Colorado House Bill HB1268 Latest Draft

                            First Regular Session
Seventy-fifth General Assembly
STATE OF COLORADO
REENGROSSED
This Version Includes All Amendments
Adopted in the House of Introduction
LLS NO. 25-0286.03 Jennifer Berman x3286
HOUSE BILL 25-1268
House Committees Senate Committees
Energy & Environment
Finance
Appropriations
A BILL FOR AN ACT
C
ONCERNING THE FINANCING OF A UTILITY ON -BILL 
      PROGRAM FOR101
CERTAIN ENERGY -RELATED IMPROVEMENTS , AND, IN102
CONNECTION THEREWITH , MAKING AN APPROPRIATION .103
Bill Summary
(Note:  This summary applies to this bill as introduced and does
not reflect any amendments that may be subsequently adopted. If this bill
passes third reading in the house of introduction, a bill summary that
applies to the reengrossed version of this bill will be available at
http://leg.colorado.gov
.)
The bill requires the Colorado energy office (office) to establish
a state utility on-bill repayment program to help finance certain gas and
electric utilities' on-bill repayment programs (on-bill repayment program),
which are programs through which energy efficiency measures,
electrification measures, and energy upgrades installed at utility
HOUSE
3rd Reading Unamended
April 23, 2025
HOUSE
Amended 2nd Reading
April 22, 2025
HOUSE SPONSORSHIP
Joseph and Froelich, Bacon, Brown, Lindsay, Willford
SENATE SPONSORSHIP
Mullica and Winter F.,
Shading denotes HOUSE amendment.  Double underlining denotes SENATE amendment.
Capital letters or bold & italic numbers indicate new material to be added to existing law.
Dashes through the words or numbers indicate deletions from existing law. customers' premises are financed through loans that the customers repay
through their monthly utility bill payments. The bill requires gas or
electric investor-owned utilities that serve more than 500,000 customers
to propose a plan to the public utilities commission for establishing or
expanding an existing on-bill repayment program for the commission to
review and approve, disapprove, or modify.
The bill requires the state treasurer, on July 1, 2025, to make an
interest-free loan in the amount of $100 million from the unclaimed
property trust fund to the state utility on-bill repayment program cash
fund, which fund is created in the bill, to support the financing of the
on-bill repayment programs. The office is required to pay back the loan
by July 1, 2045.
Be it enacted by the General Assembly of the State of Colorado:1
SECTION 1. In Colorado Revised Statutes, add part 6 to article2
38.5 of title 24 as follows:3
PART 64
UTILITY ON-BILL PROGRAM5
24-38.5-601. Legislative declaration. (1) THE GENERAL6
ASSEMBLY FINDS THAT COLORADO CONSUMERS HAVE THE POTENTIAL TO7
SAVE ENERGY, REDUCE GREENHOUSE GAS EMISSIONS, AND TRANSITION8
AWAY FROM FOSSIL FUEL INFRASTRUCTURE THROUGH ENERGY SOLUTIONS ,9
INCLUDING ENERGY EFFICIENCY MEASURES , ELECTRIFICATION MEASURES,10
AND ENERGY UPGRADES.11
(2)  THEREFORE, THE GENERAL ASSEMBLY DECLARES THAT :12
(a) UTILITIES BENEFIT FROM UTILITY ON-BILL PROGRAMS BECAUSE13
THE PROGRAMS CAN REDUCE ENERGY CONSUMPTION AND PEAK DEMAND;14
(b) UTILITY CUSTOMERS WOULD BENEFIT FROM HAVING ACCESS TO15
SIGNIFICANT AMOUNTS OF PUBLIC AND PRIVATE CAPITAL FOR LOW-COST16
FINANCING SOLUTIONS FOR ENERGY-RELATED IMPROVEMENTS , INCLUDING17
END-OF-LIFE EQUIPMENT REPLACEMENT ;18
(c) UTILITY ON-BILL PROGRAMS THAT ALLOW REPAYMENTS19
1268-2- THROUGH UTILITY BILL PAYMENTS COULD EXPAND THE OPPORTUNITIES1
FOR ELIGIBLE RETAIL UTILITY CUSTOMERS TO PURSUE ENERGY EFFICIENCY2
MEASURES, ELECTRIFICATION MEASURES, AND ENERGY UPGRADES BY3
ENABLING UTILITY CUSTOMERS TO PAY BACK THE UP-FRONT COSTS OF THE4
UPGRADES AND MEASURES OVER TIME THROUGH THEIR UTILITY BILL5
PAYMENTS AT OR BELOW INTEREST RATES THAT MAY BE AVAILABLE FROM6
OTHER SOURCES; AND7
(d) A PROGRAM ESTABLISHED TO PROVIDE SUCH ON-BILL8
REPAYMENT COULD INCLUDE UTILITY-ADMINISTERED REPAYMENT OF9
COSTS FOR WHICH THE REPAYMENT OBLIGATION REMAINS WITH THE10
ASSOCIATED ENERGY METER AND SERVICE ADDRESS, INSTEAD OF11
TRANSFERRING TO A CUSTOMER 'S NEW LOCATION.12
24-38.5-602. Definitions. AS USED IN THIS PART 6, UNLESS THE13
CONTEXT OTHERWISE REQUIRES :14
(1) "COMMISSION" MEANS THE PUBLIC UTILITIES COMMISSION15
CREATED IN SECTION 40-2-101.16
(2) "COOPERATIVE ELECTRIC ASSOCIATION" HAS THE MEANING SET17
FORTH IN SECTION 40-9.5-102 (1).18
(3) (a)  "ELECTRIFICATION" MEANS "BENEFICIAL ELECTRIFICATION",19
AS DEFINED IN SECTION 40-1-102 (1.2).20
(b)  "ELECTRIFICATION" INCLUDES:21
(I)  A GROUND-SOURCE OR AIR-SOURCE HEAT PUMP SYSTEM; AND22
(II)  A HEAT PUMP WATER HEATER.23
(4) (a) "ENERGY EFFICIENCY MEASURE" MEANS ANY24
PERMANENTLY INSTALLED IMPROVEMENT , ADDITION, OR EQUIPMENT THAT25
ALIGNS WITH THE STATE'S GREENHOUSE GAS REDUCTION TARGETS AND26
THAT:27
1268
-3- (I) REDUCES THE CONSUMPTION OF ENERGY AT A PROGRAM1
PARTICIPANT'S PREMISES; OR2
(II) ENABLES A PROGRAM PARTICIPANT TO REDUCE OR SHIFT3
ENERGY CONSUMPTION AT THE PREMISES .4
(b)  "ENERGY EFFICIENCY MEASURE" INCLUDES:5
(I)  A BUILDING SHELL MEASURE, SUCH AS AIR SEALING, WINDOW6
FILM, ROOF REPAIR, INSULATION, OR WINDOW AND DOOR MODIFICATIONS;7
(II) AN AUTOMATIC OR INTERNET-CONNECTED ENERGY CONTROL8
SYSTEM; AND9
(III) ANY OTHER MEASURE OR UPGRADE AUTHORIZED BY THE10
OFFICE OR APPROVED BY THE COMMISSION AS PART OF A UTILITY 'S11
APPLICATION TO ESTABLISH AN ON-BILL PROGRAM OR TO USE MONEY FROM12
THE FUND.13
(5) "ENERGY UPGRADE" MEANS THE INSTALLATION,14
IMPROVEMENT, OR ADDITION OF APPURTE NANCE EQUIPMENT AT A15
PROGRAM PARTICIPANT'S PREMISES TO:16
(a)  UPGRADE THE PROGRAM PARTICIPANT'S ELECTRIC PANEL TO17
ENABLE THE INSTALLATION OF ENERGY EFFICIENCY MEASURES OR18
ELECTRIFICATION MEASURES;19
(b) UPGRADE OTHER ELECTRICAL EQUIPMENT THAT ENABLES THE20
INSTALLATION OF ENERGY STORAGE , INCLUDING INSTALLATION OF A21
SUBPANEL, CRITICAL LOAD PANEL, BACKUP SWITCH, GATEWAY, OR OTHER22
EQUIPMENT; OR23
(c) MAKE ANY OTHER ENERGY UPGRADE AUTHORIZED BY THE24
OFFICE OR APPROVED BY THE COMMISSION AS PART OF A UTILITY'S25
APPLICATION TO ESTABLISH AN ON-BILL PROGRAM.26
(6) "OFFICE" MEANS THE COLORADO ENERGY OFFICE CREATED IN27
1268
-4- SECTION 24-38.5-101 (1).1
(7) "ON-BILL CASH FUND" OR "FUND" MEANS THE ON-BILL CASH2
FUND CREATED IN SECTION 24-38.5-607.3
(8) "ON-BILL PROGRAM" MEANS A UTILITY'S PROGRAM THAT4
RECEIVES MONEY FROM THE ON-BILL CASH FUND PURSUANT TO THIS PART5
6 AND THROUGH WHICH PROGRAM THE COSTS OF ENERGY EFFICIENCY6
MEASURES, ELECTRIFICATION MEASURES , AND ENERGY UPGRADES7
INSTALLED AT A PROGRAM PARTICIPANT'S PREMISES ARE REPAID THROUGH8
MONTHLY UTILITY BILL PAYMENTS .9
(9) "PARTICIPATING UTILITY" MEANS A UTILITY THAT RECEIVES10
MONEY THROUGH THE PROGRAM, EITHER DIRECTLY OR BY ELECTING TO11
HAVE ITS UTILITY-DESIGNATED ADMINISTRATOR RECEIVE MONEY;12
THROUGH A LOAN FROM THE OFFICE; OR THROUGH PARTICIPATION IN A13
PROGRAM ADMINISTERED BY THE PROGRAM ADMINISTRATOR IN WHICH14
THE PROGRAM ADMINISTRATOR RECEIVES MONEY FROM THE OFFICE TO15
MANAGE A UTILITY ON-BILL PROGRAM FOR THE UTILITY.16
(10) "PROGRAM ADMINISTRATOR" MEANS A THIRD-PARTY ENTITY17
THAT THE OFFICE MAY CONTRACT WITH TO PLAN, ADMINISTER, OPERATE,18
AND MANAGE A UTILITY ON-BILL PROGRAM FOR PARTICIPATING UTILITIES19
THAT VOLUNTARILY CHOOSE TO CONTRACT WITH THE PROGRAM20
ADMINISTRATOR AS THEIR UTILITY-DESIGNATED ADMINISTRATOR .21
(11) "PROGRAM PARTICIPANT" MEANS A PARTICIPATING UTILITY22
CUSTOMER THAT HAS REQUESTED TO PARTICIPATE IN A PARTICIPATING23
UTILITY'S ON-BILL PROGRAM AND THAT THE PARTICIPATING UTILITY,24
EITHER DIRECTLY OR THROUGH ITS UTILITY-DESIGNATED ADMINISTRATOR ,25
HAS DETERMINED IS ELIGIBLE FOR PROGRAM PARTICIPATION .26
(12) "UNCLAIMED PROPERTY TRUST FUND" MEANS THE27
1268
-5- UNCLAIMED PROPERTY TRUST FUND CREATED IN SECTION 38-13-801.1
