Colorado 2024 Regular Session

Colorado House Bill HB1231 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
	1	+	Second Regular Session
	2	+	Seventy-fourth General Assembly
	3	+	STATE OF COLORADO
	4	+	REVISED
	5	+	This Version Includes All Amendments Adopted
	6	+	on Second Reading in the Second House
	7	+	LLS NO. 24-0196.02 Megan McCall x4215
1	8		HOUSE BILL 24-1231
2		-	BY REPRESENTATIVE(S) Young and Daugherty, Amabile, Boesenecker,
3		-	Hernandez, Kipp, Bacon, Bird, Bradfield, Brown, Duran, English, Froelich,
4		-	Garcia, Hamrick, Joseph, Lieder, Lindsay, Lynch, Mabrey, Martinez,
5		-	Mauro, Ortiz, Ricks, Titone, Willford, Winter T., Clifford, Epps, Herod,
6		-	Marvin, McCormick, Parenti, Rutinel, Snyder, Taggart, Valdez, Velasco,
7		-	Vigil, Woodrow, McCluskie;
8		-	also SENATOR(S) Kirkmeyer and Mullica, Priola, Michaelson Jenet,
9		-	Pelton B., Bridges, Buckner, Cutter, Exum, Fields, Ginal, Hansen,
10		-	Jaquez Lewis, Kolker, Roberts, Simpson, Zenzinger, Fenberg.
	9	+	House Committees Senate Committees
	10	+	Health & Human Services Finance
	11	+	Finance Appropriations
	12	+	Appropriations
	13	+	A BILL FOR AN ACT
11	14		C
12		-	ONCERNING STATE FUNDING FOR FOUR PROJECTS RELATED TO HEALTH
13		-	SCIENCES EDUCATION PROGRAMS FOR MEDICAL PROFESSIONS BEING
14		-	UNDERTAKEN BY STATE INSTITUTIONS OF HIGHER EDUCATION
15		-	, AND,
16		-	IN CONNECTION THEREWITH , AUTHORIZING THE STATE TO ISSUE
17		-	FINANCED PURCHASE OF AN ASSET OR CERTIFICATE OF PARTICIPATION
18		-	AGREEMENTS TO FINANCE A PORTION OF CAPITAL COSTS ASSOCIATED
19		-	WITH CONSTRUCTION OF FACILITIES FOR THE UNIVERSITY OF
20		-	NORTHERN
21		-	COLORADO'S COLLEGE OF OSTEOPATHIC MEDICINE ,
22		-	METROPOLITAN STATE UNIVERSITY OF DENVER'S HEALTH INSTITUTE
23		-	TOWER
24		-	, COLORADO STATE UNIVERSITY 'S VETERINARY HEALTH
25		-	EDUCATION CAMPUS
26		-	, AND EXPANSION AND RENOVATION OF
27		-	TRINIDAD STATE COLLEGE 'S VALLEY CAMPUS MAIN BUILDING ,
28		-	PROVIDING FUNDING FOR ESCROW MONEY THAT IS REQUIRED FOR
29		-	NOTE: This bill has been prepared for the signatures of the appropriate legislative
30		-	officers and the Governor. To determine whether the Governor has signed the bill
31		-	or taken other action on it, please consult the legislative status sheet, the legislative
32		-	history, or the Session Laws.
33		-	________
34		-	Capital letters or bold & italic numbers indicate new material added to existing law; dashes
35		-	through words or numbers indicate deletions from existing law and such material is not part of
36		-	the act. ACCREDITATION OF THE UNIVERSITY OF NORTHERN COLORADO'S
37		-	COLLEGE OF OSTEOPATHIC MEDICINE BY TRANSFERRING MONEY FROM
38		-	THE GENERAL FUND FOR ULTIMATE DEPOSIT TO AN ESCROW ACCOUNT
39		-	AND REDUCING THE STATE RESERVE BY THE SAME AMOUNT FOR THE
40		-	PERIOD DURING WHICH THE MONEY IS HELD IN ESCROW
41		-	, AND MAKING
42		-	AN APPROPRIATION
43		-	.
44		-
45		-	Be it enacted by the General Assembly of the State of Colorado:
46		-	SECTION 1. Legislative declaration. (1) The general assembly
47		-	finds and declares that:
48		-	(a) The state is facing a physician shortage, and a rapidly growing
49		-	population and an aging physician workforce have created a current and
50		-	future demonstrated need for more physicians to serve Colorado
51		-	communities;
52		-	(b) The physician shortage is felt most acutely in rural and other
53		-	underserved communities;
54		-	(c) With an increasing disparity between the demand for and supply
55		-	of physicians, there is an urgent need for medical education programs to
56		-	begin work now to train providers;
57		-	(d) This is particularly critical because physician training can take
58		-	up to a decade, meaning a physician shortage in 2034 is a problem that
59		-	needs to be addressed today;
60		-	(e) To address this critical issue, the University of Northern
61		-	Colorado is establishing an osteopathic medical college and plans to enroll
62		-	150 graduate-level medical students in a four-year medical degree program
63		-	every year;
64		-	(f) The osteopathic medical profession has a long tradition of
65		-	providing care where patients lack doctors; and
66		-	(g) Opening the College of Osteopathic Medicine requires capital
67		-	investment for construction of a building and a temporary cash reserve as
68		-	required by the University of Northern Colorado's accrediting body.
69		-	PAGE 2-HOUSE BILL 24-1231 (2) The general assembly further finds and declares that:
70		-	(a) A statement for the Committee on Health, Education, Labor and
71		-	Pensions of the United States Senate made by the American Hospital
72		-	Association on February 16, 2023, stated that there is "a historic workforce
73		-	crisis complete with real-time short-term staffing shortages and a daunting
74		-	long-range picture of an unfulfilled talent pipeline in healthcare". This is
75		-	especially true in Colorado, where workforce shortages are at an all-time
76		-	high and the state is projected to need an estimated 10,000 more nurses by
77		-	2026.
78		-	(b) Metropolitan State University of Denver is prepared to meet this
79		-	urgent demand by growing its allied health programs by 25%, enrolling
80		-	nearly 7,000 students by 2030 who will go on to deliver care in critical
81		-	areas, such as mental and behavioral health, nursing, social work, and
82		-	speech, language, and hearing sciences;
83		-	(c) As such, Metropolitan State University of Denver has identified
84		-	an opportunity to address the urgent labor market needs by creating
85		-	interdisciplinary learning spaces for aspiring health-care professionals,
86		-	allowing for growth of the university's programs that serve this sector;
87		-	(d) To accomplish this, Metropolitan State University of Denver's
88		-	Health Institute will begin construction of a new facility, the Health
89		-	Institute Tower, that will grow the health-care workforce through
90		-	innovation, increased instructional and training capacity, and expansion of
91		-	programs in high-need health-care-related areas;
92		-	(e) In addition, the Health Institute Tower will advance and retain
93		-	Colorado's health-care workers through interdisciplinary training, education,
94		-	and industry partnerships, all while delivering health and wellness services
95		-	to surrounding communities; and
96		-	(f) The Health Institute Tower will enable average enrollment
97		-	growth of 25% across all 10 healthcare-focused academic departments at
98		-	the university, which disciplines are all experiencing greater demand and
99		-	will be positioned to grow enrollment due to additional square footage for
100		-	instruction and training and greater efficiencies provided by the Health
101		-	Institute Tower.
102		-	PAGE 3-HOUSE BILL 24-1231 (3) The general assembly further finds and declares that:
103		-	(a) Colorado State University has led innovations in veterinary
104		-	education, animal care, biomedical discovery, and public health and now
105		-	must adapt its delivery of education and modernize its facilities through a
106		-	new veterinary health education complex;
107		-	(b) The veterinary health education complex will be a one-of-a-kind
108		-	complex with educational, clinical, and research capacity serving society's
109		-	evolving relationship with animals as companions, livestock, and wildlife;
110		-	(c) Colorado State University's current veterinary education facilities
111		-	are outdated and not large enough to meet the increasing needs of students
112		-	and the state;
113		-	(d) The veterinary health education complex will address the
114		-	shortage of veterinarians and those who can care for animals with new
115		-	facilities for integrated education, clinical practice, and applicable research
116		-	in one location; will provide upgraded technology and facilities to educate,
117		-	retain, and graduate veterinarians; and will allow for best practices in health
118		-	education to be realized by employing experiential learning strategies with
119		-	state-of-the-art laboratories, simulation skill labs, active learning
120		-	classrooms, and clinical experiences; and
121		-	(e) The project will allow Colorado State University to increase
122		-	veterinary student enrollment by potentially 20%, with the incoming
123		-	first-year class helping to alleviate the severe workforce shortage in the
124		-	field of veterinary medicine.
125		-	(4) The general assembly further finds and declares that:
126		-	(a) Trinidad state college's valley campus has origins back to 1936,
127		-	serves approximately 500 career and technical students annually, and had
128		-	its last major renovation to a portion of the campus' main building over 23
129		-	years ago;
130		-	(b) The provision of allied health certificate and degree programs is
131		-	critical to serving the health-care needs of Alamosa, Colorado, and its
132		-	surrounding communities, which face shortages in critical health-care
133		-	personnel;
134		-	PAGE 4-HOUSE BILL 24-1231 (c) The renovation of the campus' main building will add a two-story
135		-	addition to the building that will allow for critical allied health programs
136		-	including those for nursing, emergency medical technicians, dental
137		-	assisting, and medical assisting to move into the main building from the
138		-	program's current condition-challenged space and significantly support
139		-	student success initiatives and regional workforce needs;
140		-	(d) The campus services over 130 allied health students annually,
141		-	and the renovation project will expand capacity of the allied health
142		-	programs offered at the campus by as much as 50% in nursing, nursing aide,
143		-	emergency medical technician, medical assisting, and dental assisting
144		-	programs; and
145		-	(e) The renovation project will also address much needed deferred
146		-	maintenance issues of the campus' main building, will create an assembly
147		-	space to serve both the college and community, and will allow critical
148		-	student services, including services that assist students from disadvantaged
149		-	backgrounds, to move to a more student-accessible location in the building,
150		-	thereby providing better access to these services for allied health program
151		-	students and the student body as a whole.
152		-	(5) The general assembly further finds and declares that financing
153		-	the capital construction needs of the University of Northern Colorado's
154		-	College of Osteopathic Medicine, the Metropolitan State University of
155		-	Denver's Health Institute Tower, Colorado State University's veterinary
156		-	health and education complex, and Trinidad State College's valley campus
157		-	main building renovation will, in part, come from the state through
158		-	execution of one or more financed purchase of an asset or certificate of
159		-	participation agreements, which, while each project is separate, may be
160		-	executed in connection with each other.
