Colorado 2022 Regular Session

Colorado Senate Bill SB121 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
	1	+	Second Regular Session
	2	+	Seventy-third General Assembly
	3	+	STATE OF COLORADO
	4	+	REREVISED
	5	+	This Version Includes All Amendments
	6	+	Adopted in the Second House
	7	+	LLS NO. 22-0701.01 Jacob Baus x2173
1	8		SENATE BILL 22-121
2		-	BY SENATOR(S) Zenzinger and Simpson;
3		-	also REPRESENTATIVE(S) Rich and McLachlan, Bacon, Bernett, Bird,
4		-	Boesenecker, Caraveo, Cutter, Duran, Exum, Froelich, Gonzales-Gutierrez,
5		-	Jodeh, Kipp, Lindsay, Lontine, McCluskie, McCormick, Michaelson Jenet,
6		-	Ortiz, Sirota, Titone, Valdez A., Valdez D.
	9	+	Senate Committees House Committees
	10	+	Education Education
	11	+	A BILL FOR AN ACT
7	12		C
8		-	ONCERNING INCREASING THE AMOUNT OF TUITION REVENUES PLEDGED BY
9		-	AN INSTITUTION OF HIGHER EDUCATION
10		-	.
11		-
12		-	Be it enacted by the General Assembly of the State of Colorado:
13		-	SECTION 1. In Colorado Revised Statutes, 23-5-103, amend (1)
14		-	as follows:
	13	+	ONCERNING INCREASING THE AM OUNT OF TUITION REVENUES101
	14	+	PLEDGED BY AN INSTITUTION OF HIGHER EDUCATION .102
	15	+	Bill Summary
	16	+	(Note: This summary applies to this bill as introduced and does
	17	+	not reflect any amendments that may be subsequently adopted. If this bill
	18	+	passes third reading in the house of introduction, a bill summary that
	19	+	applies to the reengrossed version of this bill will be available at
	20	+	http://leg.colorado.gov
	21	+	.)
	22	+	The bill increases, from 10% to 100%, the amount of tuition
	23	+	revenues that a governing board of an institution of higher education or
	24	+	group of institutions of higher education designated as an enterprise may
	25	+	pledge in a contract for the advancement of money.
	26	+	If an institution of higher education issues a revenue bond and the
	27	+	governing board of the institution wants the bond to be an intercept bond,
	28	+	HOUSE
	29	+	3rd Reading Unamended
	30	+	March 25, 2022
	31	+	HOUSE
	32	+	2nd Reading Unamended
	33	+	March 22, 2022
	34	+	SENATE
	35	+	3rd Reading Unamended
	36	+	February 24, 2022
	37	+	SENATE
	38	+	2nd Reading Unamended
	39	+	February 23, 2022
	40	+	SENATE SPONSORSHIP
	41	+	Zenzinger and Simpson,
	42	+	HOUSE SPONSORSHIP
	43	+	Rich and McLachlan, Bacon, Bernett, Bird, Boesenecker, Caraveo, Cutter, Duran, Exum,
	44	+	Froelich, Gonzales-Gutierrez, Jodeh, Kipp, Lindsay, Lontine, McCluskie, McCormick,
	45	+	Michaelson Jenet, Ortiz, Sirota, Titone, Valdez A., Valdez D.
	46	+	Shading denotes HOUSE amendment. Double underlining denotes SENATE amendment.
	47	+	Capital letters or bold & italic numbers indicate new material to be added to existing statute.
	48	+	Dashes through the words indicate deletions from existing statute. the bill raises the amount of the pledged revenue for the new intercept
	49	+	bond from not less than 10% of tuition to not less than 100% of tuition if
	50	+	the institution is an enterprise.