(13) "UTILITY" MEANS AN ELECTRIC UTILITY, A GAS UTILITY, OR A2
COMBINED FUEL UTILITY AND INCLUDES :3
(a)  AN INVESTOR-OWNED UTILITY;4
(b)  A COOPERATIVE ELECTRIC ASSOCIATION ; AND5
(c)  A MUNICIPALLY OWNED UTILITY.6
(14) (a) "UTILITY-DESIGNATED ADMINISTRATOR" MEANS A7
THIRD-PARTY ENTITY THAT A UTILITY MAY CONTRACT WITH TO PLAN ,8
ADMINISTER, OPERATE, AND MANAGE THE UTILITY'S ON-BILL PROGRAM.9
(b) "UTILITY-DESIGNATED ADMINISTRATOR" INCLUDES THE10
PROGRAM ADMINISTRATOR , AS APPLICABLE.11
24-38.5-603.  On-bill programs - participation process -12
reporting. (1) FOR THE PURPOSE OF ALLOCATING MONEY TO PROVIDE13
CAPITAL FOR PARTICIPATING UTILITIES' ON-BILL PROGRAMS, THE OFFICE14
SHALL ESTABLISH A PROCESS THROUGH WHICH A UTILITY MAY REQUEST TO15
BECOME A PARTICIPATING UTILITY. THE OFFICE MAY DESIGN REQUEST16
FORMS OR GUIDANCE DOCUMENTS FOR THE PROCESS AND SHALL POST ANY17
SUCH FORMS AND GUIDANCE DOCUMENTS ON ITS PUBLIC WEBSITE .18
(2) (a)   PURSUANT TO AN AGREEMENT BETWEEN THE OFFICE AND19
A PARTICIPATING UTILITY OR THE PROGRAM ADMINISTRATOR, MONEY20
PROVIDED TO THE UTILITY OR ITS UTILITY-DESIGNATED ADMINISTRATOR21
TO HELP ESTABLISH OR CONTINUE THE UTILITY 'S ON-BILL PROGRAM MAY22
BE USED TO SUPPORT ENERGY EFFICIENCY MEASURES, ELECTRIFICATION23
MEASURES, AND ENERGY UPGRADES AT A PROGRAM PARTICIPANT'S24
PREMISES THAT ARE LOCATED AND REMAIN IN THE UTILITY'S SERVICE25
TERRITORY.26
(b) IN AN AGREEMENT ENTERED INTO PURSUANT TO THIS27
1268
-6- SUBSECTION (2), THE AGREEMENT MUST INCLUDE REQUIREMENTS THAT ,1
NO LATER THAN THREE YEARS AFTER MONEY IS LOANED TO THE2
PARTICIPATING UTILITY OR PROGRAM ADMINISTRATOR	, THE3
PARTICIPATING UTILITY OR PROGRAM ADMINISTRATOR SHALL BEGIN4
MAKING ANNUAL PAYMENTS OF THE PRINCIPAL AND INTEREST OF THE5
AMOUNT LOANED AT THE INTEREST RATE SPECIFIED IN SUBSECTION (2)(c)6
OF THIS SECTION, WHICH MONEY THE STATE TREASURER SHALL CREDIT7
DIRECTLY TO THE UNCLAIMED PROPERTY TRUST FUND . AN AGREEMENT8
ENTERED INTO PURSUANT TO THIS SUBSECTION (2) MUST REQUIRE THAT9
THE LOAN IS AMORTIZED OVER A MAXIMUM OF TWENTY YEARS .10
(c)  A LOAN MADE TO A PARTICIPATING UTILITY OR PROGRAM11
ADMINISTRATOR FROM THE ON -BILL CASH FUND MUST INCLUDE AN12
INTEREST RATE OF ONE PERCENT, AND INTEREST PAYMENTS MUST BE13
CREDITED TO THE UNCLAIMED PROPERTY TRUST FUND IF MONEY IS LOANED14
FROM THE UNCLAIMED PROPERTY TRUST FUND TO THE ON-BILL CASH FUND15
PURSUANT TO SECTION 38-13-801 (3.3). IF MONEY IS INSTEAD16
TRANSFERRED FROM THE ON-BILL FINANCING FUND CREATED IN SECTION17
24-36-125 (7), THE ONE-PERCENT INTEREST RATE REQUIREMENT DOES NOT18
APPLY.19
(3) (a) THE OFFICE MAY ISSUE GUIDANCE ON PROGRAM20
REQUIREMENTS OR PLACE CONTRACT LIMITATIONS ON THE USE OF LOANS21
FROM THE FUND, AS APPROPRIATE, FOR DEVELOPMENT, IMPLEMENTATION,22
AND UPDATES OF CONSUMER PROTECTION AND EQUITY REQUIREMENTS TO23
ENSURE THE SUCCESS OF THE PROGRAM , WHILE BALANCING:24
(I) RISK TO LENDERS, UTILITIES, UTILITY-DESIGNATED25
ADMINISTRATORS, AND CUSTOMERS;26
(II)  EQUITY;27
1268
-7- (III)  REPAYMENT TERMS; AND1
(IV)  UTILITY BILL IMPACTS FOR PROGRAM PARTICIPANTS AND2
NONPARTICIPANTS.3
(b) THE OFFICE SHALL CONSULT WITH A PARTICIPATING UTILITY'S4
UTILITY-DESIGNATED ADMINISTRATOR OR A PROGRAM ADMINISTRATOR5
SELECTED BY THE OFFICE PURSUANT TO SECTION 24-38.5-604, AS6
APPROPRIATE, IN DEVELOPING GUIDANCE ON PROGRAM REQUIREMENTS,7
INCLUDING CONSUMER PROTECTION AND EQUITY REQUIREMENTS, WHICH8
REQUIREMENTS MAY INCLUDE :9
(I) THE RATE CLASSES OF UTILITY CUSTOMERS THAT MAY10
PARTICIPATE IN THE UTILITY'S ON-BILL PROGRAM, WHICH RATE CLASSES11
MUST, AT A MINIMUM, INCLUDE RESIDENTIAL CUSTOMERS ;12
(II) THE ENERGY EFFICIENCY MEASURES, ELECTRIFICATION13
MEASURES, AND ENERGY UPGRADES THAT THE UTILITY MAY AUTHORIZE14
A PROGRAM PARTICIPANT TO FINANCE THROUGH AN ON -BILL PROGRAM;15
(III) A CAP ON THE TOTAL FINANCING THAT MAY BE MADE16
AVAILABLE TO A RESIDENTIAL UTILITY CUSTOMER, NOT TO EXCEED FIFTY17
THOUSAND DOLLARS;18
(IV) FOR UTILITIES THAT ARE NOT REGULATED BY THE19
COMMISSION, THE METHOD THAT A PARTICIPATING UTILITY MAY USE TO20
RECOVER PROGRAM ADMINISTRATION COSTS ; AND21
(V) REQUIREMENTS REGARDING TRANSFERS OF FINANCIAL22
RESPONSIBILITY WHEN AN OWNER OR TENANT VACATES A BUILDING23
SUBJECT TO A UTILITY'S ON-BILL PROGRAM, INCLUDING A REQUIREMENT24
THAT A PROPERTY OWNER THAT IS A PARTICIPATING CUSTOMER OR IS THE25
OWNER OF A PROPERTY FOR WHICH THERE IS AN EXISTING REPAYMENT26
OBLIGATION ON THE UTILITY BILL RELATED TO PARTICIPATION IN A27
1268
-8- PROGRAM SHALL AGREE TO NOTIFY A PROSPECTIVE TENANT OF THE1
ON-BILL REPAYMENT OBLIGATION, PRIOR TO THE EXECUTION OF A LEASE.2
(c) FOR CONTRACTS WITH A REGULATED UTILITY OR THE3
REGULATED UTILITY'S UTILITY-DESIGNATED ADMINISTRATOR, THE FINAL4
CONTRACT MUST CONFORM WITH ANY FINAL APPROVAL FROM THE5
COMMISSION.6
(d) A PARTICIPATING UTILITY OR ITS UTILITY -DESIGNATED7
ADMINISTRATOR SHALL BE RESPONSIBLE FOR REPAYING THE AMOUNT OF8
FUNDING PROVIDED FROM THE ON-BILL CASH FUND TO THE UTILITY OR ITS9
UTILITY-DESIGNATED ADMINISTRATOR .10
(e)  IN DEVELOPING GUIDANCE ON PROGRAM REQUIREMENTS11
PURSUANT TO THIS SUBSECTION (3), THE OFFICE SHALL CREATE AS MUCH12
STANDARDIZATION AS POSSIBLE AMONG NEWLY PROPOSED AND ALREADY13
EXISTING TARIFFED ON-BILL PROGRAMS, WITH A PARTICULAR FOCUS ON14
EASING THE BURDEN OF PARTICIPATION BY CONTRACTORS WORKING15
ACROSS MULTIPLE UTILITY TERRITORIES.16
(4) WHEN CONTRACTING WITH A PARTICIPATING UTILITY OR17
PROGRAM ADMINISTRATOR REGARDING AN ON -BILL PROGRAM18
ESTABLISHED AFTER JULY 1, 2025, THE OFFICE SHALL STRUCTURE THE19
CONTRACT AS A TARIFFED ON-BILL PROGRAM.20
(5) THE OFFICE MAY PLACE CONTRACT LIMITATIONS ON THE USE21
OF LOANS FROM THE FUND, AS APPROPRIATE, FOR THE DEVELOPMENT,22
IMPLEMENTATION, AND UPDATES OF CONSUMER PROTECTION AND EQUITY23
REQUIREMENTS TO ENSURE THE SUCCESS OF THE PROGRAM, WHILE24
BALANCING RISK TO LENDERS , UTILITIES, UTILITY-DESIGNATED25
ADMINISTRATORS, AND CUSTOMERS; EQUITY; REPAYMENT TERMS; AND26
UTILITY BILL IMPACTS FOR PROGRAM PARTICIPANTS . THE OFFICE SHALL27
1268
-9- CONSULT WITH THE PARTICIPATING UTILITY, THE PARTICIPATING UTILITY'S1
UTILITY-DESIGNATED ADMINISTRATOR, OR A PROGRAM ADMINISTRATOR2
SELECTED BY THE OFFICE PURSUANT TO SECTION 24-38.5-604, AS3
APPROPRIATE, IN DEVELOPING THE CONSUMER PROTECTION AND EQUITY4
REQUIREMENTS, WHICH REQUIREMENTS MAY INCLUDE :5
(a) QUALITY INSTALLATION VERIFICATION, INCLUDING THE6
CERTIFICATIONS AND RELATED ENFORCEMENT MECHANISMS NEEDED TO7
ENSURE AND VERIFY QUALITY INSTALLATIONS ;8
(b)  PROCEDURES FOR ADDRESSING FAILING EQUIPMENT ;9
(c) VENDOR OR CONTRACTOR SELECTION AND APPROVAL10
PROCESSES, INCLUDING LABOR STANDARDS AND A PROCESS FOR11
ENFORCEMENT OF THE LABOR STANDARDS ; 12
(d)  ELIGIBILITY REQUIREMENTS FOR PROGRAM PARTICIPANTS ;13
(e) PROTECTIONS FOR TENANTS WHOSE LANDLORDS FINANCE14
ENERGY EFFICIENCY MEASURES THROUGH A PROGRAM , INCLUDING:15
(I) REQUIREMENTS TO NOTIFY TENANTS OF REPAYMENT16
OBLIGATIONS IN LEASE AGREEMENTS ;17
(II) PROCESSES FOR PROPERTY OWNERS TO INSTALL MEASURES AT18
TENANT-OCCUPIED LOCATIONS; AND19
(III)  OTHER MEASURES AS APPROPRIATE ;20
(f) PROGRAM DESIGN TO MANAGE THE RISK OF UTILITY21
DISCONNECTION;22
(g) THE FINANCING TERMS AVAILABLE FOR DIFFERENT TYPES OF23
ENERGY EFFICIENCY MEASURES AND ENERGY UPGRADES ; AND24
(h) THE TREATMENT OF TRANSFER OF PROPERTY OWNERSHIP ,25
TREATMENT OF DEBTS TO A UTILITY OR ITS UTILITY-DESIGNATED26
ADMINISTRATOR, AND PROPERTY TREATMENT AT TRANSFER .27
1268
-10- (6) (a) EXCEPT AS PROVIDED IN SUBSECTION (6)(b) OF THIS1
SECTION, ON OR BEFORE THE FIRST JANUARY 31 FOLLOWING THE FIFTH2
COMPLETED YEAR OF PROGRAM IMPLEMENTATION , OR ONCE A UTILITY HAS3
FINANCED AT LEAST TEN MILLION DOLLARS IN ENERGY EFFICIENCY4
MEASURES, ELECTRIFICATION MEASURES, OR ENERGY UPGRADES WITH5