161		-	SECTION 2. In Colorado Revised Statutes, add 24-36-124 as
162		-	follows:
163		-	24-36-124. Financed purchase of an asset or certificate of
164		-	participation agreements - fund capital costs related projects at four
	15	+	ONCERNING STATE FUNDING FOR FOUR PROJECTS RELATED TO101
	16	+	HEALTH SCIENCES EDUCATION PROGRAMS FOR MEDICAL102
	17	+	PROFESSIONS BEING UNDERTAKEN BY STATE INSTITUTIONS OF103
	18	+	HIGHER EDUCATION , AND, IN CONNECTION THEREWITH ,104
	19	+	AUTHORIZING THE STATE TO ISSUE FINANCED PURCHASE OF AN105
	20	+	ASSET OR CERTIFICATE OF P ARTICIPATION AGREEMENTS TO106
	21	+	FINANCE A PORTION OF CAPITAL COSTS ASSOCIATED WITH107
	22	+	CONSTRUCTION OF FACILITI ES FOR THE UNIVERSITY OF108
	23	+	NORTHERN COLORADO'S COLLEGE OF OSTEOPATHIC MEDICINE ,109
	24	+	METROPOLITAN STATE UNIVERSITY OF DENVER'S HEALTH110
	25	+	INSTITUTE TOWER , COLORADO STATE UNIVERSITY 'S111
	26	+	VETERINARY HEALTH EDUCATION CAMPUS , AND EXPANSION AND112
	27	+	RENOVATION OF TRINIDAD STATE COLLEGE 'S VALLEY CAMPUS113
	28	+	SENATE
	29	+	2nd Reading Unamended
	30	+	April 25, 2024
	31	+	HOUSE
	32	+	3rd Reading Unamended
	33	+	April 17, 2024
	34	+	HOUSE
	35	+	Amended 2nd Reading
	36	+	April 15, 2024
	37	+	HOUSE SPONSORSHIP
	38	+	Young and Daugherty, Amabile, Boesenecker, Hernandez, Kipp, Bacon, Bird, Bradfield,
	39	+	Brown, Duran, English, Froelich, Garcia, Hamrick, Joseph, Lieder, Lindsay, Lynch, Mabrey,
	40	+	Martinez, Mauro, Ortiz, Ricks, Titone, Willford, Winter T., Clifford, Epps, Herod, Marvin,
	41	+	McCluskie, McCormick, Parenti, Rutinel, Snyder, Taggart, Valdez, Velasco, Vigil, Woodrow
	42	+	SENATE SPONSORSHIP
	43	+	Kirkmeyer and Mullica, Priola, Michaelson Jenet, Pelton B.
	44	+	Shading denotes HOUSE amendment. Double underlining denotes SENATE amendment.
	45	+	Capital letters or bold & italic numbers indicate new material to be added to existing law.
	46	+	Dashes through the words or numbers indicate deletions from existing law. MAIN BUILDING, PROVIDING FUNDING FOR ESCROW MONEY101
	47	+	THAT IS REQUIRED FOR ACCREDITATION OF THE UNIVERSITY OF102
	48	+	NORTHERN COLORADO'S COLLEGE OF OSTEOPATHIC MEDICINE103
	49	+	BY TRANSFERRING MONEY FROM THE GENERAL FUND FOR104
	50	+	ULTIMATE DEPOSIT TO AN ESCROW ACCOUNT AND REDUCING105
	51	+	THE STATE RESERVE BY THE SAME AMOUNT FOR THE PERIOD106
	52	+	DURING WHICH THE MONEY IS HELD IN ESCROW, AND MAKING107
	53	+	AN APPROPRIATION.108
	54	+	Bill Summary
	55	+	(Note: This summary applies to this bill as introduced and does
	56	+	not reflect any amendments that may be subsequently adopted. If this bill
	57	+	passes third reading in the house of introduction, a bill summary that
	58	+	applies to the reengrossed version of this bill will be available at
	59	+	http://leg.colorado.gov
	60	+	.)
	61	+	The bill requires the state treasurer, on behalf of the state, to
	62	+	execute, no later than October 31, 2024, financed purchase of an asset or
	63	+	certificate of participation agreements (financing agreements) to finance
	64	+	capital costs related to the construction of facilities for 4 state institutions
	65	+	of higher education. The financing agreements are to be issued in the
	66	+	aggregate principal amount of $246,936,092 plus reasonable and
	67	+	necessary administrative, monitoring, and closing costs and interest,
	68	+	including capitalized interest. The anticipated annual state-funded
	69	+	payments for the principal and interest components due under the
	70	+	financing agreements must not exceed $17,500,000 with principal
	71	+	amortization not occurring before July 1, 2027.
	72	+	The proceeds from the financing agreements will be used for the
	73	+	following 4 capital projects:
	74	+	! Construction of facilities for the university of northern
	75	+	Colorado's college of osteopathic medicine;
	76	+	! Construction of a health institute tower by metropolitan
	77	+	state university of Denver;
	78	+	! Construction of a veterinary health education complex by
	79	+	Colorado state university; and
	80	+	! Renovation of Trinidad state college's valley campus main
	81	+	building to move nursing and allied health programs into
	82	+	the building, address deferred maintenance issues, and
	83	+	create an assembly room that will serve both the college
	84	+	and the community and a one-stop student services center
	85	+	to support career and technical education and allied health
	86	+	1231-2- students.
	87	+	The bill also provides for a general fund transfer of $41,250,000
	88	+	to the university of northern Colorado for deposit into an escrow account
	89	+	to be held in escrow in accordance with the requirements of the
	90	+	accrediting body of the college of osteopathic medicine.
	91	+	If the money in escrow, including interest, is released to the
	92	+	university of northern Colorado upon graduation of the first cohort from
	93	+	the college of osteopathic medicine, then the university shall provide
	94	+	notice of the release of escrow to the joint budget committee of the
	95	+	general assembly, to the state treasurer, and to the office of state planning
	96	+	and budgeting. Additionally, for the state fiscal year in which the escrow
	97	+	money is released, the amount that is to be paid to the university pursuant
	98	+	to its fee-for-service contract for that state fiscal year is reduced by the
	99	+	lesser of an amount equal to the amount of the escrow money or an
	100	+	amount equal to the amount of a portion of the escrow money that reduces
	101	+	the amount to be paid pursuant to the fee-for-service agreement to zero.
	102	+	If the amount of the escrow money exceeds the amount due under such
	103	+	fee-for-service contract, then the amount the university of northern
	104	+	Colorado would otherwise receive from the college opportunity fund is
	105	+	reduced by an amount equal to the excess. If, after both reductions, there
	106	+	remains excess escrow money, then in the next state fiscal year the
	107	+	amount that is to be paid to the university of northern Colorado pursuant
	108	+	to its fee-for-service contract for that state fiscal year is reduced by an
	109	+	amount equal to the amount of the remaining escrow money. The
	110	+	university of northern Colorado must use the escrow money, or a portion
	111	+	of it, as applicable, for each applicable reduction as an offset for the
	112	+	reduction.
	113	+	If the escrow money is released for failure of the college of
	114	+	osteopathic medicine to complete accreditation, then the university of
	115	+	northern Colorado shall provide a report of this to the joint budget
	116	+	committee of the general assembly, to the state treasurer, and to the office
	117	+	of state planning and budgeting. For the period that the escrow money is
	118	+	held in escrow, the amount of unrestricted general fund year-end balances
	119	+	that must be retained as a reserve is reduced by $41,250,000.
	120	+	Be it enacted by the General Assembly of the State of Colorado:1
	121	+	SECTION 1. Legislative declaration. (1) The general assembly2
	122	+	finds and declares that:3
	123	+	(a) The state is facing a physician shortage, and a rapidly growing4
	124	+	population and an aging physician workforce have created a current and5
	125	+	1231-3- future demonstrated need for more physicians to serve Colorado1
	126	+	communities;2
	127	+	(b) The physician shortage is felt most acutely in rural and other3
	128	+	underserved communities;4
	129	+	(c) With an increasing disparity between the demand for and5
	130	+	supply of physicians, there is an urgent need for medical education6
	131	+	programs to begin work now to train providers;7
	132	+	(d) This is particularly critical because physician training can take8
	133	+	up to a decade, meaning a physician shortage in 2034 is a problem that9
	134	+	needs to be addressed today;10
	135	+	(e) To address this critical issue, the University of Northern11
	136	+	Colorado is establishing an osteopathic medical college and plans to12
	137	+	enroll 150 graduate-level medical students in a four-year medical degree13
	138	+	program every year;14
	139	+	(f) The osteopathic medical profession has a long tradition of15
	140	+	providing care where patients lack doctors; and16
	141	+	(g) Opening the College of Osteopathic Medicine requires capital17
	142	+	investment for construction of a building and a temporary cash reserve as18
	143	+	required by the University of Northern Colorado's accrediting body.19
	144	+	(2) The general assembly further finds and declares that:20
	145	+	(a) A statement for the Committee on Health, Education, Labor21
	146	+	and Pensions of the United States Senate made by the American Hospital22
	147	+	Association on February 16, 2023, stated that there is "a historic23
	148	+	workforce crisis complete with real-time short-term staffing shortages and24
	149	+	a daunting long-range picture of an unfulfilled talent pipeline in25
	150	+	healthcare". This is especially true in Colorado, where workforce26
	151	+	shortages are at an all-time high and the state is projected to need an27
	152	+	1231
	153	+	-4- estimated 10,000 more nurses by 2026.1
	154	+	(b) Metropolitan State University of Denver is prepared to meet2
	155	+	this urgent demand by growing its allied health programs by 25%,3
	156	+	enrolling nearly 7,000 students by 2030 who will go on to deliver care in4
	157	+	critical areas, such as mental and behavioral health, nursing, social work,5
	158	+	and speech, language, and hearing sciences;6
	159	+	(c) As such, Metropolitan State University of Denver has7
	160	+	identified an opportunity to address the urgent labor market needs by8
	161	+	creating interdisciplinary learning spaces for aspiring health-care9
	162	+	professionals, allowing for growth of the university's programs that serve10
	163	+	this sector;11
	164	+	(d) To accomplish this, Metropolitan State University of Denver's12
	165	+	Health Institute will begin construction of a new facility, the Health13