	51	+	Be it enacted by the General Assembly of the State of Colorado:1
	52	+	SECTION 1. In Colorado Revised Statutes, 23-5-103, amend (1)2
	53	+	as follows:3
15	54		23-5-103. Pledge of income. (1) (a)
16		-	The governing board of any
17		-	one or more state educational institutions, including but not limited to the
18		-	state colleges under the control and operation of their respective boards of
19		-	trustees, that enters into such
20		-	a contract for the advancement of money is
21		-	authorized, in connection with or as a part of such THE contract, to pledge
22		-	the net income derived or to be derived from such land or facilities so
23		-	constructed, acquired, and equipped as security for the repayment of the money advanced therefor,
24		-	IN THE CONTRACT, together with interest, thereon,
25		-	NOTE: This bill has been prepared for the signatures of the appropriate legislative
26		-	officers and the Governor. To determine whether the Governor has signed the bill
27		-	or taken other action on it, please consult the legislative status sheet, the legislative
28		-	history, or the Session Laws.
29		-	________
30		-	Capital letters or bold & italic numbers indicate new material added to existing law; dashes
31		-	through words or numbers indicate deletions from existing law and such material is not part of
32		-	the act. and for the establishment and maintenance of reserves in connection
33		-	therewith; and, WITH THE CONTRACT. For the same purpose, any such
34		-	governing board is also authorized, subject to the limitations specified in
35		-	section 23-5-119.5 (5), to pledge the net income derived or to be derived
36		-	from other facilities that are included in a designated enterprise or, if not
37		-	included, other facilities that are not acquired and not to be acquired with
38		-	money appropriated to the institution by the state of Colorado, and to pledge
39		-	the net income, fees, and revenues derived from such sources, if unpledged,
40		-	or, if pledged, the net income, fees, and revenues currently in excess of the
41		-	amount required to meet principal, interest, and reserve requirements in
42		-	connection with outstanding obligations to which such
43		-	THE net income,
44		-	fees, and revenues have theretofore been pledged. Except as provided in
45		-	paragraph (b) of this subsection (1), A governing board of an institution or
46		-	group of institutions designated as an enterprise pursuant to section
47		-	23-5-101.7 that has entered into a contract for the advancement of money
48		-	on behalf of such an
49		-	THE institution or group of institutions may pledge up
50		-	to ten ONE HUNDRED percent of tuition revenues of such an THE enterprise,
51		-	except for general fund money appropriated by the general assembly, and
52		-	all or a portion of a facility construction fee that may be imposed as security
53		-	for the repayment of the money advanced pursuant to said
54		-	THE contract. The
55		-	pledge of tuition revenues or the imposition of a facility construction fee
56		-	shall include
57		-	INCLUDES a process for student input consistent with the
58		-	institutional plan for student fees adopted by the governing board of the
59		-	applicable institution pursuant to section 23-5-119.5.
60		-	(b) Commencing on and after March 31, 2016, a governing board
61		-	of an institution or group of institutions designated as an enterprise pursuant
62		-	to section 23-5-101.7 that has entered into a contract for the advancement
63		-	of money on behalf of the institution or group of institutions may pledge up
64		-	to one hundred percent of tuition revenues of the enterprise, except for
65		-	general fund money appropriated by the general assembly, if:
66		-	(I) The contract for the advancement of money for which the
67		-	institution is pledging tuition revenue is not subject to the higher education
68		-	revenue bond intercept program set forth in section 23-5-139; and
69		-	(II) The institution is not a party to any existing contract for the
70		-	advancement of money on behalf of the institution or group of institutions
71		-	that is subject to the higher education revenue bond intercept program set
72		-	forth in section 23-5-139.