FUNDING FROM THE ON-BILL CASH FUND, WHICHEVER OCCURS FIRST, AND6
ON OR BEFORE JANUARY 31 OF EACH OF THE THREE YEARS THEREAFTER,7
A PARTICIPATING UTILITY OR ITS UTILITY-DESIGNATED ADMINISTRATOR8
SHALL PREPARE AND SUBMIT TO THE OFFICE A REPORT THAT TRACKS THE9
TOTAL AMOUNT OF ENERGY EFFICIENCY MEASURES, ELECTRIFICATION10
MEASURES, AND ENERGY UPGRADES FINANCED ; THE NUMBER OF11
PARTICIPATING CUSTOMERS BROKEN DOWN BY INTEREST RATE , AS12
APPLICABLE; AND CUMULATIVE PROGRAM PARTICIPATION DEFAULT RATES ,13
UTILITY DISCONNECTIONS, COMPLIANCE WITH LABOR STANDARDS, AND14
OTHER METRICS THAT THE OFFICE DEEMS RELEVANT TO THE CONSUMER15
PROTECTION AND EQUITY REQUIREMENTS FOR THE PROGRAM. THE OFFICE16
SHALL MAKE THE REPORTS PUBLICLY AVAILABLE ON ITS PUBLIC WEBSITE. 17
(b) A REGULATED UTILITY THAT IS REQUIRED TO FILE A REPORT18
WITH THE COMMISSION REGARDING AN ON-BILL PROGRAM NEED NOT19
PREPARE AND SUBMIT TO THE OFFICE A REPORT PURSUANT TO SUBSECTION20
(6)(a) OF THIS SECTION.21
24-38.5-604. Authority to contract with program22
administrators - selection criteria - program design requirements.23
(1) IN ACCORDANCE WITH THE REQUIREMENTS OF THE "PROCUREMENT24
CODE", ARTICLES 101 TO 112 OF THIS TITLE 24, THE OFFICE MAY25
CONTRACT WITH ONE OR MORE INDEPENDENT THIRD -PARTY ENTITIES TO26
SERVE AS PROGRAM ADMINISTRATORS TO FACILITATE AND HELP27
1268
-11- ADMINISTER UTILITY ON-BILL PROGRAMS FOR PARTICIPATING UTILITIES.1
THE OFFICE SHALL CONTRACT ONLY WITH ONE OR MORE OF THE2
FOLLOWING ENTITIES TO SERVE AS PROGRAM ADMINISTRATORS :3
(a)  A BANK;4
(b) A NONDEPOSITORY COMMUNITY DEVELOPMENT FINANCIAL5
INSTITUTION;6
(c)  A BUSINESS DEVELOPMENT CORPORATION ; OR7
(d)  A NONPROFIT ORGANIZATION.8
(2) IN SELECTING A PROGRAM ADMINISTRATOR PURSUANT TO THIS9
SECTION, THE OFFICE SHALL CONSIDER THE ABILITY OF A POTENTIAL10
PROGRAM ADMINISTRATOR TO EXPAND THE PROGRAM, INCLUDING BY11
EXPANDING THE CAPITAL AVAILABLE FOR USE IN THE PROGRAM THROUGH12
PUBLIC AND PRIVATE CAPITAL SOURCES .13
(3) THE OFFICE, IN CONSULTATION WITH A SELECTED PROGRAM14
ADMINISTRATOR, MAY DETERMINE THE DESIGN REQUIREMENTS FOR THE15
PROGRAM, WITH THE GOAL OF OFFERING CUSTOMERS THE LOWEST16
REASONABLE INTEREST RATES, INCLUDING:17
(a) A REQUIREMENT THAT A PARTICIPATING UTILITY'S ON-BILL18
PROGRAM PROVIDE FOR STANDARDIZATION OF ASPECTS OF THE UTILITY'S19
PROGRAM, SUCH AS FORMS USED TO APPLY FOR PARTICIPATION IN THE20
UTILITY'S PROGRAM, BUT OTHERWISE ALLOW FOR FLEXIBILITY IN21
IMPLEMENTING THE UTILITY'S PROGRAM TO ALLOW FOR DIFFERENT22
REQUIREMENTS BASED ON WHICH ENERGY EFFICIENCY MEASURES,23
ELECTRIFICATION MEASURES, AND ENERGY UPGRADES A PROGRAM24
PARTICIPANT CHOOSES;25
(b) A REQUIREMENT THAT THE ENERGY EFFICIENCY MEASURES,26
ELECTRIFICATION MEASURES, AND ENERGY UPGRADES AUTHORIZED FOR27
1268
-12- A PARTICIPATING UTILITY'S ON-BILL PROGRAM COMPLY WITH PROGRAM1
REQUIREMENTS;2
(c) A REQUIREMENT THAT A PROGRAM ADMINISTRATOR PURSUE3
OTHER SOURCES OF PUBLIC AND PRIVATE CAPITAL, WITH A GOAL OF4
INCREASING AVAILABLE STATEWIDE FUNDING FOR ON-BILL PROGRAMS TO5
ONE BILLION DOLLARS BY 2030;6
(d) A REQUIREMENT TO REDUCE CUSTOMER INTEREST RATES TO7
THE LOWEST REASONABLE RATES AND TO REDUCE RISK OF DEFAULT; AND8
(e) REQUIREMENTS REGARDING HOW AVAILABLE REBATES MAY BE9
APPLIED TO AN ENERGY EFFICIENCY MEASURE , ELECTRIFICATION10
MEASURE, OR ENERGY UPGRADE PROJECT BEFORE FINANCING .11
24-38.5-605. Transfers of financial responsibility - notification 12
required - utility's obligation - program administrator's obligation.13
(1) THE OFFICE SHALL INCLUDE A REQUIREMENT IN ANY CONTRACT14
ENTERED INTO WITH A PARTICIPATING UTILITY OR PROGRAM15
ADMINISTRATOR REGARDING THE USE OF MONEY FROM THE ON-BILL CASH16
FUND THAT THE UTILITY OR PROGRAM ADMINISTRATOR THAT RECEIVES17
FINANCING FROM THE ON-BILL CASH FUND SHALL EITHER DIRECTLY OR18
THROUGH A UTILITY-DESIGNATED ADMINISTRATOR RECORD A NOTICE19
WITH THE COUNTY CLERK AND RECORDER FOR INCLUSION IN THE PUBLIC20
RECORDS OF THE COUNTY IN WHICH A PROGRAM PARTICIPANT'S PROPERTY21
IS LOCATED AGAINST THE REAL PROPERTY TITLE AS FOLLOWS :22
(a) (I) WHERE THE FINANCING IS ATTACHED TO THE METERED23
UTILITY SERVICE AND IS NOT A SECURITY INTEREST IN THE PROPERTY, THE24
OFFICE SHALL ESTABLISH A REQUIREMENT THAT THE PARTICIPATING25
UTILITY OR PROGRAM ADMINISTRATOR , WITHIN THIRTY DAYS AFTER THE26
PROVISION OF FINANCING TO A PROGRAM PARTICIPANT, SHALL RECORD A27
1268
-13- NOTICE OF THE ON-BILL REPAYMENT OBLIGATION , WHICH NOTICE MUST1
INCLUDE A LEGAL DESCRIPTION OF THE REAL PROPERTY SUBJECT TO THE2
FINANCING THAT IS ATTACHED TO THE METERED UTILITY SERVICE, THE3
NAME AND ADDRESS OF THE UTILITY CUSTOMER, THE PRINCIPAL AMOUNT4
FINANCED, THE TERMS OF REPAYMENT, AND A STATEMENT THAT THE5
REPAYMENT OBLIGATION DOES NOT CONSTITUTE A LIEN ON THE PROPERTY6
BUT IS INTENDED TO GIVE A PURCHASER OF THE PROPERTY NOTICE THAT7
THE PROPERTY IS SUBJECT TO AN ON-BILL REPAYMENT OBLIGATION.8
(II) THE OFFICE SHALL ALSO ESTABLISH A REQUIREMENT THAT THE9
PARTICIPATING UTILITY OR PROGRAM ADMINISTRATOR, WITHIN THIRTY10
DAYS AFTER THE FINANCING HAS BEEN COMPLETELY REPAID , SHALL FILE11
A NOTICE WITH THE COUNTY CLERK AND RECORDER FOR INCLUSION IN THE12
PUBLIC RECORDS OF THE COUNTY IN WHICH THE PROPERTY IS LOCATED13
INDICATING THAT THE FINANCING REPAYMENT IS COMPLETE AND THAT14
THERE ARE NO FURTHER FINANCIAL OBLIGATIONS .15
(III) AT THE POINT OF SALE OF THE REAL PROPERTY SUBJECT TO16
THE ON-BILL REPAYMENT OBLIGATION, THE ON-BILL REPAYMENT17
OBLIGATION MAY TRANSFER WITH THE METERED UTILITY SERVICE UNLESS18
OTHERWISE REQUIRED BY FEDERAL LAW OR REGULATION .19
(b) WHERE THE FINANCING IS A LOAN TO THE PROPERTY OWNER20
SECURED BY THE REAL PROPERTY, THE PARTICIPATING UTILITY OR21
PROGRAM ADMINISTRATOR, WITHIN THIRTY DAYS AFTER THE PROVISION22
OF FINANCING TO A PROGRAM PARTICIPANT , SHALL RECORD A LIEN THAT23
MUST INCLUDE THE LEGAL DESCRIPTION OF THE REAL PROPERTY SUBJECT24
TO THE LOAN IN THE PUBLIC RECORDS OF THE COUNTY IN WHICH THE25
PROPERTY IS LOCATED. THE LIEN DOES NOT ESTABLISH A RIGHT TO26
FORECLOSE ON THE PROPERTY. THERE SHALL BE A REQUIREMENT THAT27
1268
-14- THE FINANCING LOAN TO THE PROPERTY OWNER BE PAID OFF AT THE POINT1
OF SALE OF THE REAL PROPERTY SUBJECT TO THE LOAN. WITHIN THIRTY2
DAYS AFTER THE FINANCING LOAN HAS BEEN COMPLETELY REPAID, THE3
PARTICIPATING UTILITY OR PROGRAM ADMINISTRATOR SHALL FILE A4
RELEASE OF THE LIEN IN THE PUBLIC RECORDS OF THE COUNTY IN WHICH5
THE PROPERTY IS LOCATED. THIS SUBSECTION (1)(b) DOES NOT APPLY IF6
A LOAN IS STRUCTURED AS AN UNSECURED LOAN TO AN INDIVIDUAL7
CUSTOMER, WHICH UNSECURED LOAN CREATES NO RECOURSE AGAINST8
THE PROPERTY, SUBSEQUENT PROPERTY OWNERS, OR A FUTURE UTILITY9
CUSTOMER LOCATED AT THE PROPERTY .10
(2)  A COUNTY CLERK AND RECORDER SHALL RECORD A NOTICE11
FILED PURSUANT TO THIS SECTION IN A MANNER THAT WILL APPEAR IN A12
TITLE SEARCH OF THE PROPERTY.13
24-38.5-606. Participation by utilities - program14
administration. (1) A UTILITY OR ITS UTILITY-DESIGNATED15
ADMINISTRATOR MAY SEEK MONEY FROM THE ON-BILL CASH FUND USING16
A PROCESS APPROVED BY THE OFFICE TO ESTABLISH ITS OWN ON-BILL17
PROGRAM OR SUPPORT AN EXISTING ON -BILL PROGRAM.18
(2) A UTILITY PARTICIPATING IN THE PROGRAM PURSUANT TO THIS19
SECTION MAY DESIGNATE AN ADMINISTRATOR WITH WRITTEN APPROVAL20
FROM THE OFFICE OR MAY CHOOSE TO DESIGNATE THE PROGRAM21
ADMINISTRATOR SELECTED BY THE OFFICE AS ITS UTILITY-DESIGNATED22
ADMINISTRATOR.23
(3) IF THE OFFICE CONTRACTS WITH A PROGRAM ADMINISTRATOR24
PURSUANT TO SECTION 24-38.5-604, A UTILITY THAT, ON THE EFFECTIVE25
DATE OF THIS SECTION, HAS AN EXISTING ON-BILL PROGRAM MAY SEEK26
WRITTEN APPROVAL FROM THE OFFICE TO TRANSFER THE ADMINISTRATION27
1268
-15- OF ITS ON-BILL PROGRAM TO THE PROGRAM ADMINISTRATOR .1