	166	+	Institute Tower, that will grow the health-care workforce through14
	167	+	innovation, increased instructional and training capacity, and expansion15
	168	+	of programs in high-need health-care-related areas;16
	169	+	(e) In addition, the Health Institute Tower will advance and retain17
	170	+	Colorado's health-care workers through interdisciplinary training,18
	171	+	education, and industry partnerships, all while delivering health and19
	172	+	wellness services to surrounding communities; and20
	173	+	(f) The Health Institute Tower will enable average enrollment21
	174	+	growth of 25% across all 10 healthcare-focused academic departments at22
	175	+	the university, which disciplines are all experiencing greater demand and23
	176	+	will be positioned to grow enrollment due to additional square footage for24
	177	+	instruction and training and greater efficiencies provided by the Health25
	178	+	Institute Tower.26
	179	+	(3) The general assembly further finds and declares that:27
	180	+	1231
	181	+	-5- (a) Colorado State University has led innovations in veterinary1
	182	+	education, animal care, biomedical discovery, and public health and now2
	183	+	must adapt its delivery of education and modernize its facilities through3
	184	+	a new veterinary health education complex;4
	185	+	(b) The veterinary health education complex will be a5
	186	+	one-of-a-kind complex with educational, clinical, and research capacity6
	187	+	serving society's evolving relationship with animals as companions,7
	188	+	livestock, and wildlife;8
	189	+	(c) Colorado State University's current veterinary education9
	190	+	facilities are outdated and not large enough to meet the increasing needs10
	191	+	of students and the state;11
	192	+	(d) The veterinary health education complex will address the12
	193	+	shortage of veterinarians and those who can care for animals with new13
	194	+	facilities for integrated education, clinical practice, and applicable14
	195	+	research in one location; will provide upgraded technology and facilities15
	196	+	to educate, retain, and graduate veterinarians; and will allow for best16
	197	+	practices in health education to be realized by employing experiential17
	198	+	learning strategies with state-of-the-art laboratories, simulation skill labs,18
	199	+	active learning classrooms, and clinical experiences; and19
	200	+	(e) The project will allow Colorado State University to increase20
	201	+	veterinary student enrollment by potentially 20%, with the incoming21
	202	+	first-year class helping to alleviate the severe workforce shortage in the22
	203	+	field of veterinary medicine.23
	204	+	(4) The general assembly further finds and declares that:24
	205	+	(a) Trinidad state college's valley campus has origins back to25
	206	+	1936, serves approximately 500 career and technical students annually,26
	207	+	and had its last major renovation to a portion of the campus' main27
	208	+	1231
	209	+	-6- building over 23 years ago;1
	210	+	(b) The provision of allied health certificate and degree programs2
	211	+	is critical to serving the health-care needs of Alamosa, Colorado, and its3
	212	+	surrounding communities, which face shortages in critical health-care4
	213	+	personnel;5
	214	+	(c) The renovation of the campus' main building will add a6
	215	+	two-story addition to the building that will allow for critical allied health7
	216	+	programs including those for nursing, emergency medical technicians,8
	217	+	dental assisting, and medical assisting to move into the main building9
	218	+	from the program's current condition-challenged space and significantly10
	219	+	support student success initiatives and regional workforce needs;11
	220	+	(d) The campus services over 130 allied health students annually,12
	221	+	and the renovation project will expand capacity of the allied health13
	222	+	programs offered at the campus by as much as 50% in nursing, nursing14
	223	+	aide, emergency medical technician, medical assisting, and dental15
	224	+	assisting programs; and16
	225	+	(e) The renovation project will also address much needed deferred17
	226	+	maintenance issues of the campus' main building, will create an assembly18
	227	+	space to serve both the college and community, and will allow critical19
	228	+	student services, including services that assist students from20
	229	+	disadvantaged backgrounds, to move to a more student-accessible21
	230	+	location in the building, thereby providing better access to these services22
	231	+	for allied health program students and the student body as a whole.23
	232	+	(5) The general assembly further finds and declares that financing24
	233	+	the capital construction needs of the University of Northern Colorado's25
	234	+	College of Osteopathic Medicine, the Metropolitan State University of26
	235	+	Denver's Health Institute Tower, Colorado State University's veterinary27
	236	+	1231
	237	+	-7- health and education complex, and Trinidad State College's valley1
	238	+	campus main building renovation will, in part, come from the state2
	239	+	through execution of one or more financed purchase of an asset or3
	240	+	certificate of participation agreements, which, while each project is4
	241	+	separate, may be executed in connection with each other.5
	242	+	SECTION 2. In Colorado Revised Statutes, add 24-36-124 as6
	243	+	follows:7
	244	+	24-36-124. Financed purchase of an asset or certificate of8
	245	+	participation agreements - fund capital costs related projects at four9
165	246		institutions of higher education - definitions. (1) A
166		-	S USED IN THIS
167		-	SECTION
168		-	, UNLESS THE CONTEXT OTHERWISE REQUIRES :
	247	+	S USED IN THIS10
	248	+	SECTION, UNLESS THE CONTEXT OTHERWISE REQUIRES :11
169	249		(a) "A
170		-	GREEMENT" MEANS ONE OR MORE FINANCED PURCHASE OF AN
171		-	PAGE 5-HOUSE BILL 24-1231 ASSET OR CERTIFICATE OF PARTICIPATION AGREEMENTS EXECUTED AS
172		-	REQUIRED BY SUBSECTION
173		-	(2)(a) OF THIS SECTION.
	250	+	GREEMENT" MEANS ONE OR MORE FINANCED PURCHASE OF12
	251	+	AN ASSET OR CERTIFICATE OF PARTICIPATION AGREEMENTS EXECUTED AS13
	252	+	REQUIRED BY SUBSECTION (2)(a) OF THIS SECTION.14
174	253		(b) "A
175		-	PPLICABLE BOARD" MEANS EITHER:
	254	+	PPLICABLE BOARD" MEANS EITHER:15
176	255		(I) T
177		-	HE BOARD OF TRUSTEES FOR THE UNIVERSITY OF NORTHERN
178		-	COLORADO ESTABLISHED PURSUANT TO SECTION 23-40-104 (1)(a);
	256	+	HE BOARD OF TRUSTEES FOR THE UNIVERSITY OF NORTHERN16
	257	+	C
	258	+	OLORADO ESTABLISHED PURSUANT TO SECTION 23-40-104 (1)(a);17
179	259		(II) T
180		-	HE BOARD OF TRUSTEES FOR METROPOLITAN STATE
181		-	UNIVERSITY OF
182		-	DENVER ESTABLISHED PURSUANT TO SECTION 23-54-102
	260	+	HE BOARD OF TRUSTEES FOR METROPOLITAN STATE18
	261	+	UNIVERSITY OF DENVER ESTABLISHED PURSUANT TO SECTION 23-54-10219
	262	+	(1)(a);20
	263	+	(III) T
	264	+	HE BOARD OF GOVERNORS OF THE COLORADO STATE21
	265	+	UNIVERSITY SYSTEM ESTABLISHED PURSUANT TO SECTION 23-30-10122
183	266		(1)(a);
184		-	(III) T
185		-	HE BOARD OF GOVERNORS OF THE COLORADO STATE
186		-	UNIVERSITY SYSTEM ESTABLISHED PURSUANT TO SECTION
187		-	23-30-101 (1)(a);
188		-	OR
189		-	(IV) THE STATE BOARD FOR COMMUNITY COLLEGES AND
190		-	OCCUPATIONAL EDUCATION CREATED IN SECTION
191		-	23-60-104 (1)(b).
	267	+	OR23
	268	+	(IV) T
	269	+	HE STATE BOARD FOR COMMUNITY COLLEGES AND24
	270	+	OCCUPATIONAL EDUCATION CREATED IN SECTION 23-60-104 (1)(b).25
192	271		(2) (a) N
193		-	OTWITHSTANDING THE PROVISIONS OF SECTIONS 24-82-102
194		-	(1)(b)
195		-	AND 24-82-801, AND PURSUANT TO SECTION 24-36-121, NO LATER
196		-	THAN
197		-	DECEMBER 31, 2024, THE STATE, ACTING BY AND THROUGH THE STATE
198		-	TREASURER
199		-	, SHALL EXECUTE AN AGREEMENT FOR THE PURPOSES DESCRIBED
200		-	IN SUBSECTION
201		-	(4) OF THIS SECTION, THE TOTAL AMOUNT OF THE PRINCIPAL
202		-	OF WHICH AGREEMENT SHALL NOT EXCEED TWO HUNDRED FORTY
203		-	-SIX
204		-	MILLION NINE HUNDRED THIRTY
205		-	-SIX THOUSAND NINETY-TWO DOLLARS, PLUS
206		-	REASONABLE AND NECESSARY ADMINISTRATIVE
207		-	, MONITORING, AND CLOSING
208		-	COSTS AND INTEREST
209		-	, INCLUDING CAPITALIZED INTEREST.
	272	+	OTWITHSTANDING THE PROVISIONS OF SECTIONS26
	273	+	24-82-102 (1)(b)
	274	+	AND 24-82-801, AND PURSUANT TO SECTION 24-36-121,27
	275	+	1231
	276	+	-8- NO LATER THAN DECEMBER 31, 2024, THE STATE, ACTING BY AND1
	277	+	THROUGH THE STATE TREASURER , SHALL EXECUTE AN AGREEMENT FOR2
	278	+	THE PURPOSES DESCRIBED IN SUBSECTION (4) OF THIS SECTION, THE TOTAL3
	279	+	AMOUNT OF THE PRINCIPAL OF WHICH AGREEMENT SHALL NOT EXCEED4
	280	+	TWO HUNDRED FORTY-SIX MILLION NINE HUNDRED THIRTY-SIX THOUSAND5
	281	+	NINETY-TWO DOLLARS , PLUS REASONABLE AND NECESSARY6
	282	+	ADMINISTRATIVE, MONITORING, AND CLOSING COSTS AND INTEREST ,7
	283	+	INCLUDING CAPITALIZED INTEREST.8
210	284		(b) T
211		-	HE ANTICIPATED ANNUAL STATE -FUNDED PAYMENTS FOR THE
212		-	PRINCIPAL AND INTEREST COMPONENTS OF THE AM OUNT PAYABLE UNDER AN
213		-	AGREEMENT ENTERED INTO PURSUANT TO SUBSECTION
214		-	(2)(a) OF THIS
215		-	SECTION SHALL NOT EXCEED SEVENTEEN MILLION FIVE HUNDRED THOUSAND
216		-	DOLLARS
217		-	, WITH PRINCIPAL AMORTIZATION NOT OCCURRING BEFORE JULY 1,
218		-	2027.
	285	+	HE ANTICIPATED ANNUAL STATE-FUNDED PAYMENTS FOR THE9
	286	+	PRINCIPAL AND INTEREST COMPONENTS OF THE AMOUNT PAYABLE UNDER10
	287	+	AN AGREEMENT ENTERED INTO PURSUANT TO SUBSECTION (2)(a) OF THIS11
	288	+	SECTION SHALL NOT EXCEED SEVENTEEN MILLION FIVE HUNDRED12
	289	+	THOUSAND DOLLARS, WITH PRINCIPAL AMORTIZATION NOT OCCURRING13
	290	+	BEFORE JULY 1, 2027.14
219	291		(c) T
220		-	HE STATE, ACTING BY AND THROUGH THE STATE TREASURER , AT
221		-	THE STATE TREASURER
222		-	'S SOLE DISCRETION, MAY ENTER INTO AN AGREEMENT
223		-	AUTHORIZED BY SUBSECTION
224		-	(2)(a) OF THIS SECTION WITH ANY FOR-PROFIT
225		-	OR NONPROFIT CORPORATION
226		-	, TRUST, OR COMMERCIAL BANK ACTING AS A
227		-	PAGE 6-HOUSE BILL 24-1231 TRUSTEE AS THE LESSOR.
