SENATE BILL 22-121
BY SENATOR(S) Zenzinger and Simpson;
also REPRESENTATIVE(S) Rich and McLachlan, Bacon, Bernett, Bird,
Boesenecker, Caraveo, Cutter, Duran, Exum, Froelich, Gonzales-Gutierrez,
Jodeh, Kipp, Lindsay, Lontine, McCluskie, McCormick, Michaelson Jenet,
Ortiz, Sirota, Titone, Valdez A., Valdez D.
C
ONCERNING INCREASING THE AMOUNT OF TUITION REVENUES PLEDGED BY
AN INSTITUTION OF HIGHER EDUCATION
.
Be it enacted by the General Assembly of the State of Colorado:
SECTION 1. In Colorado Revised Statutes, 23-5-103, amend (1)
as follows:
23-5-103. Pledge of income. (1) (a)
The governing board of any
one or more state educational institutions, including but not limited to the
state colleges under the control and operation of their respective boards of
trustees, that enters into such
a contract for the advancement of money is
authorized, in connection with or as a part of such THE contract, to pledge
the net income derived or to be derived from such land or facilities so
constructed, acquired, and equipped as security for the repayment of the money advanced therefor,
IN THE CONTRACT, together with interest, thereon,
NOTE: This bill has been prepared for the signatures of the appropriate legislative
officers and the Governor. To determine whether the Governor has signed the bill
or taken other action on it, please consult the legislative status sheet, the legislative
history, or the Session Laws.
________
Capital letters or bold & italic numbers indicate new material added to existing law; dashes
through words or numbers indicate deletions from existing law and such material is not part of
the act. and for the establishment and maintenance of reserves in connection
therewith; and, WITH THE CONTRACT. For the same purpose, any such
governing board is also authorized, subject to the limitations specified in
section 23-5-119.5 (5), to pledge the net income derived or to be derived
from other facilities that are included in a designated enterprise or, if not
included, other facilities that are not acquired and not to be acquired with
money appropriated to the institution by the state of Colorado, and to pledge
the net income, fees, and revenues derived from such sources, if unpledged,
or, if pledged, the net income, fees, and revenues currently in excess of the
amount required to meet principal, interest, and reserve requirements in
connection with outstanding obligations to which such
THE net income,
fees, and revenues have theretofore been pledged. Except as provided in
paragraph (b) of this subsection (1), A governing board of an institution or
group of institutions designated as an enterprise pursuant to section
23-5-101.7 that has entered into a contract for the advancement of money
on behalf of such an
THE institution or group of institutions may pledge up
to ten ONE HUNDRED percent of tuition revenues of such an THE enterprise,
except for general fund money appropriated by the general assembly, and
all or a portion of a facility construction fee that may be imposed as security
for the repayment of the money advanced pursuant to said
THE contract. The
pledge of tuition revenues or the imposition of a facility construction fee
shall include
INCLUDES a process for student input consistent with the
institutional plan for student fees adopted by the governing board of the
applicable institution pursuant to section 23-5-119.5.
(b) Commencing on and after March 31, 2016, a governing board
of an institution or group of institutions designated as an enterprise pursuant
to section 23-5-101.7 that has entered into a contract for the advancement
of money on behalf of the institution or group of institutions may pledge up
to one hundred percent of tuition revenues of the enterprise, except for
general fund money appropriated by the general assembly, if:
(I) The contract for the advancement of money for which the
institution is pledging tuition revenue is not subject to the higher education
revenue bond intercept program set forth in section 23-5-139; and
(II) The institution is not a party to any existing contract for the
advancement of money on behalf of the institution or group of institutions
that is subject to the higher education revenue bond intercept program set
forth in section 23-5-139.
PAGE 2-SENATE BILL 22-121 SECTION 2. In Colorado Revised Statutes, 23-5-139, amend
(1)(b) introductory portion and (1)(b)(III)(B) as follows:
23-5-139. Higher education revenue bond intercept program -
definitions. (1) (b) If an institution issues a revenue bond pursuant to this
article ARTICLE 5 on or after June 6, 2016, or issues a refunding bond
pursuant to article 54, 56, or 57 of title 11 C.R.S., on or after June 6, 2016,
and the governing board wishes for such WANTS THE revenue or refunding
bond to be an intercept bond, then:
(III) The pledged revenues for the new intercept bond issue include
not less than:
(B) Ten ONE HUNDRED percent of tuition if the institution is an
enterprise, as defined in section 24-77-102 (3); C.R.S.;
SECTION 3. In Colorado Revised Statutes, 23-54-102, amend
(1)(a) introductory portion and (1)(a)(V) as follows:
23-54-102. Board of trustees - creation - members - powers -
duties. (1) (a) Effective July 1, 2002, there is established the board of
trustees for Metropolitan state university of Denver, referred to in this
article
ARTICLE 54 as the "board of trustees", which shall consist THAT
CONSISTS
of eleven members and shall be
IS the governing authority for
Metropolitan state university of Denver. The board of trustees created by
this subsection (1) shall be, and is hereby declared to be,
IS a body corporate
and, as such and by the names designated in this section, may:
(V) Transfer, assign, or pledge portions of its student fees, auxiliary
revenues, capital facilities fees, and up to ten ONE HUNDRED percent of
tuition moneys MONEY to the Auraria higher education center to provide a
source of repayment for revenue bonds or other loans or financial
obligations incurred by the center to finance construction of an auxiliary
facility, as defined in section 23-5-101.5 (2)(a); a complementary facility,
as defined in section 23-70-105.5 (1); any other facility necessary or useful
to the accomplishment of the mission of Metropolitan state university of
Denver; or the infrastructure necessary to support any of the types of
facilities specified in this subparagraph (V)
SUBSECTION (1)(a)(V).
PAGE 3-SENATE BILL 22-121 SECTION 4. Safety clause. The general assembly hereby finds,
determines, and declares that this act is necessary for the immediate
preservation of the public peace, health, or safety.
____________________________ ____________________________
Steve Fenberg Alec Garnett
PRESIDENT OF SPEAKER OF THE HOUSE
THE SENATE OF REPRESENTATIVES
____________________________ ____________________________
Cindi L. Markwell Robin Jones
SECRETARY OF CHIEF CLERK OF THE HOUSE
THE SENATE OF REPRESENTATIVES
APPROVED________________________________________
(Date and Time)
_________________________________________
Jared S. Polis
GOVERNOR OF THE STATE OF COLORADO
PAGE 4-SENATE BILL 22-121