24-38.5-607.  On-bill cash fund - creation. (1) THE ON-BILL2
CASH FUND IS CREATED IN THE STATE TREASURY. THE FUND CONSISTS OF3
MONEY CREDITED TO THE FUND PURSUANT TO SECTION 38-13-801 (3.3)4
AND ANY OTHER MONEY THAT THE GENERAL ASSEMBLY MAY APPROPRIATE5
OR TRANSFER TO THE FUND.6
(2) THE STATE TREASURER SHALL CREDIT ALL INTEREST AND7
INCOME DERIVED FROM THE DEPOSIT AND INVESTMENT OF MONEY IN THE8
ON-BILL CASH FUND TO THE FUND.9
(3) MONEY IN THE ON-BILL CASH FUND IS CONTINUOUSLY10
APPROPRIATED TO THE OFFICE TO DEFRAY THE COSTS INCURRED BY THE11
OFFICE IN ADMINISTERING THE PROGRAM AND IN SUPPORTING UTILITY AND12
BUILDING DECARBONIZATION .13
(4) (a)  A LOAN MADE FROM THE UNCLAIMED PROPERTY TRUST14
FUND TO A SEPARATE FUND ASSOCIATED WITH A STATE OFFICE IS AN15
INTERFUND LOAN ACCORDING TO GOVERNMENTAL ACC	OUNTING16
STANDARDS BOARD CODIFICATION 1800.102, MEANING THAT THE LOAN IS17
NOT CLASSIFIED AS REVENUE AND IS BOOKED AS AN INTERFUND18
RECEIVABLE OR PAYABLE.19
(b)  A LOAN MADE FROM THE UNCLAIMED PROPERTY TRUST FUND20
TO A SEPARATE FUND ASSOCIATED WITH A STATE OFFICE IS NOT STATE21
FISCAL YEAR SPENDING, AS DEFINED IN SECTION 24-77-102 (17), OR STATE22
REVENUES, AS DEFINED IN SECTION 24-77-103.6 (6)(c), AND DOES NOT23
COUNT AGAINST EITHER THE STATE FISCAL YEAR SPENDING LIMIT IMPOSED24
BY SECTION 20 OF ARTICLE X OF THE STATE CONSTITUTION OR THE EXCESS25
STATE REVENUES CAP, AS DEFINED IN SECTION 24-77-103.6 (6)(b)(I)(G).26
SECTION 2. In Colorado Revised Statutes, add 40-2-140 as27
1268
-16- follows:1
40-2-140. Utility on-bill program - review by commission -2
definitions. (1) AS USED IN THIS SECTION, UNLESS THE CONTEXT3
OTHERWISE REQUIRES:4
(a) "COMBINED FUEL CUSTOMER" MEANS A RESIDENTIAL UTILITY5
CUSTOMER THAT TAKES BOTH ELECTRIC AND GAS SERVICE FROM THE6
UTILITY.7
(b) "ON-BILL CASH FUND" HAS THE MEANING SET FORTH IN8
SECTION 24-38.5-602 (7).9
(c) "ON-BILL PROGRAM" HAS THE MEANING SET FORTH IN SECTION10
24-38.5-602 (8).11
(2) (a) (I) EXCEPT AS PROVIDED IN SUBSECTION (2)(a)(II) OF THIS12
SECTION, ON OR BEFORE DECEMBER 31, 2027, A GAS OR ELECTRIC UTILITY13
OR A UTILITY WITH COMBINED FUEL CUSTOMERS WITH MORE THAN FIVE14
HUNDRED THOUSAND CUSTOMERS IN THE STATE SHALL FILE WITH THE15
COMMISSION AN APPLICATION THAT EITHER PROPOSES TO USE FUNDING16
FROM THE ON-BILL CASH FUND TO ESTABLISH OR MODIFY AN EXISTING17
ON-BILL PROGRAM OR PROPOSES NOT TO USE FUNDING FROM THE ON-BILL18
CASH FUND.19
(II)  IF THE UTILITY PROPOSES NOT TO USE FUNDING FROM THE20
ON-BILL CASH FUND, THE UTILITY'S FILING MUST DEMONSTRATE WHY THE21
UTILITY'S USE OF THE FUNDING WOULD NOT BE IN THE PUBLIC INTEREST .22
(III) IF THE UTILITY PROPOSES TO USE FUNDING FROM THE ON-BILL23
CASH FUND, THE UTILITY MAY PROPOSE TO USE THE FUNDING BY24
RECEIVING FUNDING DIRECTLY FROM THE OFFICE, ELECTING TO HAVE A25
UTILITY-DESIGNATED ADMINISTRATOR RECEIVE FUNDING FROM THE26
OFFICE, OR BY PARTICIPATING IN A PROGRAM ADMINISTERED BY THE27
1268
-17- PROGRAM ADMINISTRATOR .1
(b)  UNLESS OTHERWISE PART OF A UTILITY ON-BILL PROGRAM2
APPROVED BY THE COMMISSION AND NOT IN CONFLICT WITH ANY3
COMMISSION-APPROVED ON-BILL PROGRAM OR OTHER COMMISSION4
DECISION, A UTILITY'S FILING SUBMITTED PURSUANT TO SUBSECTION5
(2)(a)(I) OF THIS SECTION MUST:6
(I)  PROPOSE TO MAKE THE UTILITY'S ON-BILL PROGRAM AVAILABLE7
TO ELECTRIC-ONLY RETAIL CUSTOMERS, GAS-ONLY RETAIL CUSTOMERS,8
AND COMBINED FUEL CUSTOMERS ;9
(II) DESCRIBE HOW THE UTILITY WOULD USE MONEY FROM THE10
ON-BILL CASH FUND TO IMPLEMENT OR MODIFY AN ON -BILL PROGRAM;11
(III) DESCRIBE HOW THE UTILITY PROPOSES TO TREAT SITUATIONS12
INVOLVING INSUFFICIENT REPAYMENT BY PARTICIPATING CUSTOMERS ;13
(IV) DESCRIBE HOW THE UTILITY WILL OFFER THE ON-BILL14
PROGRAM TO ITS RESIDENTIAL CUSTOMERS ;15
(V)  INCLUDE INFORMATION CONCERNING HOW THE UTILITY MAY16
ALLOW NONPROFIT ORGANIZATIONS, STATE AND LOCAL GOVERNMENTS ,17
MULTIFAMILY DWELLINGS, AND HOMEOWNERS' ASSOCIATIONS TO18
PARTICIPATE IN THE ON-BILL PROGRAM; AND19
(VI) DESCRIBE HOW THE UTILITY MAY USE FUNDING FROM THE20
ON-BILL CASH FUND OR OTHER SOURCES OF FUNDING TO REDUCE INTEREST21
RATES, ESPECIALLY FOR CUSTOMERS IN LOW- AND MODERATE-INCOME22
HOUSEHOLDS.23
(3)  A UTILITY WITH MORE THAN FIVE HUNDRED THOUSAND24
CUSTOMERS IN THE STATE MAY RECOVER ALL ON-BILL PROGRAM COSTS IN25
ACCORDANCE WITH PART 6 OF ARTICLE 38.5 OF TITLE 24. A UTILITY SHALL26
RECOVER ADMINISTRATIVE COSTS THROUGH BASE RATES OR AN27
1268
-18- APPLICABLE RIDER BUT NOT THROUGH THE INTEREST RATE ESTABLISHED1
FOR MONEY MADE AVAILABLE THROUGH THE ON -BILL PROGRAM. A2
UTILITY SHALL RECOVER ITS ACTUAL ADMINISTRATIVE COSTS ASSOCIATED3
WITH ITS ON-BILL PROGRAM AS APPROVED BY THE COMMISSION. A UTILITY4
MAY RECOVER AN ON-BILL PROGRAM ADMINISTRATION FEE , AS DEFINED5
IN SECTION 24-38.5-123 (2)(p), AND COSTS ASSOCIATED WITH MANAGING6
THE RISK OF NONPAYMENT BY PARTICIPANTS THROUGH BASE RATES, AN7
APPLICABLE RIDER, OR THE RATE ESTABLISHED FOR MONEY MADE8
AVAILABLE THROUGH THE ON-BILL PROGRAM, AS APPROVED BY THE9
COMMISSION. A UTILITY MAY PROPOSE OR MAY MAINTAIN A METHOD TO10
RECOVER APPROVED ADMINISTRATIVE COSTS, INCLUDING THE USE OF AN11
EXISTING RIDER, AS APPROVED BY THE COMMISSION .12
(4) A UTILITY WITH MORE THAN FIVE HUNDRED THOUSAND13
CUSTOMERS IN THE STATE THAT, BY JUNE 1, 2026, DOES NOT HAVE AN14
EXISTING ON-BILL PROGRAM THAT HAS BEEN APPROVED BY THE15
COMMISSION SHALL FILE THE APPLICATION DESCRIBED IN SUBSECTION16
(2)(a) OF THIS SECTION ON OR BEFORE DECEMBER 31, 2026.17
(5) (a) THE COMMISSION SHALL REVIEW AND APPROVE ,18
DISAPPROVE, OR APPROVE WITH MODIFICATIONS A UTILITY'S APPLICATION19
SUBMITTED PURSUANT TO SUBSECTION (2) OF THIS SECTION. IN REVIEWING20
AN APPLICATION, THE COMMISSION SHALL DETERMINE WHETHER THE21
UTILITY'S PROPOSED PLAN FOR PARTICIPATION IN A UTILITY ON-BILL22
PROGRAM IS IN THE PUBLIC INTEREST, AND, IF THE COMMISSION23
DETERMINES THAT THE PROPOSED PLAN IS NOT IN THE PUBLIC INTEREST,24
THE COMMISSION MAY MODIFY SPECIFIC PORTIONS OF THE PROPOSED PLAN25
TO BRING THE PROPOSED PLAN INTO ALIGNMENT WITH THE PUBLIC26
INTEREST.27
1268
-19- (b) IF THE COMMISSION, PURSUANT TO THIS SECTION OR THROUGH1
A COMMISSION DECISION, APPROVES PARTICIPATION IN A UTILITY ON-BILL2
PROGRAM FOR NONPROFIT OR GANIZATIONS OR NONRESIDENTIAL3
CUSTOMERS, THE REQUIREMENTS OF SECTIONS 40-3.2-105.5 AND4
40-3.2-105.6 APPLY TO ANY WORK UNDERTAKEN AS PART OF THE ON-BILL5
PROGRAM.6
SECTION 3. In Colorado Revised Statutes, 38-13-801, amend7
(1)(b); and add (1)(e) and (3.3) as follows:8
38-13-801. Unclaimed property trust fund - creation -9
payments - interest - appropriations - records - rules - reports -10
legislative declaration. (1) (b) Except as provided in subsections (2),11
(3), (3.3), and (3.5) of this section, the principal of the trust fund shall not12
be expended except to pay claims made pursuant to this article 13. Money13
constituting the principal of the trust fund is not fiscal year spending of14
the state for purposes of section 20 of article X of the state constitution15
and is not subject to appropriation by the general assembly.16
(e) IF CLAIMS MADE PURSUANT TO THIS ARTICLE 13 EXCEED THE17
BALANCE IN THE UNCLAIMED PROPERTY TRUST FUND, THE EXCESS18
AMOUNT SHALL BE PAID OUT OF THE GENERAL FUND .19
(3.3) (a) ON JULY 1, 2025, THE STATE TREASURER SHALL MAKE AN20
INTEREST-FREE LOAN IN THE AMOUNT OF FIVE MILLION DOLLARS FROM THE21
UNCLAIMED PROPERTY TRUST FUND TO THE ON-BILL CASH FUND CREATED22
IN SECTION 24-38.5-607; EXCEPT THAT, IF THE CONDITION DESCRIBED IN23
SECTION 24-36-125 (2)(b) OCCURS, THE STATE TREASURER SHALL NOT24
MAKE THE LOAN DESCRIBED IN THIS SUBSECTION (3.3)(a). IF THE25
CONDITION DESCRIBED IN SECTION 24-36-125 (2)(b) OCCURS, THE STATE26
TREASURER SHALL TRANSFER TWENTY-FIVE MILLION DOLLARS FROM THE27