	292	+	HE STATE, ACTING BY AND THROUGH THE STATE TREASURER ,15
	293	+	AT THE STATE TREASURER 'S SOLE DISCRETION, MAY ENTER INTO AN16
	294	+	AGREEMENT AUTHORIZED BY SUBSECTION (2)(a) OF THIS SECTION WITH17
	295	+	ANY FOR-PROFIT OR NONPROFIT CORPORATION , TRUST, OR COMMERCIAL18
	296	+	BANK ACTING AS A TRUSTEE AS THE LESSOR .19
228	297		(d) T
229		-	HE AGREEMENT MUST PROVIDE THAT ALL OF THE OBLIGATIONS
230		-	OF THE STATE UNDER THE AGREEMENT ARE SUBJECT TO THE ACTION OF THE
231		-	GENERAL ASSEMBLY IN ANNUALLY MAKING MONEY AVAILABLE FOR ALL
232		-	PAYMENTS THEREUNDER
233		-	. PAYMENTS UNDER THE AGREEMENT MUST BE
234		-	MADE SUBJECT TO ANNUAL APPROPRIATION BY THE GENERAL ASSEMBLY
235		-	, AS
236		-	APPLICABLE
237		-	, FROM THE GENERAL FUND OR FROM ANY OTHER LEGALLY
238		-	AVAILABLE SOURCE OF MONEY
239		-	.
	298	+	HE AGREEMENT MUST PROVIDE THAT ALL OF THE20
	299	+	OBLIGATIONS OF THE STATE UNDER THE AGREEMENT ARE SUBJECT TO THE21
	300	+	ACTION OF THE GENERAL ASSEMBLY IN ANNUALLY MAKING MONEY22
	301	+	AVAILABLE FOR ALL PAYMENTS THEREUNDER . PAYMENTS UNDER THE23
	302	+	AGREEMENT MUST BE MADE SUBJECT TO ANNUAL APPROPRIATION BY THE24
	303	+	GENERAL ASSEMBLY, AS APPLICABLE, FROM THE GENERAL FUND OR FROM25
	304	+	ANY OTHER LEGALLY AVAILABLE SOURCE OF MONEY .26
240	305		(e) T
241		-	HE AGREEMENT MUST ALSO PROVIDE THAT THE OBLIGATIONS OF
242		-	THE STATE DO NOT CREATE STATE DEBT WITHIN THE MEANING OF ANY
243		-	PROVISION OF THE STATE CONSTITUTION OR STATE LAW CONCERNING OR
244		-	LIMITING THE CREATION OF STATE DEBT AND ARE NOT A MULTIPLE
245		-	FISCAL
246		-	-YEAR DIRECT OR INDIRECT DEBT OR OTHER FINANCIAL OBLIGATION
247		-	OF THE STATE WITHIN THE MEANING OF SECTION
248		-	20 (4) OF ARTICLE X OF THE
249		-	STATE CONSTITUTION
250		-	. IF THE STATE DOES NOT RENEW THE AGREEMENT , THE
251		-	SOLE SECURITY AVAILABLE TO THE LESSOR IS THE PROPERTY THAT IS THE
252		-	SUBJECT OF THE NONRENEWED AGREEMENT
253		-	.
	306	+	HE AGREEMENT MUST ALSO PROVIDE THAT THE OBLIGATIONS27
	307	+	1231
	308	+	-9- OF THE STATE DO NOT CREATE STATE DEBT WITHIN THE MEANING OF ANY1
	309	+	PROVISION OF THE STATE CONSTITUTION OR STATE LAW CONCERNING OR2
	310	+	LIMITING THE CREATION OF STATE DEBT AND ARE NOT A MULTIPLE3
	311	+	FISCAL-YEAR DIRECT OR INDIRECT DEBT OR OTHER FINANCIAL OBLIGATION4
	312	+	OF THE STATE WITHIN THE MEANING OF SECTION 20 (4) OF ARTICLE X OF5
	313	+	THE STATE CONSTITUTION . IF THE STATE DOES NOT RENEW THE6
	314	+	AGREEMENT, THE SOLE SECURITY AVAILABLE TO THE LESSOR IS THE7
	315	+	PROPERTY THAT IS THE SUBJECT OF THE NONRENEWED AGREEMENT .8
254	316		(f) (I) T
255		-	HE AGREEMENT MAY CONTAIN SUCH TERMS , PROVISIONS,
256		-	AND CONDITIONS AS THE STATE TREASURER , ACTING ON BEHALF OF THE
257		-	STATE
258		-	, DEEMS APPROPRIATE, INCLUDING ALL OPTIONAL TERMS ; EXCEPT
259		-	THAT THE AGREEMENT MUST SPECIFICALLY AUTHORIZE THE STATE OR THE
260		-	APPLICABLE BOARD TO RECEIVE FEE TITLE TO ALL REAL AND PERSONAL
261		-	PROPERTY THAT IS THE SUBJECT OF THE AGREEMENT ON OR BEFORE THE
262		-	EXPIRATION OF THE TERMS OF THE AGREEMENT
263		-	.
	317	+	HE AGREEMENT MAY CONTAIN SUCH TERMS , PROVISIONS,9
	318	+	AND CONDITIONS AS THE STATE TREASURER , ACTING ON BEHALF OF THE10
	319	+	STATE, DEEMS APPROPRIATE, INCLUDING ALL OPTIONAL TERMS; EXCEPT11
	320	+	THAT THE AGREEMENT MUST SPECIFICALLY AUTHORIZE THE STATE OR THE12
	321	+	APPLICABLE BOARD TO RECEIVE FEE TITLE TO ALL REAL AND PERSONAL13
	322	+	PROPERTY THAT IS THE SUBJECT OF THE AGREEMENT ON OR BEFORE THE14
	323	+	EXPIRATION OF THE TERMS OF THE AGREEMENT .15
264	324		(II) T
265		-	HE STATE TREASURER, ACTING ON BEHALF OF THE STATE, HAS
266		-	THE AUTHORITY TO DETERMINE WHAT COLLATERAL TO USE FOR THE
267		-	AGREEMENT AS THE STATE TREASURER DEEMS APPROPRIATE
268		-	.
	325	+	HE STATE TREASURER, ACTING ON BEHALF OF THE STATE, HAS16
	326	+	THE AUTHORITY TO DETERMINE WHAT COLLATERAL TO USE FOR THE17
	327	+	AGREEMENT AS THE STATE TREASURER DEEMS APPROPRIATE .18
269	328		(g) T
270		-	HE AGREEMENT MAY PROVIDE FOR THE ISSUANCE ,
271		-	DISTRIBUTION, AND SALE OF INSTRUMENTS EVIDENCING RIGHTS TO RECEIVE
272		-	RENTALS AND OTHER PAYMENTS MADE AND TO BE MADE UNDER THE
273		-	AGREEMENT
274		-	. THE INSTRUMENTS MAY BE ISSUED , DISTRIBUTED, OR SOLD
275		-	ONLY BY THE LESSOR OR ANY PERSON DESIGNATED BY THE LESSOR AND NOT
276		-	BY THE STATE
277		-	. THE INSTRUMENTS DO NOT CREATE A RELATIONSHIP
278		-	BETWEEN THE PURCHASERS OF THE INSTRUMENTS AND THE STATE OR
279		-	CREATE ANY OBLIGATION ON THE PART OF THE STATE TO THE PURCHASERS
280		-	.
281		-	PAGE 7-HOUSE BILL 24-1231 THE INSTRUMENTS ARE NOT A NOTE , BOND, OR ANY OTHER EVIDENCE OF
282		-	STATE DEBT WITHIN THE MEANING OF ANY PROVISION OF THE STATE
283		-	CONSTITUTION OR STATE LAW CONCERNING OR LIMITING THE CREATION OF
284		-	STATE DEBT AND ARE NOT A MULTIPLE FISCAL
285		-	-YEAR DIRECT OR INDIRECT
286		-	DEBT OR OTHER FINANCIAL OBLIGATION OF THE STATE WITHIN THE MEANING
287		-	OF SECTION
288		-	20 (4) OF ARTICLE X OF THE STATE CONSTITUTION.
	329	+	HE AGREEMENT MAY PROVIDE FOR THE ISSUANCE ,19
	330	+	DISTRIBUTION, AND SALE OF INSTRUMENTS EVIDENCING RIGHTS TO20
	331	+	RECEIVE RENTALS AND OTHER PAYMENTS MADE AND TO BE MADE UNDER21
	332	+	THE AGREEMENT. THE INSTRUMENTS MAY BE ISSUED , DISTRIBUTED, OR22
	333	+	SOLD ONLY BY THE LESSOR OR ANY PERSON DESIGNATED BY THE LESSOR23
	334	+	AND NOT BY THE STATE . THE INSTRUMENTS DO NOT CREATE A24
	335	+	RELATIONSHIP BETWEEN THE PURCHASERS OF THE INSTRUMENTS AND THE25
	336	+	STATE OR CREATE ANY OBLIGATION ON THE PART OF THE STATE TO THE26
	337	+	PURCHASERS. THE INSTRUMENTS ARE NOT A NOTE, BOND, OR ANY OTHER27
	338	+	1231
	339	+	-10- EVIDENCE OF STATE DEBT WITHIN THE MEANING OF ANY PROVISION OF THE1
	340	+	STATE CONSTITUTION OR STATE LAW CONCERNING OR LIMITING THE2
	341	+	CREATION OF STATE DEBT AND ARE NOT A MULTIPLE FISCAL -YEAR DIRECT3
	342	+	OR INDIRECT DEBT OR OTHER FINANCIAL OBLIGATION OF THE STATE4
	343	+	WITHIN THE MEANING OF SECTION 20 (4) OF ARTICLE X OF THE STATE5
	344	+	CONSTITUTION.6
289	345		(h) I
290		-	NTEREST PAID UNDER AN AGREEMENT AUTHORIZED PURSUANT
291		-	TO SUBSECTION
292		-	(2)(a) OF THIS SECTION, INCLUDING INTEREST REPRESENTED
293		-	BY THE INSTRUMENTS
294		-	, IS EXEMPT FROM COLORADO INCOME TAX.
	346	+	NTEREST PAID UNDER AN AGREEMENT AUTHORIZED PURS UANT7
	347	+	TO SUBSECTION (2)(a) OF THIS SECTION, INCLUDING INTEREST8
	348	+	REPRESENTED BY THE INSTRUMENTS , IS EXEMPT FROM COLORADO INCOME9
	349	+	TAX.10
295	350		(i) T
296		-	HE STATE, ACTING BY AND THE THROUGH THE STATE TREASURER
297		-	AND THE APPLICABLE BOARD
298		-	, IS AUTHORIZED TO ENTER INTO ANCILLARY
299		-	AGREEMENTS AND INSTRUMENTS THAT ARE NECESSARY OR APPROPRIATE IN
300		-	CONNECTION WITH AN AGREEMENT
301		-	, INCLUDING BUT NOT LIMITED TO DEEDS,
302		-	GROUND LEASES, SUB-LEASES, EASEMENTS, OR OTHER INSTRUMENTS
303		-	RELATED TO THE REAL PROPERTY ON WHICH THE FACILITIES ARE LOCATED
304		-	.
