT LOANS TO LENDERS AS PROVIDED UNDER THIS
52 SECTION, TO COLLECT AND PAY REASONABLE FEES AND CHARGES AND TO
53 ESTABLISH THE TERMS AND CONDITIONS OF ELIGIBLE INFRASTRUCTURE
54 PROJECT LOANS TO LENDERS BY RULES AND REGULATIONS, INCLUDING
55 RULES AND REGULATIONS AS TO:
1 (I) REINVESTMENT AND COMMITMENTS TO REINVEST BY LENDERS
2 OF THE PROCEEDS OF ELIGIBLE INFRASTRUCTURE PROJECT LOANS; AND
3 (II) OTHER MATTERS RELATED TO SUCH INFRASTRUCTURE PROJECT
4 LOANS TO LENDERS DEEMED NECESSARY BY THE AUTHORITY TO
5 ACCOMPLISH THE PURPOSES OF THIS ARTICLE 117.".
6
7 Page 28, after line 6 insert:
8 "(6) (a) IF, UPON REVIEWING AN APPLICATION, THE AUTHORITY
9 DETERMINES THAT AN INFRASTRUCTURE PROJECT IS ELIGIBLE FOR
10 FINANCING FROM THE COLORADO EDUCATIONAL AND CULTURAL
11 FACILITIES AUTHORITY CREATED IN SECTION 23-15-104 (1)(a), THE
12 AUTHORITY SHALL NOTIFY BOTH THE ENTITY THAT SUBMITTED THE
13 APPLICATION AND THE COLORADO EDUCATIONAL AND CULTURAL
14 FACILITIES AUTHORITY OF THAT DETERMINATION. WITHIN THE LATER OF
15 THIRTY DAYS AFTER IT RECEIVES SUCH NOTICE OR TEN DAYS AFTER ITS
16 NEXT BOARD MEETING THAT OCCURS AFTER IT RECEIVES SUCH NOTICE,
17 THE COLORADO EDUCATIONAL AND CULTURAL FACILITIES AUTHORITY
18 MUST NOTIFY THE AUTHORITY WHETHER IT INTENDS TO INDEPENDENTLY
19 FINANCE THE INFRASTRUCTURE PROJECT WITHOUT FUNDING FROM THE
20 AUTHORITY.
21 (b) THE AUTHORITY SHALL ONLY PROVIDE FINANCING TO A
22 PROJECT IDENTIFIED PURSUANT TO SUBSECTION (6)(a) OF THIS SECTION IF
23 THE COLORADO EDUCATIONAL AND CULTURAL FACILITIES AUTHORITY
24 DOES NOT RESPOND WITHIN THE PERIOD DESCRIBED IN SUBSECTION (6)(a)
25 OF THIS SECTION OR INDICATES THAT IT DOES NOT INTEND TO
26 INDEPENDENTLY FINANCE THE INFRASTRUCTURE PROJECT WITHOUT
27 FINANCING FROM THE AUTHORITY.".
28
29 Renumber succeeding subsection accordingly.
30
31