1268
-20- ON-BILL FINANCING FUND CREATED IN SECTION 24-36-125 (7) TO THE1
ON-BILL CASH FUND CREATED IN SECTION 24-38.5-607 ONCE THE MONEY2
IN THE ON-BILL FINANCING FUND REACHES TWENTY -FIVE MILLION3
DOLLARS. THE COLORADO ENERGY OFFICE SHALL :4
(I) USE THE LOAN TO SUPPORT UTILITY ON-BILL PROGRAMS, AS5
DESCRIBED IN SECTION 24-38.5-603;6
(II) ENTER INTO CONTRACTS THAT AUTHORIZE PARTICIPATING7
UTILITIES AND UTILITY-DESIGNATED ADMINISTRATORS, AS THOSE TERMS8
ARE DEFINED IN SECTION 24-38.5-602, TO REMIT ANY INTEREST DIRECTLY9
TO THE UNCLAIMED PROPERTY TRUST FUND ; AND10
(III) PAY THE LOAN BACK TO THE UNCLAIMED PROPERTY TRUST11
FUND BY JANUARY 1, 2046. THE LOAN REPAYMENT IS SUBJECT TO FUTURE12
APPROPRIATION BY THE GENERAL ASSEMBLY AND SHALL NOT BE DEEMED13
OR CONSTRUED AS CREATING INDEBTEDNESS OF THE STATE WITHIN THE14
MEANING OF THE STATE CONSTITUTION OR THE LAWS OF THE STATE15
CONCERNING OR LIMITING THE CREATION OF INDEBTEDNESS BY THE STATE .16
(b)   IF THE LOAN DESCRIBED IN SUBSECTION (3.3)(a) OF THIS17
SECTION IS MADE ON JULY 1, 2025, THEN, ON MARCH 1, 2026, THE STATE18
TREASURER SHALL MAKE AN ADDITIONAL INTEREST-FREE LOAN IN THE19
AMOUNT OF TWENTY MILLION DOLLARS FROM THE UNCLAIMED PROPERTY20
TRUST FUND TO THE ON -BILL CASH FUND CREATED IN SECTION21
24-38.5-607. THE COLORADO ENERGY OFFICE SHALL :22
(I) USE THE LOAN TO SUPPORT UTILITY ON-BILL PROGRAMS, AS23
DESCRIBED IN SECTION 24-38.5-603; AND24
(II) PAY THE LOAN BACK TO THE UNCLAIMED PROPERTY TRUST25
FUND BY JANUARY 1, 2046. THE LOAN REPAYMENT IS SUBJECT TO FUTURE26
APPROPRIATION BY THE GENERAL ASSEMBLY AND SHALL NOT BE DEEMED27
1268
-21- OR CONSTRUED AS CREATING INDEBTEDNESS OF THE STATE WITHIN THE1
MEANING OF THE STATE CONSTITUTION OR THE LAW OF THE STATE2
CONCERNING LIMITING THE CREATION OF INDEBTEDNESS BY THE STATE .3
(c) ON JULY 1, 2026, THE STATE TREASURER SHALL MAKE AN4
INTEREST-FREE LOAN IN THE AMOUNT OF TWENTY-FIVE MILLION DOLLARS5
FROM THE UNCLAIMED PROPERTY TRUST FUND TO THE ON-BILL CASH FUND6
CREATED IN SECTION 24-38.5-607; EXCEPT THAT, IF THE CONDITION7
DESCRIBED IN SECTION 24-36-125 (2)(c) OCCURS, THE STATE TREASURER8
SHALL NOT MAKE THE LOAN DESCRIBED IN THIS SUBSECTION (3.3)(c). IF9
THE CONDITION DESCRIBED IN SECTION 24-36-125 (2)(c) OCCURS, THE10
STATE TREASURER SHALL TRANSFER TWENTY -FIVE MILLION DOLLARS11
FROM THE ON-BILL FINANCING FUND CREATED IN SECTION 24-36-125 (7)12
TO THE ON-BILL CASH FUND CREATED IN SECTION 24-38.5-607 ONCE THE13
MONEY IN THE ON-BILL FINANCING FUND REACHES TWENTY-FIVE MILLION14
DOLLARS. THE COLORADO ENERGY OFFICE SHALL :15
(I) USE THE LOAN TO SUPPORT UTILITY ON-BILL PROGRAMS, AS16
DESCRIBED IN SECTION 24-38.5-603; AND17
(II) PAY THE LOAN BACK TO THE UNCLAIMED PROPERTY TRUST18
FUND BY JANUARY 1, 2046. THE LOAN REPAYMENT IS SUBJECT TO FUTURE19
APPROPRIATION BY THE GENERAL ASSEMBLY AND SHALL NOT BE DEEMED20
OR CONSTRUED AS CREATING INDEBTEDNESS OF THE STATE WITHIN THE21
MEANING OF THE STATE CONSTITUTION OR THE LAW OF THE STATE22
CONCERNING LIMITING THE CREATION OF INDEBTEDNESS BY THE STATE .23
(d) ON OR BEFORE DECEMBER 31, 2025, AND ON OR BEFORE24
DECEMBER 31 OF EACH YEAR THEREAFTER, THE COLORADO ENERGY25
OFFICE SHALL SUBMIT A REPORT TO THE STATE TREASURER AND THE STATE26
CONTROLLER SUMMARIZING THE STATUS OF LOANS MADE TO UTILITIES OR27
1268
-22- UTILITY-DESIGNATED ADMINISTRATORS FROM THE MONEY LOANED FROM1
THE UNCLAIMED PROPERTY TRUST FUND TO THE ON -BILL CASH FUND2
CREATED IN SECTION 24-38.5-607. THE ANNUAL REPORT MUST INCLUDE3
INFORMATION REGARDING THE NUMBER OF LOANS MADE TO4
PARTICIPATING UTILITIES OR UTILITY-DESIGNATED ADMINISTRATORS TO5
DATE AND THE AMOUNTS LOANED TO EACH UTILITY OR6
UTILITY-DESIGNATED ADMINISTRATOR TO DATE .7
SECTION 4. In Colorado Revised Statutes, add 24-38.5-123 as8
follows:9
24-38.5-123. Building decarbonization enterprise - creation -10
membership - powers and duties - building decarbonization11
enterprise cash fund - on-bill program administration cash fund -12
legislative declaration - definitions - rules - report - repeal.13
(1)  Legislative declaration. (a)  THE GENERAL ASSEMBLY FINDS THAT :14
(I) REDUCING GREENHOUSE GAS EMISSIONS FROM COMBUSTION15
DEVICES IN RESIDENTIAL AND COMMERCIAL BUILDINGS :16
(A) IS NECESSARY TO HELP THE STATE ACHIEVE ITS STATEWIDE17
GREENHOUSE GAS EMISSION REDUCTION GOALS SET FORTH IN SECTION18
25-7-102 (2)(g), INCLUDING THE GOAL TO REACH NET-ZERO GREENHOUSE19
GAS EMISSIONS BY 2050; AND20
(B) PRESENTS SIGNIFICANT OPPORTUNITIES TO LOWER AND21
STABILIZE ENERGY BILLS, PROVIDE FOR MORE COMFORTABLE LIVING AND22
WORKING SPACES, AND REDUCE LOCAL AIR POLLUTION THAT CONTRIBUTES23
TO GROUND-LEVEL OZONE;24
(II) COVERED BUILDING OWNERS ARE REQUIRED TO COMPLY WITH25
BENCHMARKING REQUIREMENTS AND PERFORMANCE STANDARD26
REQUIREMENTS AND WOULD BENEFIT FROM ADDITIONAL FINANCIAL AND27
1268
-23- TECHNICAL ASSISTANCE TO MEET OR EXCEED THOSE REQUIREMENTS ;1
(III) WITH ADDITIONAL FINANCIAL AND TECHNICAL ASSISTANCE,2
COVERED BUILDING OWNERS MAY MORE EFFECTIVELY AND EFFICIENTLY3
IMPLEMENT BUILDING DECARBONIZATION MEASURES , INCLUDING, BUT NOT4
LIMITED TO, PROGRAMS THAT PROVIDE ASSISTANCE FOR CONDUCTING5
BUILDING ENERGY AUDITS, DEVELOPING ANALYSES TO HELP BUILDING6
OWNERS EVALUATE THE BEST STRATEGIES FOR ACHIEVING FUTURE7
PERFORMANCE STANDARD TARGETS, EMPLOYING OR CONSULTING WITH8
BUILDING ENGINEERS, PURCHASING ENERGY USE TRACKING SOFTWARE FOR9
COVERED BUILDING OWNERS TO MORE EFFECTIVELY TRACK ENERGY USE,10
AND PROVIDING TRAINING ON SUCH SOFTWARE ;11
(IV) UTILITY CUSTOMERS WOULD BENEFIT FROM HAVING ACCESS12
TO SIGNIFICANT AMOUNTS OF PUBLIC AND PRIVATE CAPITAL FOR13
LOW-COST FINANCING SOLUTIONS FOR ENERGY -RELATED IMPROVEMENTS,14
INCLUDING END-OF-LIFE EQUIPMENT REPLACEMENT ; AND15
(V)  UTILITIES SERVING COLORADANS HAVE VARYING LEVELS OF16
EXPERIENCE, AVAILABLE CAPITAL, AND AVAILABLE STAFF TO SUPPORT THE17
ESTABLISHMENT AND ADMINISTRATION OF ON -BILL PROGRAMS.18
(b) NOW, THEREFORE, THE GENERAL ASSEMBLY DECLARES THAT:19
(I) IT IS IN THE BEST INTEREST OF COVERED BUILDING OWNERS AND20
PARTICIPATING UTILITIES TO CREATE AN ENTERPRISE WITHIN THE OFFICE21
THAT IS COMMITTED TO FINANCING AND PROVIDING TECHNICAL AND22
OTHER SUPPORT FOR THE IMPLEMENTATION OF BUILDING23
DECARBONIZATION MEASURES AND FOR THE ESTABLISHMENT OF UTILITY24
ON-BILL PROGRAMS;25
(II)  THE ACTIVITIES OF THE ENTERPRISE SHALL BE FUNDED BY26
REVENUE GENERATED FROM A BUILDING DECARBONIZATION FEE PAID BY27
1268
-24- COVERED BUILDING OWNERS AND ANY GIFTS, GRANTS, AND DONATIONS1
RECEIVED;2
(III) IT IS APPROPRIATE THAT COVERED BUILDING OWNERS SHOULD3
PAY A BUILDING DECARBONIZATION FEE, AS COVERED BUILDING OWNERS4
ARE THE DIRECT BENEFICIARIES OF SERVICES PROVIDED BY THE5
ENTERPRISE, WHICH SERVICES INCLUDE THE FINANCING AND TECHNICAL6
ASSISTANCE PROVIDED FOR THE BUILDING DECARBONIZATION MEASURES7
DESCRIBED IN SUBSECTION (1)(a)(III) OF THIS SECTION;8
(IV) COVERED BUILDING OWNERS BENEFIT FROM THE9
IMPLEMENTATION OF BUILDING DECARBONIZATION MEASURES BECAUSE10
SUCH MEASURES CAN REDUCE COVERED BUILDING OWNERS ' LONG-TERM11
COSTS RELATED TO ENERGY USE;12
(V) IT IS IN THE BEST INTEREST OF COVERED BUILDING OWNERS TO13
CREATE A BUILDING DECARBONIZATION ENTERPRISE CASH FUND WITHIN14
THE BUILDING DECARBONIZATION ENTERPRISE, THE USE OF WHICH IS15
DEDICATED TO FINANCING THE PROVISION OF TECHNICAL SUPPORT FOR16
COVERED BUILDING OWNERS SEEKING TO IMPLEMENT ENERGY EFFICIENCY17
MEASURES AND BUILDING DECARBONIZATION MEASURES ;18
(VI) THE ACTIVITIES OF THE ENTERPRISE ARE FUNDED BY REVENUE19
GENERATED FROM AN ON-BILL PROGRAM ADMINISTRATION FEE PAID BY20
PARTICIPATING UTILITIES AND ANY GIFTS, GRANTS, AND DONATIONS21
RECEIVED;22
(VII) IT IS APPROPRIATE THAT PARTICIPATING UTILITIES SHOULD23