	351	+	HE STATE, ACTING BY AND THE THROUGH THE STATE11
	352	+	TREASURER AND THE APPLICABLE BOARD , IS AUTHORIZED TO ENTER INTO12
	353	+	ANCILLARY AGREEMENTS AND INSTRUMENTS THAT ARE NECESSARY OR13
	354	+	APPROPRIATE IN CONNECTION WITH AN AGREEMENT , INCLUDING BUT NOT14
	355	+	LIMITED TO DEEDS, GROUND LEASES, SUB-LEASES, EASEMENTS, OR OTHER15
	356	+	INSTRUMENTS RELATED TO THE REAL PROPERTY ON WHICH THE FACILITIES16
	357	+	ARE LOCATED.17
305	358		(j) T
306		-	HE PROVISIONS OF SECTION 24-30-202 (5)(b) DO NOT APPLY TO
307		-	AN AGREEMENT OR TO ANY ANCILLARY AGREEMENT OR INSTRUMENT
308		-	ENTERED INTO PURSUANT TO THIS SUBSECTION
309		-	(2). THE STATE CONTROLLER
310		-	OR THEIR DESIGNEE SHALL WAIVE ANY PROVISION OF THE FISCAL RULES
311		-	PROMULGATED PURSUANT TO SECTIONS
312		-	24-30-202 (1) AND (13) THAT THE
313		-	STATE CONTROLLER FINDS INCOMPATIBLE OR INAPPLICABLE WITH RESPECT
314		-	TO AN AGREEMENT OR AN ANCILLARY AGREEMENT OR INSTRUMENT
315		-	.
	359	+	HE PROVISIONS OF SECTION 24-30-202 (5)(b) DO NOT APPLY18
	360	+	TO AN AGREEMENT OR TO ANY ANCILLARY AGREEMENT OR INSTRUMENT19
	361	+	ENTERED INTO PURSUANT TO THIS SUBSECTION (2). THE STATE20
	362	+	CONTROLLER OR THEIR DESIGNEE SHALL WAIVE ANY PROVISION OF THE21
	363	+	FISCAL RULES PROMULGATED PURSUANT TO SECTIONS 24-30-202 (1) AND22
	364	+	(13)
	365	+	THAT THE STATE CONTROLLER FINDS INCOMPATIBLE OR INAPPLICABLE23
	366	+	WITH RESPECT TO AN AGREEMENT OR AN ANCILLARY AGREEMENT OR24
	367	+	INSTRUMENT.25
316	368		(3) (a) B
317		-	EFORE EXECUTING THE AGREEMENT , IN ORDER TO PROTECT
318		-	AGAINST FUTURE INTEREST RATE INCREASES
319		-	, THE STATE, ACTING BY AND
320		-	THROUGH THE STATE TREASURER AND AT THE DISCRETION OF THE STATE
321		-	TREASURER
322		-	, MAY ENTER INTO AN INTEREST RATE EXCHANGE AGREEMENT
323		-	PURSUANT TO ARTICLE
324		-	59.3 OF TITLE 11. SUCH INTEREST RATE EXCHANGE
325		-	AGREEMENT IS A PROPOSED PUBLIC SECU RITY FOR THE PURPOSES OF ARTICLE
326		-	59.3 OF TITLE 11. ANY PAYMENTS MADE BY THE STATE UNDER AN INTEREST
327		-	RATE EXCHANGE AGREEMENT ENTERED INTO PURSUANT TO THIS SUBSECTION
328		-	(3) MUST BE MADE SOLELY FROM MONEY AVAILABLE TO THE STATE
329		-	TREASURER FROM THE EXECUTION OF THE AGREEMENT ENTERED INTO
330		-	PURSUANT TO SUBSECTION
331		-	(2) OF THIS SECTION OR FROM MONEY DESCRIBED
332		-	IN SUBSECTION
333		-	(2)(d) OF THIS SECTION.
	369	+	EFORE EXECUTING THE AGREEMENT , IN ORDER TO26
	370	+	PROTECT AGAINST FUTURE INTEREST RATE INCREASES , THE STATE, ACTING27
	371	+	1231
	372	+	-11- BY AND THROUGH THE STATE TREASURER AND AT THE DISCRETION OF THE1
	373	+	STATE TREASURER, MAY ENTER INTO AN INTEREST RATE EXCHANGE2
	374	+	AGREEMENT PURSUANT TO ARTICLE 59.3 OF TITLE 11. SUCH INTEREST3
	375	+	RATE EXCHANGE AGREEMENT IS A PROPOSED PUBLIC SECURITY FOR THE4
	376	+	PURPOSES OF ARTICLE 59.3 OF TITLE 11. ANY PAYMENTS MADE BY THE5
	377	+	STATE UNDER AN INTEREST RATE EXCHANGE AGREEMENT ENTERED INTO6
	378	+	PURSUANT TO THIS SUBSECTION (3) MUST BE MADE SOLELY FROM MONEY7
	379	+	AVAILABLE TO THE STATE TREASURER FROM THE EXECUTION OF THE8
	380	+	AGREEMENT ENTERED INTO PURSUANT TO SUBSECTION (2) OF THIS9
	381	+	SECTION OR FROM MONEY DESCRIBED IN SUBSECTION (2)(d) OF THIS10
	382	+	SECTION.11
334	383		(b) A
335		-	N INTEREST RATE EXCHANGE AGREEMENT ENTERED INTO
336		-	PAGE 8-HOUSE BILL 24-1231 PURSUANT TO THIS SUBSECTION (3) MUST ALSO PROVIDE THAT THE
337		-	OBLIGATIONS OF THE STATE DO NOT CREATE STATE DEBT WITHIN THE
338		-	MEANING OF ANY PROVISION OF THE STATE CONSTITUTION OR STATE LAW
339		-	CONCERNING OR LIMITING THE CREATION OF STATE DEBT OR ANY MULTIPLE
340		-	FISCAL
341		-	-YEAR DIRECT OR INDIRECT DEBT OR OTHER FINANCIAL OBLIGATION
342		-	OF THE STATE WITHIN THE MEANING OF SECTION
343		-	20 (4) OF ARTICLE X OF THE
344		-	STATE CONSTITUTION
345		-	.
	384	+	N INTEREST RATE EXCHANGE AGREEMENT ENTERED INTO12
	385	+	PURSUANT TO THIS SUBSECTION (3) MUST ALSO PROVIDE THAT THE13
	386	+	OBLIGATIONS OF THE STATE DO NOT CREATE STATE DEBT WITHIN THE14
	387	+	MEANING OF ANY PROVISION OF THE STATE CONSTITUTION OR STATE LAW15
	388	+	CONCERNING OR LIMITING THE CREATION OF STATE DEBT OR ANY16
	389	+	MULTIPLE FISCAL-YEAR DIRECT OR INDIRECT DEBT OR OTHER FINANCIAL17
	390	+	OBLIGATION OF THE STATE WITHIN THE MEANING OF SECTION 20 (4) OF18
	391	+	ARTICLE X OF THE STATE CONSTITUTION.19
346	392		(c) A
347		-	NY MONEY RECEIVED BY THE STATE UNDER AN INTEREST RATE
348		-	EXCHANGE AGREEMENT ENTERED INTO PURSUANT TO THIS SUBSECTION
349		-	(3)
350		-	MUST BE USED TO MAKE PAYMENTS ON AN AGREEMENT ENTERED INTO
351		-	PURSUANT TO SUBSECTION
352		-	(2) OF THIS SECTION OR TO PAY THE COSTS
353		-	RELATED TO THE PURPOSES SET FORTH IN SUBSECTION
354		-	(4) OF THIS SECTION
355		-	FOR WHICH AN AGREEMENT WAS EXECUTED
356		-	.
	393	+	NY MONEY RECEIVED BY THE STATE UNDER AN INTEREST20
	394	+	RATE EXCHANGE AGREEMENT ENTERED INTO PURSUANT TO THIS21
	395	+	SUBSECTION (3) MUST BE USED TO MAKE PAYMENTS ON AN AGREEMENT22
	396	+	ENTERED INTO PURSUANT TO SUBSECTION (2) OF THIS SECTION OR TO PAY23
	397	+	THE COSTS RELATED TO THE PURPOSES SET FORTH IN SUBSECTION (4) OF24
	398	+	THIS SECTION FOR WHICH AN AGREEMENT WAS EXECUTED .25
357	399		(4) T
358		-	HE PROCEEDS OF AN AGREEMENT ENTERED INTO ~~PURSUANT TO~~
359		-	SUBSECTION
360		-	~~(2)(a) OF THIS SECTION MUST BE USED TO FUND CAPITAL~~
361		-	CONSTRUCTION COSTS RELATED TO THE CONSTRUCTION OF ~~THE FOLLOWING~~
362		-	FACILITIES FOR THE FOLLOWING INSTITUTIONS OF ~~HIGHER EDUCATION~~
363		-	:
	400	+	HE PROCEEDS OF AN AGREEMENT ENTERED INTO PURSUANT26
	401	+	TO SUBSECTION (2)(a) OF THIS SECTION MUST BE USED TO FUND CAPITAL27
	402	+	1231
	403	+	-12- CONSTRUCTION COSTS RELATED TO THE CONSTRUCTION OF THE1
	404	+	FOLLOWING FACILITIES FOR THE FOLLOWING INSTITUTIONS OF HIGHER2
	405	+	EDUCATION:3
364	406		(a) U
365		-	NIVERSITY OF NORTHERN COLORADO'S COLLEGE OF
366		-	OSTEOPATHIC MEDICINE
367		-	;
	407	+	NIVERSITY OF NORTHERN COLORADO'S COLLEGE OF4
	408	+	OSTEOPATHIC MEDICINE;5
368	409		(b) M
369		-	ETROPOLITAN STATE UNIVERSITY OF DENVER'S HEALTH
370		-	INSTITUTE TOWER THAT WILL INCREASE HEALTH
371		-	-CARE-RELATED
372		-	INSTRUCTIONAL AND TRAINING CAPACITY AND EXPAND PROGRAMS IN
373		-	HIGH
374		-	-NEED AREAS RELATED TO HEALTH CARE ;
	410	+	ETROPOLITAN STATE UNIVERSITY OF DENVER'S HEALTH6
	411	+	INSTITUTE TOWER THAT WILL INCREASE HEALTH -CARE-RELATED7
	412	+	INSTRUCTIONAL AND TRAINING CAPACITY AND EXPAND PROGRAMS IN8
	413	+	HIGH-NEED AREAS RELATED TO HEALTH CARE ;9
375	414		(c) C
376		-	OLORADO STATE UNIVERSITY 'S VETERINARY HEALTH AND
377		-	EDUCATION COMPLEX
378		-	; AND
379		-	(d) TRINIDAD STATE COLLEGE'S VALLEY CAMPUS MAIN BUILDING
380		-	RENOVATION THAT WILL INCREASE CAPACITY TO PROVIDE ALLIED HEALTH
381		-	CERTIFICATE AND DEGREE PROGRAMS
382		-	, ADDRESS DEFERRED MAINTENANCE ,
383		-	CREATE AN ASSEMBLY SPACE TO SERVE THE COLLEGE AND COMMUNITY , AND
384		-	ALLOW CRITICAL STUDENT SERVICES TO MOVE TO A MORE
385		-	STUDENT
386		-	-ACCESSIBLE LOCATION WITHIN THE BUILDING .