73		-	PAGE 2-SENATE BILL 22-121 SECTION 2. In Colorado Revised Statutes, 23-5-139, amend
74		-	(1)(b) introductory portion and (1)(b)(III)(B) as follows:
75		-	23-5-139. Higher education revenue bond intercept program -
76		-	definitions. (1) (b) If an institution issues a revenue bond pursuant to this
77		-	article ARTICLE 5 on or after June 6, 2016, or issues a refunding bond
78		-	pursuant to article 54, 56, or 57 of title 11 C.R.S., on or after June 6, 2016,
79		-	and the governing board wishes for such WANTS THE revenue or refunding
80		-	bond to be an intercept bond, then:
81		-	(III) The pledged revenues for the new intercept bond issue include
82		-	not less than:
83		-	(B) Ten ONE HUNDRED percent of tuition if the institution is an
84		-	enterprise, as defined in section 24-77-102 (3); C.R.S.;
85		-	SECTION 3. In Colorado Revised Statutes, 23-54-102, amend
86		-	(1)(a) introductory portion and (1)(a)(V) as follows:
87		-	23-54-102. Board of trustees - creation - members - powers -
88		-	duties. (1) (a) Effective July 1, 2002, there is established the board of
89		-	trustees for Metropolitan state university of Denver, referred to in this
90		-	article
91		-	ARTICLE 54 as the "board of trustees", which shall consist THAT
92		-	CONSISTS
93		-	of eleven members and shall be
94		-	IS the governing authority for
95		-	Metropolitan state university of Denver. The board of trustees created by
96		-	this subsection (1) shall be, and is hereby declared to be,
97		-	IS a body corporate
98		-	and, as such and by the names designated in this section, may:
99		-	(V) Transfer, assign, or pledge portions of its student fees, auxiliary
100		-	revenues, capital facilities fees, and up to ten ONE HUNDRED percent of
101		-	tuition moneys MONEY to the Auraria higher education center to provide a
102		-	source of repayment for revenue bonds or other loans or financial
103		-	obligations incurred by the center to finance construction of an auxiliary
104		-	facility, as defined in section 23-5-101.5 (2)(a); a complementary facility,
105		-	as defined in section 23-70-105.5 (1); any other facility necessary or useful
106		-	to the accomplishment of the mission of Metropolitan state university of
107		-	Denver; or the infrastructure necessary to support any of the types of
108		-	facilities specified in this subparagraph (V)
109		-	SUBSECTION (1)(a)(V).
110		-	PAGE 3-SENATE BILL 22-121 SECTION 4. Safety clause. The general assembly hereby finds,
111		-	determines, and declares that this act is necessary for the immediate
112		-	preservation of the public peace, health, or safety.
113		-	____________________________ ____________________________
114		-	Steve Fenberg Alec Garnett
115		-	PRESIDENT OF SPEAKER OF THE HOUSE
116		-	THE SENATE OF REPRESENTATIVES
117		-	____________________________ ____________________________
118		-	Cindi L. Markwell Robin Jones
119		-	SECRETARY OF CHIEF CLERK OF THE HOUSE
120		-	THE SENATE OF REPRESENTATIVES
121		-	APPROVED________________________________________
122		-	(Date and Time)
123		-	_________________________________________
124		-	Jared S. Polis
125		-	GOVERNOR OF THE STATE OF COLORADO
126		-	PAGE 4-SENATE BILL 22-121
	55	+	The governing board of any4
	56	+	one or more state educational institutions, including but not limited to the5
	57	+	state colleges under the control and operation of their respective boards6
	58	+	of trustees, that enters into such a contract for the advancement of money7
	59	+	is authorized, in connection with or as a part of such THE contract, to8
	60	+	pledge the net income derived or to be derived from such land or facilities9
	61	+	so constructed, acquired, and equipped as security for the repayment of10
	62	+	the money advanced therefor, IN THE CONTRACT, together with interest,11
	63	+	thereon, and for the establishment and maintenance of reserves in12
	64	+	connection therewith; and, WITH THE CONTRACT. For the same purpose,13
	65	+	any such governing board is also authorized, subject to the limitations14
	66	+	specified in section 23-5-119.5 (5), to pledge the net income derived or15
	67	+	to be derived from other facilities that are included in a designated16
	68	+	enterprise or, if not included, other facilities that are not acquired and not17
	69	+	to be acquired with money appropriated to the institution by the state of18
	70	+	Colorado, and to pledge the net income, fees, and revenues derived from19
	71	+	such sources, if unpledged, or, if pledged, the net income, fees, and20
	72	+	revenues currently in excess of the amount required to meet principal,21
	73	+	interest, and reserve requirements in connection with outstanding22
	74	+	obligations to which such THE net income, fees, and revenues have23