PAY AN ON-BILL PROGRAM ADMINISTRATION FEE BECAUSE PARTICIPATING24
UTILITIES ARE THE DIRECT BENEFICIARIES OF SERVICES THAT THE25
ENTERPRISE PROVIDES, WHICH SERVICES INCLUDE TECHNICAL ASSISTANCE26
AND OTHER PROGRAMMATIC SUPPORT FOR ON-BILL PROGRAMS DESCRIBED27
1268
-25- IN SUBSECTION (1)(a)(III) OF THIS SECTION;1
(VIII)  PARTICIPATING UTILITIES BENEFIT FROM THE2
IMPLEMENTATION OF ON-BILL PROGRAMS BECAUSE:3
(A) UTILITY ON-BILL PROGRAMS CAN REDUCE ENERGY4
CONSUMPTION AND PEAK DEMAND ;5
(B) UTILITY CUSTOMERS BENEFIT FROM HAVING ACCESS TO6
SIGNIFICANT AMOUNTS OF PUBLIC AND PRIVATE CAPITAL FOR LOW-COST7
FINANCING SOLUTIONS FOR ENERGY-RELATED IMPROVEMENTS, INCLUDING8
END-OF-LIFE EQUIPMENT REPLACEMENT ; AND9
(C) UTILITY ON-BILL PROGRAMS THAT ALLOW REPAYMENTS10
THROUGH UTILITY BILL PAYMENTS COULD EXPAND THE OPPORTUNITIES11
FOR ELIGIBLE RETAIL UTILITY CUSTOMERS TO PURSUE ENERGY EFFICIENCY12
MEASURES AND ELECTRIFICATION MEASURES , ENABLING UTILITY13
CUSTOMERS TO PAY BACK THE UP-FRONT COSTS OF THE UPGRADES AND14
MEASURES OVER TIME THROUGH THEIR UTILITY BILL PAYMENTS AT OR15
BELOW INTEREST RATES THAT MAY BE AVAILABLE FROM OTHER SOURCES;16
(IX) IT IS IN THE BEST INTEREST OF PARTICIPATING UTILITIES TO17
CREATE AN ON-BILL CASH FUND WITHIN THE BUILDING DECARBONIZATION18
ENTERPRISE, THE USE OF WHICH IS DEDICATED TO TECHNICAL ASSISTANCE19
AND OTHER PROGRAMMATIC SUPPORT FOR ON-BILL PROGRAMS FOR20
PARTICIPATING UTILITIES;21
(X) CONSISTENT WITH THE DETERMINATION OF THE COLORADO22
SUPREME COURT IN NICHOLL V. E-470 PUBLIC HIGHWAY AUTHORITY, 89623
P.2d 859 (COLO. 1995), THAT THE POWER TO IMPOSE TAXES IS24
INCONSISTENT WITH ENTERPRISE STATUS UNDER SECTION 20 OF ARTICLE25
X OF THE STATE CONSTITUTION, THE GENERAL ASSEMBLY CONCLUDES26
THAT THE BUILDING DECARBONIZATION FEE AND THE ON-BILL PROGRAM27
1268
-26- ADMINISTRATION FEE ARE BOTH FEES, NOT TAXES, AND THE ENTERPRISE1
OPERATES AS A BUSINESS BECAUSE THE BUILDING DECARBONIZATION FEE2
AND ON-BILL PROGRAM ADMINISTRATION FEE ARE :3
(A) IN THE CASE OF THE BUILDING DECARBONIZATION FEE ,4
IMPOSED FOR THE SPECIFIC BUSINESS PURPOSES OF PROVIDING FINANCING5
AND TECHNICAL ASSISTANCE TO COVERED BUILDING OWNERS TO MORE6
EFFECTIVELY AND EFFICIENTLY IMPLEMENT BUILDING DECARBONIZATION7
MEASURES, INCLUDING FEASIBILITY ANALYSES AND IMPROVEMENTS THAT8
WILL REDUCE ENERGY USE AND EMISSIONS, AND COLLECTED AT A RATE9
THAT IS REASONABLY RELATED TO THE OVERALL COST OF THE BUSINESS10
SERVICES BEING PROVIDED; AND11
(B) IN THE CASE OF THE ON-BILL PROGRAM ADMINISTRATION FEE,12
IMPOSED FOR THE SPECIFIC PURPOSE OF PROVIDING TECHNICAL13
ASSISTANCE TO A UTILITY, AS NECESSARY, THAT INTENDS TO ESTABLISH14
OR EXPAND ON-BILL PROGRAMS FOR ITS ELIGIBLE RETAIL CUSTOMERS AND15
COLLECTED AT A RATE THAT IS REASONABLY RELATED TO THE OVERALL16
COST OF THE BUSINESS SERVICES BEING PROVIDED ; AND17
(XI) SO LONG AS THE ENTERPRISE QUALIFIES AS AN ENTERPRISE18
FOR PURPOSES OF SECTION 20 OF ARTICLE X OF THE STATE CONSTITUTION,19
THE REVENUE FROM THE BUILDING DECARBONIZATION FEE AND THE20
ON-BILL PROGRAM ADMINISTRATION FEE IMPOSED, COLLECTED, AND21
ADMINISTERED BY THE ENTERPRISE IS NOT STATE FISCAL YEAR SPENDING,22
AS DEFINED IN SECTION 24-77-102 (17), OR STATE REVENUES, AS DEFINED23
IN SECTION 24-77-103.6 (6)(c), AND DOES NOT COUNT AGAINST EITHER24
THE STATE FISCAL YEAR SPENDING LIMIT IMPOSED BY SECTION 20 OF25
ARTICLE X OF THE STATE CONSTITUTION OR THE EXCESS STATE REVENUES26
CAP, AS DEFINED IN SECTION 24-77-103.6 (6)(b)(I)(G).27
1268
-27- (2) Definitions. AS USED IN THIS SECTION, UNLESS THE CONTEXT1
OTHERWISE REQUIRES:2
(a) "BENCHMARKING REQUIREMENTS" MEANS THE ENERGY3
BENCHMARKING REQUIREMENTS SET FORTH IN SECTION 25-7-142 (3) WITH4
WHICH AN OWNER OR OPERATOR OF A COVERED BUILDING IS REQUIRED TO5
COMPLY.6
(b) "BOARD" MEANS THE BOARD OF DIRECTORS OF THE ENTERPRISE7
APPOINTED PURSUANT TO SUBSECTION (4)(a) OF THIS SECTION.8
(c) "BUILDING DECARBONIZATION ENTERPRISE CASH FUND " OR9
"BUILDING DECARBONIZATION FUND " MEANS THE BUILDING10
DECARBONIZATION ENTERPRISE CASH FUND CREATED IN SUBSECTION11
(6)(a) OF THIS SECTION.12
(d) "BUILDING DECARBONIZATION FEE" MEANS THE FEE PAID BY13
THE OWNER OF A COVERED BUILDING PURSUANT TO SUBSECTION (5)(b) OF14
THIS SECTION.15
(e)  "COVERED BUILDING" HAS THE MEANING SET FORTH IN SECTION16
25-7-142 (2)(j).17
(f) "COVERED BUILDING OWNER" MEANS AN "OWNER", AS DEFINED18
IN SECTION 25-7-142 (2)(r), OF A COVERED BUILDING.19
(g) "ELECTRIFICATION" HAS THE MEANING SET FORTH IN SECTION20
24-38.5-602 (3).21
(h) "ENERGY EFFICIENCY MEASURE" HAS THE MEANING SET FORTH22
IN SECTION 24-38.5-602 (4).23
(i) "ENERGY UPGRADE" HAS THE MEANING SET FORTH IN SECTION24
24-38.5-602 (5).25
(j) "ENTERPRISE" MEANS THE BUILDING DECARBONIZATION26
ENTERPRISE CREATED IN SUBSECTION (3) OF THIS SECTION.27
1268
-28- (k) "INFLATION" MEANS THE ANNUAL PERCENTAGE CHANGE IN THE1
IN THE UNITED STATES DEPARTMENT OF LABOR'S BUREAU OF LABOR2
STATISTICS CONSUMER PRICE INDEX, OR A SUCCESSOR INDEX, FOR3
DENVER-AURORA-LAKEWOOD FOR ALL ITEMS PAID FOR BY URBAN4
CONSUMERS.5
(l) "OFFICE" MEANS THE COLORADO ENERGY OFFICE CREATED IN6
SECTION 24-38.5-101.7
(m) "ON-BILL CASH FUND" HAS THE MEANING SET FORTH IN8
SECTION 24-38.5-602 (7).9
(n) "ON-BILL PROGRAM" MEANS A UTILITY'S ON-BILL PROGRAM10
THROUGH WHICH ENERGY EFFICIENCY MEASURES, ELECTRIFICATION11
MEASURES, AND ENERGY UPGRADES ARE INSTALLED AT A PARTICIPATING12
CUSTOMER'S PREMISES, THE FINANCING OF WHICH IS REPAID THROUGH13
MONTHLY UTILITY BILL PAYMENTS .14
(o) "ON-BILL PROGRAM ADMINISTRATION CASH FUND" OR15
"ADMINISTRATION FUND" MEANS THE ON-BILL PROGRAM ADMINISTRATION16
CASH FUND CREATED IN SUBSECTION (8) OF THIS SECTION.17
(p)  "ON-BILL PROGRAM ADMINISTRATION FEE " OR18
"ADMINISTRATION FEE" MEANS THE FEE PAID BY A UTILITY OR ITS19
UTILITY-DESIGNATED ADMINISTRATOR SEEKING TO ESTABLISH OR EXPAND20
ITS ON-BILL PROGRAM PURSUANT TO SECTION 24-38.5-606.21
(q) "PARTICIPATING UTILITY" HAS THE MEANING SET FORTH IN22
SECTION 24-38.5-602 (9).23
(r) "PERFORMANCE STANDARDS" HAS THE MEANING SET FORTH IN24
SECTION 25-7-142 (2)(s).25
(s) "UTILITY" HAS THE MEANING SET FORTH IN SECTION26
24-38.5-602 (13).27
1268
-29- (3) Enterprise created - loan from the office - repayment.1
(a) THE BUILDING DECARBONIZATION ENTERPRISE IS CREATED IN THE2
OFFICE AND EXERCISES ITS POWERS AND PERFORMS ITS DUTIES AND3
FUNCTIONS AS A GOVERNMENT-OWNED BUSINESS IN THE OFFICE TO4
EXECUTE ITS BUSINESS PURPOSES SET FORTH IN THIS SUBSECTION (3). THE5
ENTERPRISE IS CREATED FOR THE PURPOSES OF :6
(I) IMPOSING AND ASSESSING A BUILDING DECARBONIZATION FEE7
ON OWNERS OF COVERED BUILDINGS ;8
(II) PROVIDING TECHNICAL ASSISTANCE, FINANCING, AND OTHER9
PROGRAMMATIC SUPPORT FOR COVERED BUILDING OWNERS' BUILDING10
DECARBONIZATION MEASURES, INCLUDING, BUT NOT LIMITED TO,11
CONDUCTING BUILDING ENERGY AUDITS, DEVELOPING ANALYSES TO HELP12
BUILDING OWNERS EVALUATE THE BEST STRATEGIES FOR ACHIEVING13
FUTURE PERFORMANCE STANDARD TARGETS, CONSULTING BUILDING14
ENGINEERS, PURCHASING ENERGY USE TRACKING SOFTWARE , AND15
PROVIDING TRAINING ON SUCH SOFTWARE ;16
(III) HAVING AND EXERCISING ALL RIGHTS AND POWERS17
NECESSARY OR INCIDENTAL TO OR IMPLIED FROM THE SPECIFIC POWERS18
AND DUTIES GRANTED UNDER THIS SECTION ;19
(IV) ENSURING THAT THE BUILDING DECARBONIZATION FEE PAID20
BY COVERED BUILDING OWNERS IS USED SOLELY TO SUPPORT PROGRAMS,21
TECHNICAL ASSISTANCE, AND FINANCIAL ASSISTANCE FOR THE COVERED22
BUILDING OWNERS THAT PAY THE BUILDING DECARBONIZATION FEE ;23
(V) IMPOSING AND ASSESSING AN ON-BILL PROGRAM24
ADMINISTRATION FEE ON UTILITIES OR UTILITY -DESIGNATED25
ADMINISTRATORS THAT SEEK FINANCING FROM THE ON -BILL CASH FUND26
TO DEVELOP OR EXPAND THEIR ON-BILL PROGRAMS;27
1268
-30- (VI) PROVIDING TECHNICAL ASSISTANCE AND OTHER1
PROGRAMMATIC SUPPORT, AS NECESSARY, TO PARTICIPATING UTILITIES2