387		-	SECTION 3. In Colorado Revised Statutes, 24-75-201.1, amend
388		-	(1)(d)(XXIII) as follows:
389		-	PAGE 9-HOUSE BILL 24-1231 24-75-201.1. Restriction on state appropriations - legislative
390		-	declaration - definitions. (1) (d) For each fiscal year, unrestricted general
391		-	fund year-end balances must be retained as a reserve in the following
392		-	amounts:
	415	+	OLORADO STATE UNIVERSITY 'S VETERINARY HEALTH AND10
	416	+	EDUCATION COMPLEX; AND11
	417	+	(d) T
	418	+	RINIDAD STATE COLLEGE'S VALLEY CAMPUS MAIN BUILDING12
	419	+	RENOVATION THAT WILL INCREASE CAPACITY TO PROVIDE ALLIED HEALTH13
	420	+	CERTIFICATE AND DEGREE PROGRAMS , ADDRESS DEFERRED MAINTENANCE ,14
	421	+	CREATE AN ASSEMBLY SPACE TO SERVE THE COLLEGE AND COMMUNITY ,15
	422	+	AND ALLOW CRITICAL STUDENT SERVICES TO MOVE TO A MORE16
	423	+	STUDENT-ACCESSIBLE LOCATION WITHIN THE BUILDING .17
	424	+	SECTION 3. In Colorado Revised Statutes, 24-75-201.1, amend18
	425	+	(1)(d)(XXIII) as follows:19
	426	+	24-75-201.1. Restriction on state appropriations - legislative20
	427	+	declaration - definitions. (1) (d) For each fiscal year, unrestricted21
	428	+	general fund year-end balances must be retained as a reserve in the22
	429	+	following amounts:23
393	430		(XXIII) (A) E
394		-	XCEPT AS OTHERWISE PROVIDED IN SUBSECTION
395		-	(1)(d)(XXIII)(B) OF THIS SECTION, for the fiscal year 2022-23, and each
396		-	fiscal year thereafter, fifteen percent of the amount appropriated for
397		-	expenditure from the general fund for that fiscal year.
	431	+	XCEPT AS OTHERWISE PROVIDED IN SUBSECTION24
	432	+	(1)(d)(XXIII)(B)
	433	+	OF THIS SECTION, for the fiscal year 2022-23, and each25
	434	+	fiscal year thereafter, fifteen percent of the amount appropriated for26
	435	+	expenditure from the general fund for that fiscal year.27
	436	+	1231
	437	+	-13- (B) FOR THE FISCAL YEAR 2023-24 AND EACH FISCAL YEAR1
	438	+	THEREAFTER UNTIL THE ESCROW MONEY IS RELEASED AS SET FORTH IN2
	439	+	SECTION 23-40-107, FIFTEEN PERCENT OF THE AMOUNT APPROPRIATED FOR3
	440	+	EXPENDITURE FROM THE GENERAL FUND FOR THAT FISCAL YEAR REDUCED4
	441	+	BY FORTY-ONE MILLION TWO HUNDRED FIFTY THOUSAND DOLLARS . AS5
	442	+	USED IN THIS SUBSECTION (1)(d)(XXIII)(B), "ESCROW MONEY" HAS THE6
	443	+	SAME MEANING AS SET FORTH IN SECTION 23-40-107 (1)(c).7
	444	+	SECTION 4. In Colorado Revised Statutes, add 23-40-107 as8
	445	+	follows:9
	446	+	23-40-107. Escrow requirement for accreditation of college of10
	447	+	osteopathic medicine - cash fund - offset to appropriation - legislative11
	448	+	declaration - report - definitions - repeal. (1) T
	449	+	HE GENERAL ASSEMBLY12
	450	+	FINDS AND DECLARES THAT:13
	451	+	(a) T
	452	+	HE ACCREDITATION BODY FOR THE COLLEGE OF OSTEOPATHIC14
	453	+	MEDICINE OF THE UNIVERSITY OF NORTHERN COLORADO REQUIRES THAT15
	454	+	THE UNIVERSITY DEPOSIT MONEY INTO AN ESCROW ACCOUNT TO BE HELD16
	455	+	AND RELEASED ONLY UPON EITHER THE :17
	456	+	(I) F
	457	+	AILURE OF THE COLLEGE TO COMPLETE ACCREDITATION ; OR18
	458	+	(II) G
	459	+	RADUATION OF THE FIRST COHORT FROM THE COLLEGE ;19
	460	+	(b) M
	461	+	ONEY FOR THE ESCROW IS FROM A TRANSFER OF GENERAL20
	462	+	FUND MONEY TO THE UNIVERSITY IN THE AMOUNT REQUIRED BY THE21
	463	+	ACCREDITATION BODY;22
	464	+	(c) I
	465	+	N CONNECTION WITH THE TRANSFER OF MONEY FROM THE23
	466	+	GENERAL FUND TO SATISFY THE ACCREDITATION BODY 'S ESCROW24
	467	+	REQUIREMENTS, THERE IS A TEMPORARY REDUCTION IN THE STATE'S CASH25
	468	+	RESERVE SET FORTH IN SECTION 24-75-201.1, WHICH IS A STRATEGIC26
	469	+	INVESTMENT OF A SMALL PORTION OF THE REQUIRED STATUTORY RESERVE27
	470	+	1231
	471	+	-14- IN THE GENERAL FUND TO REDUCE COSTS OF THE UNIVERSITY REQUIRED1
	472	+	FOR ACCREDITATION OF THE COLLEGE WHILE ENSURING THAT THE STATE2
	473	+	MAXIMIZES THE BENEFIT OF THE HISTORIC AND IMPORTANT LEVELS3
	474	+	MAINTAINED AS RESERVES IN THE GENERAL FUND ;4
	475	+	(d) D
	476	+	URING THE PERIOD THAT THE MONEY IS HELD IN ESCROW , THE5
	477	+	TRANSACTION OF GENERAL FUND MONEY IS A NON -EXCHANGE6
	478	+	TRANSACTION WITH A LONG-TERM TIME COMPONENT WHICH CONSTITUTES7
	479	+	DEFERRED OUTFLOW OF RESOURCES BY THE STATE AND DEFERRED INFLOW8
	480	+	OF RESOURCES BY THE UNIVERSITY , THE PRINCIPAL OF WHICH IS NOT9
	481	+	RECOGNIZED AS REVENUE OR EXPENSE UNTIL REC OGNITION OF THE MONEY10
	482	+	WHEN IT IS RELEASED FROM ESCROW ;11
	483	+	(e) I
	484	+	F THE MONEY, INCLUDING ANY EARNED INTEREST, IS RELEASED12
	485	+	FROM ESCROW UPON THE GRADUATION OF THE FIRST C OHORT FROM THE13
	486	+	COLLEGE, THE UNIVERSITY INTENDS TO RETAIN THE MONEY AND THE14
	487	+	GENERAL ASSEMBLY INTENDS TO REDUCE ALL OR A PORTION OF THE TOTAL15
	488	+	STATE APPROPRIATION TO THE UNIVERSITY FOR THE FISCAL YEAR IN WHICH16
	489	+	THE MONEY IS RELEASED FROM ESCROW , AND FOR SUBSEQUENT FISCAL17
	490	+	YEARS AS NEEDED, BY AN EQUIVALENT AMOUNT ; AND18
	491	+	(f) T
	492	+	HE RETENTION BY THE UNIVERSITY OF NORTHERN COLORADO19
	493	+	OF THE MONEY RELEASED FROM ESCROW IS NOT INTENDED TO AFFECT OR20
	494	+	IN ANY WAY MODIFY OR OTHERWISE IMPACT THE HIGHER EDUCATION21
	495	+	FUNDING ALLOCATION MODEL ESTABLISHED IN ARTICLE 18 OF THIS TITLE22
	496	+	23.23
	497	+	(2) A
	498	+	S USED IN THIS SECTION, UNLESS THE CONTEXT OTHERWISE24
	499	+	REQUIRES:25
	500	+	(a) "C
	501	+	OLLEGE" MEANS THE COLLEGE OF OSTEOPATHIC MEDICINE26
	502	+	OF THE UNIVERSITY.27
	503	+	1231
	504	+	-15- (b) "ESCROW ACCOUNT" MEANS THE ACCOUNT ESTABLISHED AND1
	505	+	GOVERNED BY AN ESCROW AGREEMENT THAT IS ENTERED INTO BETWEEN2
	506	+	AN ESCROW AGENT, THE ACCREDITING BODY FOR THE COLLEGE , AND THE3
	507	+	UNIVERSITY TO RECEIVE AND HOLD THE ESCROW MONEY .4
	508	+	(c) "E
	509	+	SCROW MONEY" MEANS THE MONEY THAT IS DEPOSITED AND5
	510	+	HELD IN THE ESCROW ACCOUNT AND RELEASED TO THE UNIVERSITY UPON6
	511	+	EITHER THE FAILURE OF THE COLLEGE TO COMPLETE ACCREDITATION OR7
	512	+	THE GRADUATION OF THE FIRST COHORT FROM THE COLLEGE , INCLUDING8
	513	+	ANY EARNED INTEREST OR INVESTMENT INCOME .9
	514	+	(d) "F
	515	+	UND" MEANS THE COLLEGE OF OSTEOPATHIC MEDICINE10
	516	+	ESCROW MONEY CASH FUND CREATED IN SUBSECTION (3)(a) OF THIS11
	517	+	SECTION.12
	518	+	(e) "U
	519	+	NIVERSITY" MEANS THE UNIVERSITY OF NORTHERN13
	520	+	C
	521	+	OLORADO.14
	522	+	(3) (a) T
	523	+	HE COLLEGE OF OSTEOPATHIC MEDICINE ESCROW MONEY15
	524	+	CASH FUND IS CREATED IN THE STATE TREASURY . THE FUND CONSISTS OF16
	525	+	MONEY TRANSFERRED TO THE FUND PURSUANT TO SUBSECTION (3)(b) OF17
	526	+	THIS SECTION.18
	527	+	(b) O
	528	+	N OR BEFORE JUNE 30, 2024, THE STATE TREASURER SHALL19
	529	+	TRANSFER FORTY-ONE MILLION TWO HUNDRED FIFTY THOUSAND DOLLARS20
	530	+	FROM THE GENERAL FUND TO THE FUND .21
	531	+	(c) M
	532	+	ONEY IN THE FUND IS CONTINUOUSLY APPROPRIATED TO THE22
	533	+	UNIVERSITY FOR THE PURPOSE OF THE UNIVERSITY DEPOSITING THE MONEY23
	534	+	INTO THE ESCROW ACCOUNT TO SATISFY NECESSARY COSTS IN24
	535	+	ACCORDANCE WITH THE ACCREDITING BODY OF THE COLLEGE 'S RULES AND25
	536	+	REGULATIONS FOR OPERATING RESERVE AND ESCROW RESERVE26
	537	+	REQUIREMENTS.27
	538	+	1231
	539	+	-16- (d) THIS SUBSECTION (3) IS REPEALED, EFFECTIVE DECEMBER 31,1
	540	+	2025.2
	541	+	(4) I
	542	+	F THE ESCROW MONEY IS RELEASED TO THE UNIVERSITY DUE3
	543	+	TO FAILURE OF THE COLLEGE TO COMPLETE ACCREDITATION , THE4
	544	+	UNIVERSITY SHALL PROVIDE A REPORT TO THE JOINT BUDGET COMMITTEE5
	545	+	OF THE GENERAL ASSEMBLY, THE STATE TREASURER, AND THE OFFICE OF6
	546	+	STATE PLANNING AND BUDGETING WITHIN TEN DAYS OF THE RELEASE OF7
	547	+	THE ESCROW MONEY THAT SETS FORTH THE CIRCUMSTANCES FOR THE8
	548	+	RELEASE OF THE ESCROW MONEY AND INFORMATION CONCERNING THE USE9
	549	+	OF THE ESCROW MONEY BY THE UNIVERSITY AS REQUIRED BY THE10
	550	+	ACCREDITATION BODY TO PAY OPERATING AND TEACH OUT COSTS OF11
	551	+	STUDENTS OF THE COLLEGE.12
	552	+	(5) (a) W
	553	+	ITHIN TEN DAYS OF RECEIPT OF NOTICE FROM THE13
	554	+	ACCREDITATION BODY THAT THE ESCROW MONEY WILL BE RELEASED TO14
	555	+	THE UNIVERSITY IN ACCORDANCE WITH THE REQUIREMENTS AND15
	556	+	CONDITIONS OF ACCREDITATION BEI NG MET FOR THE GRADUATION OF THE16
	557	+	FIRST COHORT OF THE COLLEGE, THE UNIVERSITY SHALL PROVIDE NOTICE17
	558	+	OF THE SAME TO THE JOINT BUDGET COMMITTEE OF THE GENERAL18
	559	+	ASSEMBLY, THE STATE TREASURER, AND THE OFFICE OF STATE PLANNING19
	560	+	AND BUDGETING.20
398	561		(b) F
399		-	OR THE FISCAL YEAR 2023-24 AND EACH FISCAL YEAR
400		-	THEREAFTER UNTIL THE ESCROW MONEY IS RELEASED AS SET FORTH IN
401		-	SECTION
402		-	23-40-107, FIFTEEN PERCENT OF THE AMOUNT APPROPRIATED FOR
403		-	EXPENDITURE FROM THE GENERAL FUND FOR THAT FISCAL YEAR REDUCED
404		-	BY FORTY
405		-	-ONE MILLION TWO HUNDRED FIFTY THOUSAND DOLLARS . AS USED
406		-	IN THIS SUBSECTION
407		-	(1)(d)(XXIII)(B), "ESCROW MONEY" HAS THE SAME
408		-	MEANING AS SET FORTH IN SECTION
409		-	23-40-107 (1)(c).