	75	+	theretofore been pledged. Except as provided in paragraph (b) of this24
	76	+	121-2- subsection (1), A governing board of an institution or group of1
	77	+	institutions designated as an enterprise pursuant to section 23-5-101.7 that2
	78	+	has entered into a contract for the advancement of money on behalf of3
	79	+	such an THE institution or group of institutions may pledge up to ten ONE4
	80	+	HUNDRED percent of tuition revenues of such an THE enterprise, except5
	81	+	for general fund money appropriated by the general assembly, and all or6
	82	+	a portion of a facility construction fee that may be imposed as security for7
	83	+	the repayment of the money advanced pursuant to said THE contract. The8
	84	+	pledge of tuition revenues or the imposition of a facility construction fee9
	85	+	shall include INCLUDES a process for student input consistent with the10
	86	+	institutional plan for student fees adopted by the governing board of the11
	87	+	applicable institution pursuant to section 23-5-119.5.12
	88	+	(b) Commencing on and after March 31, 2016, a governing board13
	89	+	of an institution or group of institutions designated as an enterprise14
	90	+	pursuant to section 23-5-101.7 that has entered into a contract for the15
	91	+	advancement of money on behalf of the institution or group of institutions16
	92	+	may pledge up to one hundred percent of tuition revenues of the17
	93	+	enterprise, except for general fund money appropriated by the general18
	94	+	assembly, if:19
	95	+	(I) The contract for the advancement of money for which the20
	96	+	institution is pledging tuition revenue is not subject to the higher21
	97	+	education revenue bond intercept program set forth in section 23-5-139;22
	98	+	and23
	99	+	(II) The institution is not a party to any existing contract for the24
	100	+	advancement of money on behalf of the institution or group of institutions25
	101	+	that is subject to the higher education revenue bond intercept program set26
	102	+	forth in section 23-5-139.27
	103	+	121
	104	+	-3- SECTION 2. In Colorado Revised Statutes, 23-5-139, amend1
	105	+	(1)(b) introductory portion and (1)(b)(III)(B) as follows:2
	106	+	23-5-139. Higher education revenue bond intercept program3
	107	+	- definitions. (1) (b) If an institution issues a revenue bond pursuant to4
	108	+	this article ARTICLE 5 on or after June 6, 2016, or issues a refunding bond5
	109	+	pursuant to article 54, 56, or 57 of title 11 C.R.S., on or after June 6,6
	110	+	2016, and the governing board wishes for such WANTS THE revenue or7
	111	+	refunding bond to be an intercept bond, then:8
	112	+	(III) The pledged revenues for the new intercept bond issue9
	113	+	include not less than:10
	114	+	(B) Ten ONE HUNDRED percent of tuition if the institution is an11
	115	+	enterprise, as defined in section 24-77-102 (3); C.R.S.;12
	116	+	SECTION 3. In Colorado Revised Statutes, 23-54-102, amend13
	117	+	(1)(a) introductory portion and (1)(a)(V) as follows:14
	118	+	23-54-102. Board of trustees - creation - members - powers -15
	119	+	duties. (1) (a) Effective July 1, 2002, there is established the board of16
	120	+	trustees for Metropolitan state university of Denver, referred to in this17
	121	+	article ARTICLE 54 as the "board of trustees", which shall consist THAT18
	122	+	CONSISTS of eleven members and shall be IS the governing authority for19
	123	+	Metropolitan state university of Denver. The board of trustees created by20
	124	+	this subsection (1) shall be, and is hereby declared to be, IS a body21
	125	+	corporate and, as such and by the names designated in this section, may:22
	126	+	(V) Transfer, assign, or pledge portions of its student fees,23
	127	+	auxiliary revenues, capital facilities fees, and up to ten ONE HUNDRED24
	128	+	percent of tuition moneys MONEY to the Auraria higher education center25
	129	+	to provide a source of repayment for revenue bonds or other loans or26
	130	+	financial obligations incurred by the center to finance construction of an27
	131	+	121
	132	+	-4- auxiliary facility, as defined in section 23-5-101.5 (2)(a); a1
	133	+	complementary facility, as defined in section 23-70-105.5 (1); any other2
	134	+	facility necessary or useful to the accomplishment of the mission of3
	135	+	Metropolitan state university of Denver; or the infrastructure necessary4
	136	+	to support any of the types of facilities specified in this subparagraph (V)5
	137	+	SUBSECTION (1)(a)(V).6
	138	+	SECTION 4. Safety clause. The general assembly hereby finds,7
	139	+	determines, and declares that this act is necessary for the immediate8
	140	+	preservation of the public peace, health, or safety.9
	141	+	121
	142	+	-5-