SEEKING TO ESTABLISH OR EXPAND AN ON-BILL PROGRAM. THE AMOUNT3
OF TECHNICAL ASSISTANCE AND OTHER PROGRAMMATIC SUPPORT4
PROVIDED IS COMMENSURATE WITH THE AMOUNT OF FINANCIAL SUPPORT5
LOANED TO A PARTICIPATING UTILITY OR ITS UTILITY -DESIGNATED6
ADMINISTRATOR FROM THE ON -BILL CASH FUND AND INCLUDES:7
(A)  DEVELOPING A FULL SET OF ON-BILL PROGRAM MODELS,8
INCLUDING MODELS THAT ARE RUN BY THIRD-PARTY OPT-IN PROGRAMS9
THAT PARTICIPATING UTILITIES ADOPT;10
(B)  ASSISTING UTILITIES IN MEETING REPORTING OBLIGATIONS ; 11
(C)  PROVIDING TECHNICAL ASSISTANCE FOR THE IMPLEMENTATION12
AND ADMINISTRATION OF ON-BILL PROGRAMS; AND13
(D) PROVIDING CONSUMER EDUCATION AND MARKETING SUPPORT14
TO INCREASE CUSTOMER PARTICIPATION IN THE PARTICIPATING UTILITIES'15
ON-BILL PROGRAMS; AND16
(VII) ENSURING THAT THE ON-BILL PROGRAM ADMINISTRATION17
FEE THAT A UTILITY OR ITS UTILITY-DESIGNATED ADMINISTRATOR PAYS IS18
USED SOLELY TO SUPPORT ON-BILL PROGRAM DESIGNS AND TECHNICAL19
ASSISTANCE FOR THE PARTICIPATING UTILITIES THAT PAY THE20
ADMINISTRATION FEE.21
(b) THE BOARD, IN CONSULTATION WITH THE OFFICE, SHALL22
ADMINISTER THE ENTERPRISE IN ACCORDANCE WITH THIS SECTION .23
(c) (I) THE ENTERPRISE CONSTITUTES AN ENTERPRISE FOR24
PURPOSES OF SECTION 20 OF ARTICLE X OF THE STATE CONSTITUTION SO25
LONG AS IT RETAINS THE AUTHORITY TO ISSUE REVENUE B ONDS AND26
RECEIVES LESS THAN TEN PERCENT OF ITS TOTAL REVENUES IN GRANTS, AS27
1268
-31- DEFINED IN SECTION 24-77-102 (7), FROM ALL COLORADO STATE AND1
LOCAL GOVERNMENTS COMBINED. SO LONG AS IT CONSTITUTES AN2
ENTERPRISE, THE ENTERPRISE IS NOT SUBJECT TO SECTION 20 OF ARTICLE3
X OF THE STATE CONSTITUTION.4
(II) THE ENTERPRISE IS AUTHORIZED TO ISSUE REVENUE BONDS FOR5
THE EXPENSES OF THE ENTERPRISE, SECURED BY REVENUE OF THE6
ENTERPRISE.7
(d) (I) THE OFFICE MAY TRANSFER MONEY FROM ANY LEGALLY8
AVAILABLE SOURCE TO THE ENTERPRISE FOR THE PURPOSE OF DEFRAYING9
EXPENSES INCURRED BY THE ENTERPRISE BEFORE IT RECEIVES FEE10
REVENUE. THE ENTERPRISE MAY ACCEPT AND EXPEND ANY MONEY SO11
TRANSFERRED, AND, NOTWITHSTANDING ANY STATE FISCAL RULE OR12
GENERALLY ACCEPTED ACCOUNTING PRINCIPLE THAT COULD OTHERWISE13
BE INTERPRETED TO REQUIRE A CONTRARY CONCLUSION, SUCH A14
TRANSFER IS A LOAN FROM THE OFFICE TO THE ENTERPRISE THAT IS15
REQUIRED TO BE REPAID AND IS NOT A GRANT FOR PURPOSES OF SECTION16
20 (2)(d) OF ARTICLE X OF THE STATE CONSTITUTION OR AS DEFINED IN17
SECTION 24-77-102 (7).18
(II) AS THE ENTERPRISE RECEIVES SUFFICIENT REVENUE IN EXCESS19
OF ITS EXPENSES, THE ENTERPRISE SHALL REIMBURSE THE OFFICE FOR THE20
PRINCIPAL AMOUNT OF ANY LOAN MADE BY THE OFFICE, PLUS INTEREST AT21
A RATE AGREED UPON BY THE OFFICE AND THE ENTERPRISE , BUT NOT TO22
EXCEED THREE PERCENT.23
(4)  Enterprise board of directors created - membership -24
duties - repeal. (a) THE ENTERPRISE BOARD OF DIRECTORS IS CREATED TO25
ADMINISTER THE ENTERPRISE. THE BOARD CONSISTS OF THE FOLLOWING26
SEVEN MEMBERS:27
1268
-32- (I) THE FOLLOWING FOUR MEMBERS APPOINTED BY THE GOVERNOR1
AND CONFIRMED BY THE SENATE :2
(A)  A REPRESENTATIVE OF COVERED BUILDING OWNERS ;3
(B) AN EXPERT IN BUILDING ENERGY EFFICIENCY AND4
DECARBONIZATION;5
(C) A LOCAL GOVERNMENT REPRESENTATIVE WITH EXPERTISE IN6
PLANNING OR ENERGY CODES ; AND7
(D)  A UTILITY REPRESENTATIVE;8
(II)  THE DIRECTOR OF THE OFFICE OR THE DIRECTOR 'S DESIGNEE;9
(III) THE EXECUTIVE DIRECTOR OF THE DEPARTMENT OF PUBLIC10
HEALTH AND ENVIRONMENT OR THE EXECUTIVE DIRECTOR 'S DESIGNEE;11
AND12
(IV) THE DIRECTOR OF THE PUBLIC UTILITIES COMMISSION OR THE13
DIRECTOR'S DESIGNEE.14
(b) (I) THE GOVERNOR SHALL APPOINT INITIAL MEMBERS TO THE15
BOARD PURSUANT TO SUBSECTION (4)(a)(I) OF THIS SECTION ON OR16
BEFORE SEPTEMBER 1, 2025.17
(II)  THIS SUBSECTION (4)(b) IS REPEALED, EFFECTIVE JULY 1, 2026.18
(c) (I) BOARD MEMBERS APPOINTED PURSUANT TO SUBSECTION19
(4)(a)(I) OF THIS SECTION SERVE THREE-YEAR TERMS. A BOARD MEMBER20
MAY SERVE AN UNLIMITED NUMBER OF TERMS .21
(II) NOTWITHSTANDING SUBSECTION (4)(c)(I) OF THIS SECTION,22
THE GOVERNOR SHALL MAKE THE INITIAL TERMS OF TWO OF THE BOARD23
MEMBERS WHO ARE APPOINTED PURSUANT TO SUBSECTION (4)(a)(I) OF24
THIS SECTION TWO YEARS.25
(d)  BOARD MEMBERS SERVING PURSUANT TO SUBSECTION (4)(a)(I)26
OF THIS SECTION MAY RECEIVE COMPENSATION FROM THE ENTERPRISE ON27
1268
-33- A PER DIEM BASIS FOR REASONABLE EXPENSES ACTUALLY INCURRED IN1
THE PERFORMANCE OF THEIR DUTIES .2
(e) (I)  THE CHAIR AND VICE-CHAIR OF THE BOARD ARE SELECTED3
BY THE MEMBERS OF THE BOARD IN ACCORDANCE WITH THE BOARD 'S4
BYLAWS.5
(II) (A) THE DIRECTOR OF THE OFFICE OR THE DIRECTOR 'S6
DESIGNEE SHALL CALL THE FIRST MEETING OF THE BOARD , AND THE BOARD7
SHALL SELECT THE CHAIR AND VICE-CHAIR AT THAT MEETING IN8
ACCORDANCE WITH SUBSECTION (4)(e)(I) OF THIS SECTION.9
(B) THIS SUBSECTION (4)(e)(II) IS REPEALED, EFFECTIVE JULY 1,10
2026.11
(5) Powers and duties of board - building decarbonization fee12
- on-bill program administration fee - rules. (a)  IN ADDITION TO ANY13
OTHER POWERS AND DUTIES SPECIFIED IN THIS SECTION, THE BOARD HAS14
THE FOLLOWING POWERS AND DUTIES ON BEHALF OF THE ENTERPRISE :15
(I) TO ADOPT PROCEDURES FOR CONDUCTING THE BOARD 'S16
AFFAIRS;17
(II) TO ENGAGE THE SERVICES OF CONTRACTORS , CONSULTANTS,18
THE DIVISION OF ADMINISTRATION DESCRIBED IN SECTION 25-1-102 (2)(a),19
AND THE STAFF OF THE OFFICE FOR PROFESSIONAL AND TECHNICAL20
ASSISTANCE AND ADVICE AND TO SUPPLY OTHER SERVICES RELATED TO21
THE CONDUCT OF THE AFFAIRS OF THE ENTERPRISE WITHOUT REGARD TO22
THE "PROCUREMENT CODE", ARTICLES 101 TO 112 OF TITLE 24. THE23
ENTERPRISE SHALL ENGAGE THE ATTORNEY GENERAL'S OFFICE FOR LEGAL24
SERVICES. THE ENTERPRISE MAY CONTRACT WITH THE OFFICE FOR THE25
PROVISION OF OFFICE SPACE AND ADMINISTRATIVE STAFF TO THE26
ENTERPRISE AT A FAIR MARKET RATE.27
1268
-34- (III) TO ESTABLISH AND ADMINISTER A PROGRAM THR OUGH WHICH1
OWNERS OF COVERED BUILDINGS MAY APPLY FOR , AND THE BOARD MAY2
REVIEW AND APPROVE APPLICATIONS FOR , FINANCING OR TECHNICAL3
ASSISTANCE FOR BUILDING DECARBONIZATION MEASURES , INCLUDING, BUT4
NOT LIMITED TO, PARTICIPATING IN PROGRAMS THAT HELP FINANCE5
ENERGY EFFICIENCY MEASURES, ELECTRIFICATION MEASURES, AND OTHER6
ENERGY UPGRADES; CONDUCTING BUILDING ENERGY AUDITS; EMPLOYING7
OR CONSULTING WITH BUILDING ENGINEERS ; AND PURCHASING ENERGY8
USE TRACKING SOFTWARE AND PROVIDING TRAINING ON SUCH SOFTWARE;9
(IV) TO IMPOSE THE BUILDING DECARBONIZATION FEE DESCRIBED10
IN SUBSECTION (5)(b) OF THIS SECTION;11
(V) IN ACCORDANCE WITH SUBSECTION (5)(c) OF THIS SECTION, TO12
IMPOSE THE ON-BILL PROGRAM ADMINISTRATION FEE ON UTILITIES OR13
UTILITY-DESIGNATED ADMINISTRATORS THAT SEEK FINANCING FROM THE14
ON-BILL CASH FUND TO DEVELOP OR EXPAND THEIR ON -BILL PROGRAMS;15
(VI) TO SEEK, ACCEPT, AND EXPEND GIFTS, GRANTS, AND16
DONATIONS IN SUPPORT OF SERVICES THAT THE ENTERPRISE PROVIDES TO17
COVERED BUILDING OWNERS FOR BUILDING DECARBONIZATION MEASURES18
OR TO PARTICIPATING UTILITIES FOR ON-BILL PROGRAMS;19
(VII) TO ESTABLISH AND ADMINISTER A PROGRAM THROUGH20
WHICH PARTICIPATING UTILITIES MAY RECEIVE ASSISTANCE FOR21
ESTABLISHING OR EXPANDING AN ON-BILL PROGRAM, WHICH PROGRAM22
INCLUDES:23
(A) DEVELOPING A FULL SET OF ON-BILL PROGRAM MODELS,24
INCLUDING MODELS THAT ARE RUN BY THIRD-PARTY OPT-IN ON-BILL25
PROGRAMS THAT PARTICIPATING UTILITIES ADOPT ;26
(B) ASSISTING UTILITIES IN MEETING REPORTING OBLIGATIONS SET27
1268
-35- FORTH IN SECTION 24-38.5-603 (6)(a);1
(C) PROVIDING TECHNICAL ASSISTANCE FOR THE IMPLEMENTATION2
AND ADMINISTRATION OF ON-BILL PROGRAMS; AND3
(D) PROVIDING CONSUMER EDUCATION AND MARKETING SUPPORT4
TO INCREASE CUSTOMER PARTICIPATION IN THE PARTICIPATING UTILITIES'5
ON-BILL PROGRAMS; AND6
(VIII) TO HAVE AND EXERCISE ALL RIGHTS AND POWERS7