410		-	SECTION 4. In Colorado Revised Statutes, add 23-40-107 as
411		-	follows:
412		-	23-40-107. Escrow requirement for accreditation of college of
413		-	osteopathic medicine - cash fund - offset to appropriation - legislative
414		-	declaration - report - definitions - repeal. (1) T
415		-	HE GENERAL ASSEMBLY
416		-	FINDS AND DECLARES THAT
417		-	:
418		-	(a) T
419		-	HE ACCREDITATION BODY FOR THE COLLEGE OF OSTEOPATHIC
420		-	MEDICINE OF THE UNIVERSITY OF NORTHERN
421		-	COLORADO REQUIRES THAT THE
422		-	UNIVERSITY DEPOSIT MONEY INTO AN ESCROW ACCOUNT TO BE HELD AND
423		-	RELEASED ONLY UPON EITHER THE
424		-	:
425		-	(I) F
426		-	AILURE OF THE COLLEGE TO COMPLETE ACCREDITATION ; OR
427		-	(II) GRADUATION OF THE FIRST COHORT FROM THE COLLEGE ;
428		-	(b) M
429		-	ONEY FOR THE ESCROW IS FROM A TRANSFER OF GENERAL FUND
430		-	MONEY TO THE UNIVERSITY IN THE AMOUNT REQUIRED BY THE
431		-	ACCREDITATION BODY
432		-	;
	562	+	OR THE STATE FISCAL YEAR IN WHICH THE ESCROW MONEY21
	563	+	WILL BE RELEASED TO THE UNIVERSITY FOR THE REASON SET FORTH IN22
	564	+	SUBSECTION (5)(a) OF THIS SECTION, THE AMOUNT TO BE PAID TO THE23
	565	+	UNIVERSITY PURSUANT TO THE FEE -FOR-SERVICE AGREEMENT24
	566	+	NEGOTIATED PURSUANT TO SECTION 23-18-303.5 FOR THAT STATE FISCAL25
	567	+	YEAR IS REDUCED BY THE LESSER OF THE AMOUNT OF THE ESCROW MONEY26
	568	+	OR THE AMOUNT OF A PORTION OF THE ESCROW MONEY THAT REDUCES THE27
	569	+	1231
	570	+	-17- AMOUNT TO BE PAID PURSUANT TO THE FEE -FOR-SERVICE AGREEMENT TO1
	571	+	ZERO, AND THE UNIVERSITY SHALL USE THE ESCROW MONEY , OR A2
	572	+	PORTION OF IT, AS APPLICABLE, TO OFFSET THE REDUCTION.3
433	573		(c) I
434		-	N CONNECTION WITH THE TRANSFER OF MONEY FROM THE
435		-	PAGE 10-HOUSE BILL 24-1231 GENERAL FUND TO SATISFY THE ACCREDITATION BODY 'S ESCROW
436		-	REQUIREMENTS
437		-	, THERE IS A TEMPORARY REDUCTION IN THE STATE 'S CASH
438		-	RESERVE SET FORTH IN SECTION
439		-	24-75-201.1, WHICH IS A STRATEGIC
440		-	INVESTMENT OF A SMALL PORTION OF THE REQUIRED STATUTORY RESERVE
441		-	IN THE GENERAL FUND TO REDUCE COSTS OF THE UNIVERSITY REQUIRED FOR
442		-	ACCREDITATION OF THE COLLEGE WHILE ENSURING THAT THE STATE
443		-	MAXIMIZES THE BENEFIT OF THE HISTORIC AND IMPORTANT LEVELS
444		-	MAINTAINED AS RESERVES IN THE GENERAL FUND
445		-	;
446		-	(d) D
447		-	URING THE PERIOD THAT THE MONEY IS HELD IN ESCROW , THE
448		-	TRANSACTION OF GENERAL FUND MONEY IS A NON
449		-	-EXCHANGE TRANSACTION
450		-	WITH A LONG
451		-	-TERM TIME COMPONENT WHICH CONSTITUTES DEFERRED
452		-	OUTFLOW OF RESOURCES BY THE STATE AND DEFERRED INFLOW OF
453		-	RESOURCES BY THE UNIVERSITY
454		-	, THE PRINCIPAL OF WHICH IS NOT
455		-	RECOGNIZED AS REVENUE OR EXPENSE UNTIL RECOGNITION OF THE MONEY
456		-	WHEN IT IS RELEASED FROM ESCROW
457		-	;
458		-	(e) I
459		-	F THE MONEY, INCLUDING ANY EARNED INTEREST, IS RELEASED
460		-	FROM ESCROW UPON THE GRADUATION OF THE FIRST COHORT FROM THE
461		-	COLLEGE
462		-	, THE UNIVERSITY INTENDS TO RETAIN THE MONEY AND THE
463		-	GENERAL ASSEMBLY INTENDS TO REDUCE ALL OR A PORTION OF THE TOTAL
464		-	STATE APPROPRIATION TO THE UNIVERSITY FOR THE FISCAL YEAR IN WHICH
465		-	THE MONEY IS RELEASED FROM ESCROW
466		-	, AND FOR SUBSEQUENT FISCAL
467		-	YEARS AS NEEDED
468		-	, BY AN EQUIVALENT AMOUNT ; AND
469		-	(f) THE RETENTION BY THE UNIVERSITY OF NORTHERN COLORADO OF
470		-	THE MONEY RELEASED FROM ESCROW IS NOT INTENDED TO AFFECT OR IN ANY
471		-	WAY MODIFY OR OTHERWISE IMPACT THE HIGHER EDUCATION FUNDING
472		-	ALLOCATION MODEL ESTABLISHED IN ARTICLE
473		-	18 OF THIS TITLE 23.
474		-	(2) A
475		-	S USED IN THIS SECTION, UNLESS THE CONTEXT OTHERWISE
476		-	REQUIRES
477		-	:
478		-	(a) "C
479		-	OLLEGE" MEANS THE COLLEGE OF OSTEOPATHIC MEDICINE OF
480		-	THE UNIVERSITY
481		-	.
482		-	(b) "E
483		-	SCROW ACCOUNT" MEANS THE ACCOUNT ESTABLISHED AND
484		-	GOVERNED BY AN ESCROW AGREEMENT THAT IS ENTERED INTO BETWEEN AN
485		-	ESCROW AGENT
486		-	, THE ACCREDITING BODY FOR THE COLLEGE , AND THE
487		-	UNIVERSITY TO RECEIVE AND HOLD THE ESCROW MONEY
488		-	.
489		-	PAGE 11-HOUSE BILL 24-1231 (c) "ESCROW MONEY" MEANS THE MONEY THAT IS DEPOSITED AND
490		-	HELD IN THE ESCROW ACCOUNT AND RELEASED TO THE UNIVERSITY UPON
491		-	EITHER THE FAILURE OF THE COLLEGE TO COMPLETE ACCREDITATION OR THE
492		-	GRADUATION OF THE FIRST C OHORT FROM THE COLLEGE
493		-	, INCLUDING ANY
494		-	EARNED INTEREST OR INVESTMENT INCOME
495		-	.
496		-	(d) "F
497		-	UND" MEANS THE COLLEGE OF OSTEOPATHIC MEDICINE ESCROW
498		-	MONEY CASH FUND CREATED IN SUBSECTION
499		-	(3)(a) OF THIS SECTION.
500		-	(e) "U
501		-	NIVERSITY" MEANS THE UNIVERSITY OF NORTHERN COLORADO.
502		-	(3) (a) T
503		-	HE COLLEGE OF OSTEOPATHIC MEDICINE ESCROW MONEY
504		-	CASH FUND IS CREATED IN THE STATE TREASURY
505		-	. THE FUND CONSISTS OF
506		-	MONEY TRANSFERRED TO THE FUND PURSUANT TO SUBSECTION
507		-	(3)(b) OF
508		-	THIS SECTION
509		-	.
510		-	(b) O
511		-	N OR BEFORE JUNE 30, 2024, THE STATE TREASURER SHALL
512		-	TRANSFER FORTY
513		-	-ONE MILLION TWO HUNDRED FIFTY THOUSAND DOLLARS
514		-	FROM THE GENERAL FUND TO THE FUND
515		-	.
516		-	(c) M
517		-	ONEY IN THE FUND IS CONTINUOUSLY APPROPRIATED TO THE
518		-	UNIVERSITY FOR THE PURPOSE OF THE UNIVERSITY DEPOSITING THE MONEY
519		-	INTO THE ESCROW ACCOUNT TO SATISFY NECESSARY COSTS IN ACCORDANCE
520		-	WITH THE ACCREDITING BODY OF THE COLLEGE
521		-	'S RULES AND REGULATIONS
522		-	FOR OPERATING RESERVE AND ESCROW RESERVE REQUIREMENTS
523		-	.
524		-	(d) T
525		-	HIS SUBSECTION (3) IS REPEALED, EFFECTIVE DECEMBER 31,
526		-	2025.
527		-	(4) I
528		-	F THE ESCROW MONEY IS RELEASED TO THE UNIVERSITY DUE TO
529		-	FAILURE OF THE COLLEGE TO COMPLETE ACCREDITATION
530		-	, THE UNIVERSITY
531		-	SHALL PROVIDE A REPORT TO THE JOINT BUDGET COMMITTEE OF THE
532		-	GENERAL ASSEMBLY
533		-	, THE STATE TREASURER, AND THE OFFICE OF STATE
534		-	PLANNING AND BUDGETING WITHIN TEN DAYS OF THE RELEASE OF THE
535		-	ESCROW MONEY THAT SETS FORTH THE CIRCUMSTANCES FOR THE RELEASE
536		-	OF THE ESCROW MONEY AND INFORMATION CONCERNING THE USE OF THE
537		-	ESCROW MONEY BY THE UNIVERSITY AS REQUIRED BY THE ACCREDITATION
538		-	BODY TO PAY OPERATING AND TEACH OUT COSTS OF STUDENTS OF THE
539		-	COLLEGE
540		-	.
541		-	PAGE 12-HOUSE BILL 24-1231 (5) (a) WITHIN TEN DAYS OF RECEIPT OF NOTICE FROM THE
542		-	ACCREDITATION BODY THAT THE ESCROW MONEY WILL BE RELEASED TO THE
543		-	UNIVERSITY IN ACCORDANCE WITH THE REQUIREMENTS AND CONDITIONS OF
544		-	ACCREDITATION BEING MET FOR THE GRADUATION OF THE FIRST COHORT OF
545		-	THE COLLEGE
546		-	, THE UNIVERSITY SHALL PROVIDE NOTICE OF THE SAME TO THE
547		-	JOINT BUDGET COMMITTEE OF THE GENERAL ASSEMBLY
548		-	, THE STATE
549		-	TREASURER
550		-	, AND THE OFFICE OF STATE PLANNING AND BUDGETING .
551		-	(b) F
552		-	OR THE STATE FISCAL YEAR IN WHICH THE ESCROW MONEY WILL
553		-	BE RELEASED TO THE UNIVERSITY FOR THE REASON SET FORTH IN
554		-	SUBSECTION
555		-	(5)(a) OF THIS SECTION, THE AMOUNT TO BE PAID TO THE
556		-	UNIVERSITY PURSUANT TO THE FEE
557		-	-FOR-SERVICE AGREEMENT NEGOTIATED
558		-	PURSUANT TO SECTION
559		-	23-18-303.5 FOR THAT STATE FISCAL YEAR IS
560		-	REDUCED BY THE LESSER OF THE AMOUNT OF THE ESCROW MONEY OR THE
561		-	AMOUNT OF A PORTION OF THE ESCROW MONEY THAT REDUCES THE AMOUNT
562		-	TO BE PAID PURSUANT TO THE FEE
563		-	-FOR-SERVICE AGREEMENT TO ZERO, AND
564		-	THE UNIVERSITY SHALL USE THE ESCROW MONEY
565		-	, OR A PORTION OF IT, AS
566		-	APPLICABLE
567		-	, TO OFFSET THE REDUCTION.
568		-	(c) I
569		-	F THERE IS ESCROW MONEY REMAINING AFTER THE OFFSET
570		-	REQUIRED BY SUBSECTION
571		-	(5)(b) OF THIS SECTION IS MADE, THEN MONEY
572		-	THAT THE UNIVERSITY WOULD OTHERWISE RECEIVE FROM THE COLLEGE
573		-	OPPORTUNITY FUND IS REDUCED BY THE LESSER OF THE AMOUNT OF THE
574		-	REMAINING ESCROW MONEY OR THE AMOUNT OF A PORTION OF THE
575		-	REMAINING ESCROW MONEY THAT REDUCES THE MONEY THE UNIVERSITY
576		-	WOULD OTHERWISE RECEIVE FROM THE COLLEGE OPPORTUNITY FUND TO
577		-	ZERO
578		-	, AND THE UNIVERSITY SHALL USE THE REMAINING ESCROW MONEY , OR
579		-	A PORTION OF IT
580		-	, AS APPLICABLE, TO OFFSET THE REDUCTION.
	574	+	F THERE IS ESCROW MONEY REMAINING AFTER THE OFFSET4
	575	+	REQUIRED BY SUBSECTION (5)(b) OF THIS SECTION IS MADE, THEN MONEY5
	576	+	THAT THE UNIVERSITY WOULD OTHERWISE RECEIVE FROM THE COLLEGE6
	577	+	OPPORTUNITY FUND IS REDUCED BY THE LESSER OF THE AMOUNT OF THE7
	578	+	REMAINING ESCROW MONEY OR THE AMOUNT OF A PORTION OF THE8
	579	+	REMAINING ESCROW MONEY THAT REDUCES THE MONEY THE UNIVERSITY9
	580	+	WOULD OTHERWISE RECEIVE FROM THE COLLEGE OPPORTUNITY FUND TO10
	581	+	ZERO, AND THE UNIVERSITY SHALL USE THE REMAINING ESCROW MONEY ,11
	582	+	OR A PORTION OF IT, AS APPLICABLE, TO OFFSET THE REDUCTION.12
581	583		(d) I
582		-	F, AFTER THE OFFSETS REQUIRED BY SUBSECTIONS (5)(b) AND
583		-	(5)(c) OF THIS SECTION, THERE REMAINS ANY EXCESS ESCROW MONEY , THEN
584		-	IN THE NEXT STATE FISCAL YEAR
585		-	, THE AMOUNT TO BE PAID TO THE
586		-	UNIVERSITY PURSUANT TO THE FEE
587		-	-FOR-SERVICE AGREEMENT NEGOTIATED
588		-	PURSUANT TO SECTION
589		-	23-18-303.5 FOR THAT STATE FISCAL YEAR IS
590		-	REDUCED BY THE AMOUNT OF ANY EXCESS ESCROW MONEY AND THE
591		-	UNIVERSITY SHALL USE THE REMAINING ESCROW MONEY TO OFFSET THE
592		-	REDUCTION
593		-	.
594		-	SECTION 5. Capital construction appropriation. For the
595		-	2024-25 state fiscal year, the general assembly anticipates that the
596		-	PAGE 13-HOUSE BILL 24-1231 department of higher education will receive $246,936,092 in cash funds
597		-	from the proceeds of the financed purchase of asset or certificate of
598		-	participation agreements executed pursuant to section 24-36-124, C.R.S.
599		-	This figure is subject to the "(I)" notation as defined in the annual general
600		-	appropriation act for the same fiscal year. To implement this act, the
601		-	department is anticipated to use this amount as follows:
602		-	(a) $127,542,028 for construction of the college of osteopathic
603		-	medicine at the university of northern Colorado;
604		-	(b) $50,000,000 for construction of the health institute tower at
605		-	Metropolitan university of Denver;
606		-	(c) $50,000,000 for construction of the veterinary health education
607		-	complex at Colorado state university; and
608		-	(d) $19,394,064 for renovation of the valley campus main building
609		-	at Trinidad state college.
610		-	SECTION 6. Safety clause. The general assembly finds,
611		-	determines, and declares that this act is necessary for the immediate
612		-	preservation of the public peace, health, or safety or for appropriations for
613		-	PAGE 14-HOUSE BILL 24-1231 the support and maintenance of the departments of the state and state
614		-	institutions.
615		-	____________________________ ____________________________
616		-	Julie McCluskie Steve Fenberg
617		-	SPEAKER OF THE HOUSE PRESIDENT OF
618		-	OF REPRESENTATIVES THE SENATE
619		-	____________________________ ____________________________
620		-	Robin Jones Cindi L. Markwell
621		-	CHIEF CLERK OF THE HOUSE SECRETARY OF
622		-	OF REPRESENTATIVES THE SENATE
623		-	APPROVED________________________________________
624		-	(Date and Time)
625		-	_________________________________________
626		-	Jared S. Polis
627		-	GOVERNOR OF THE STATE OF COLORADO
628		-	PAGE 15-HOUSE BILL 24-1231
	584	+	F, AFTER THE OFFSETS REQUIRED BY SUBSECTIONS (5)(b) AND13
	585	+	(5)(c)
	586	+	OF THIS SECTION, THERE REMAINS ANY EXCESS ESCROW MONEY ,14
	587	+	THEN IN THE NEXT STATE FISCAL YEAR, THE AMOUNT TO BE PAID TO THE15
	588	+	UNIVERSITY PURSUANT TO THE FEE -FOR-SERVICE AGREEMENT16
	589	+	NEGOTIATED PURSUANT TO SECTION 23-18-303.5 FOR THAT STATE FISCAL17
	590	+	YEAR IS REDUCED BY THE AMOUNT OF ANY EXCESS ESCROW MONEY AND18
	591	+	THE UNIVERSITY SHALL USE THE REMAINING ESCROW MONEY TO OFFSET19
	592	+	THE REDUCTION.20
	593	+	SECTION 5. Capital construction appropriation. For the21
	594	+	2024-25 state fiscal year, the general assembly anticipates that the22
	595	+	department of higher education will receive $246,936,092 in cash funds23
	596	+	from the proceeds of the financed purchase of asset or certificate of24
	597	+	participation agreements executed pursuant to section 24-36-124, C.R.S.25
	598	+	This figure is subject to the "(I)" notation as defined in the annual general26
	599	+	appropriation act for the same fiscal year. To implement this act, the27
	600	+	1231
	601	+	-18- department is anticipated to use this amount as follows:1
	602	+	(a) $127,542,028 for construction of the college of osteopathic2
	603	+	medicine at the university of northern Colorado;3
	604	+	(b) $50,000,000 for construction of the health institute tower at4
	605	+	Metropolitan university of Denver; 5
	606	+	(c) $50,000,000 for construction of the veterinary health education6
	607	+	complex at Colorado state university; and7
	608	+	(d) $19,394,064 for renovation of the valley campus main building8
	609	+	at Trinidad state college.9
	610	+	SECTION 6. Safety clause. The general assembly finds,10
	611	+	determines, and declares that this act is necessary for the immediate11
	612	+	preservation of the public peace, health, or safety or for appropriations for12
	613	+	the support and maintenance of the departments of the state and state13
	614	+	institutions.14
	615	+	1231
	616	+	-19-