NECESSARY OR INCIDENTAL TO OR IMPLIED FROM THE SPECIFIC POWERS8
AND DUTIES GRANTED BY THIS SECTION .9
(b) (I) BEGINNING IN STATE FISCAL YEAR 2026-27 AND IN10
FURTHERANCE OF THE ENTERPRISE 'S BUSINESS PURPOSES, THE BOARD11
SHALL ADOPT RULES FOR THE PURPOSE OF SETTING THE AMOUNT OF THE12
BUILDING DECARBONIZATION FEE AT THE MAXIMUM AMOUNT AUTHORIZED13
IN THIS SUBSECTION (5) TO BE IMPOSED UPON ALL COVERED BUILDING14
OWNERS; EXCEPT THAT THE FEE SHALL NOT BE IMPOSED ON THE OWNER OF15
A PUBLIC BUILDING, AS DEFINED IN SECTION 25-7-142 (2)(t). THE BOARD16
SHALL ONLY ADOPT RULES PURSUANT TO THIS SUBSECTION (5)(b)(I) AND17
SUBSECTION (5)(c)(I) OF THIS SECTION.18
(II) ON OR BEFORE NOVEMBER 1, 2025, AND ON OR BEFORE19
NOVEMBER 1 OF EACH YEAR THEREAFTER, AND EXCEPT AS PROVIDED IN20
SUBSECTION (5)(b)(III) OF THIS SECTION, EACH OWNER OF A COVERED21
BUILDING SHALL PAY A BUILDING DECARBONIZATION FEE IN AN AMOUNT22
OF FOUR HUNDRED DOLLARS, WHICH IS REASONABLY RELATED TO THE23
OVERALL COST OF THE PROVIDED SERVICES FUNDED BY THE BUILDING24
DECARBONIZATION FEE. THE FEE SHALL BE PAID TO THE OFFICE, WHICH25
SHALL COLLECT THE BUILDING DECARBONIZATION FEE ON BEHALF OF THE26
ENTERPRISE.27
1268
-36- (III) BEGINNING IN STATE FISCAL YEAR 2027-28, THE BOARD MAY1
INCREASE THE BUILDING DECARBONIZATION FEE FROM THE PREVIOUS2
YEAR'S BUILDING DECARBONIZATION FEE AMOUNT, AS ADJUSTED FOR3
INFLATION AND, ON OR BEFORE MARCH 15 OF EACH OF THE STATE FISCAL4
YEARS THEREAFTER, SHALL NOTIFY THE OFFICE OF THE ADJUSTED AMOUNT5
OF THE BUILDING DECARBONIZATION FEE , IF THE BUILDING6
DECARBONIZATION FEE HAS BEEN ADJUSTED. ON OR BEFORE APRIL 15 OF7
EACH OF THE STATE FISCAL YEARS THEREAFTER, THE ENTERPRISE SHALL8
PUBLISH THE UPDATED AMOUNT OF THE BUILDING DECARBONIZATION FEE9
ON THE ENTERPRISE'S WEBSITE.10
(IV)  NOTWITHSTANDING SUBSECTION (5)(b)(I) OF THIS SECTION,11
THE BOARD SHALL NOT SET THE BUILDING DECARBONIZATION FEE IN AN12
AMOUNT HIGHER THAN THAT AUTHORIZED BY SUBSECTIONS (5)(b)(II) AND13
(5)(b)(III) OF THIS SECTION.14
(V) MONEY COLLECTED AS A BUILDING DECARBONIZATION FEE15
SHALL BE CREDITED TO THE BUILDING DECARBONIZATION ENTERPRISE16
CASH FUND.17
(VI) MONEY COLLECTED BY THE OFFICE FOR TRANSFER TO THE18
BUILDING DECARBONIZATION FUND PURSUANT TO SUBSECTION (5)(b)(V)19
OF THIS SECTION:20
(A)  IS COLLECTED ON BEHALF OF THE ENTERPRISE ;21
(B) IS HELD TEMPORARILY BY THE OFFICE AND THE STATE22
TREASURER SOLELY FOR THE PURPOSE OF TRANSFERRING THE MONEY TO23
THE BUILDING DECARBONIZATION FUND FOR USE BY THE ENTERPRISE; AND24
(D) BASED ON THE ENTERPRISE'S STATUS AS AN ENTERPRISE, IS25
NOT SUBJECT TO SECTION 20 OF ARTICLE X OF THE STATE CONSTITUTION26
AT ANY TIME DURING THE MONEY 'S COLLECTION, TRANSFER, AND USE.27
1268
-37- (c) (I) BEGINNING IN STATE FISCAL YEAR 2025-26, AND IN1
FURTHERANCE OF THE ENTERPRISE 'S BUSINESS PURPOSES, THE BOARD2
SHALL ADOPT RULES FOR THE PURPOSE OF SETTING THE AMOUNT OF THE3
ON-BILL PROGRAM ADMINISTRATION FEE AT OR BELOW THE MAXIMUM4
AMOUNT AUTHORIZED IN THIS SUBSECTION (5)(c) TO BE IMPOSED ON5
PARTICIPATING UTILITIES. TO ENSURE THAT THE ON -BILL PROGRAM6
ADMINISTRATION FEE FOR EACH PARTICIPATING UTILITY IS REASONABLY7
RELATED TO THE SERVICES PROVIDED BY THE ENTERPRISE , THE BOARD8
SHALL SET THE ADMINISTRATION FEE WITHIN THE RANGES SPECIFIED IN9
SUBSECTION (5)(c)(II) OF THIS SECTION BASED ON CRITERIA INCLUDING :10
(A) THE ANTICIPATED SIZE OF THE PROPOSED ON-BILL PROGRAM;11
(B)  THE NUMBER AND AMOUNT OF SERVICES THAT THE ENTERPRISE12
INTENDS TO PROVIDE TO PARTICIPATING UTILITIES BASED ON THE SIZE OF13
THE LOAN;14
(C)  WHETHER THE PARTICIPATING UTILITY IS SEEKING TO15
ESTABLISH A NEW ON-BILL PROGRAM OR EXPAND AN EXISTING ON -BILL16
PROGRAM; AND17
(D) THE ESTIMATED NUMBER OF CUSTOMERS IN EACH RATE CLASS18
FORECASTED TO PARTICIPATE IN THE ON-BILL PROGRAM.19
(II) EXCEPT AS PROVIDED IN SUBSECTION (5)(c)(IV) OF THIS20
SECTION, A PARTICIPATING UTILITY SHALL PAY THE ON-BILL PROGRAM21
ADMINISTRATION FEE TO THE ENTERPRISE ON OR BEFORE NOVEMBER 1,22
2025, AND ON OR BEFORE NOVEMBER 1 OF EACH YEAR THEREAFTER, SO23
LONG AS THE PARTICIPATING UTILITY IS ESTABLISHING, MAINTAINING, OR24
EXPANDING ITS ON -BILL PROGRAM . THE ON-BILL PROGRAM25
ADMINISTRATION FEE MUST BE BASED ON THE AMOUNT OF THE MONEY26
LOANED TO THE PARTICIPATING UTILITY OR A UTILITY-DESIGNATED27
1268
-38- ADMINISTRATOR FROM THE ON -BILL CASH FUND AS FOLLOWS:1
(A) IF THE PARTICIPATING UTILITY OR ITS UTILITY-DESIGNATED2
ADMINISTRATOR BORROWS TEN MILLION DOLLARS OR LESS FROM THE3
ON-BILL CASH FUND, THE ADMINISTRATION FEE SHALL BE IMPOSED IN AN4
AMOUNT OF UP TO FIFTY THOUSAND DOLLARS ;5
(B) IF THE PARTICIPATING UTILITY OR ITS UTILITY-DESIGNATED6
ADMINISTRATOR BORROWS MORE THAN TEN MILLION DOLLARS BUT7
TWENTY MILLION DOLLARS OR LESS FROM THE ON-BILL CASH FUND, THE8
ADMINISTRATION FEE SHALL BE IMPOSED IN AN AMOUNT BETWEEN FIFTY9
THOUSAND DOLLARS AND SEVENTY -FIVE THOUSAND DOLLARS;10
(C) IF THE PARTICIPATING UTILITY OR ITS UTILITY-DESIGNATED11
ADMINISTRATOR BORROWS MORE THAN TWENTY MILLION DOLLARS BUT12
FORTY MILLION DOLLARS OR LESS FROM THE ON-BILL CASH FUND, THE13
ADMINISTRATION FEE SHALL BE IMPOSED IN AN AMOUNT BETWEEN14
SEVENTY-FIVE THOUSAND DOLLARS AND ONE HUNDRED THOUSAND15
DOLLARS;16
(D) IF THE PARTICIPATING UTILITY OR ITS UTILITY-DESIGNATED17
ADMINISTRATOR BORROWS MORE THAN FORTY MILLION DOLLARS BUT18
SIXTY MILLION DOLLARS OR LESS FROM THE ON-BILL CASH FUND, THE19
ADMINISTRATION FEE SHALL BE IMPOSED IN AN AMOUNT BETWEEN ONE20
HUNDRED THOUSAND DOLLARS AND TWO HUNDRED THOUSAND DOLLARS;21
(E) IF A PARTICIPATING UTILITY OR ITS UTILITY -DESIGNATED22
ADMINISTRATOR BORROWS MORE THAN SIXTY MILLION DOLLARS BUT23
EIGHTY MILLION DOLLARS OR LESS FROM THE ON -BILL CASH FUND, THE24
ADMINISTRATION FEE SHALL BE IMPOSED IN AN AMOUNT BETWEEN TWO25
HUNDRED THOUSAND DOLLARS AND THREE HUNDRED THOUSAND26
DOLLARS; AND27
1268
-39- (F) IF A PARTICIPATING UTILITY OR ITS UTILITY -DESIGNATED1
ADMINISTRATOR BORROWS MORE THAN EIGHTY MILLION DOLLARS FROM2
THE ON-BILL CASH FUND, THE ADMINISTRATION FEE SHALL BE IMPOSED IN3
AN AMOUNT BETWEEN THREE HUNDRED THOUSAND DOLLARS AND FOUR4
HUNDRED THOUSAND DOLLARS .5
(III) THE FEE RANGES PRESCRIBED IN SUBSECTION (5)(c)(II) OF6
THIS SECTION ARE REASONABLY RELATED TO THE OVERALL COST OF THE7
SERVICES PROVIDED. THE COST OF SERVICES TO FEE PAYERS THAT RECEIVE8
LARGER LOANS IS HIGHER BECAUSE PARTICIPATING UTILITIES THAT9
RECEIVE LARGER LOANS WILL REQUIRE GREATER SERVICES FROM THE10
ENTERPRISE, INCLUDING SERVICES FOR TECHNICAL SUPPORT, PROGRAM11
DEVELOPMENT, AND RATE IMPACT MODELING FOR LARGER AND MORE12
COMPLEX ON-BILL PROGRAMS.13
(IV) A PARTICIPATING UTILITY OR ITS UTILITY-DESIGNATED14
ADMINISTRATOR SHALL BEGIN PAYING THE APPLICABLE ADMINISTRATION15
FEE TO THE ENTERPRISE ON OR BEFORE THE FIRST NOVEMBER 1 THAT16
FOLLOWS THE UTILITY'S OR ITS UTILITY-DESIGNATED ADMINISTRATOR'S17
EXECUTION OF A LOAN AGREEMENT WITH THE OFFICE .18
(V) BEGINNING IN STATE FISCAL YEAR 2026-27, THE BOARD MAY19
INCREASE THE ADMINISTRATION FEE FROM THE PREVIOUS YEAR 'S20
ADMINISTRATION FEE IN AN AMOUNT ADJUSTED FOR INFLATION. IN21
EVALUATING THE FEE, THE BOARD MAY ALSO CONSIDER WHETHER THE22
ADMINISTRATION FEE SHOULD BE BASED ON THE ORIGINAL LOAN AMOUNT23
BORROWED OR ON THE PRINCIPAL HELD BY THE UTILITY OR ITS24
UTILITY-DESIGNATED ADMINISTRATOR. IN MAKING THIS EVALUATION, THE25
BOARD SHALL CONSIDER THE LEVEL OF FEE NEEDED TO ADMINISTER THE26
ON-BILL PROGRAM. ON OR BEFORE MARCH 15, 2026, AND ON OR BEFORE27
1268
-40- MARCH 15 OF EACH YEAR THEREAFTER, THE BOARD SHALL NOTIFY THE1
OFFICE OF THE ADJUSTED AMOUNT OF THE ADMINISTRATION FEE IF THE2
ADMINISTRATION FEE HAS BEEN ADJUSTED FOR INFLATION , AND, ON OR3
BEFORE APRIL 15, 2026, AND ON OR BEFORE APRIL 15 OF EACH YEAR4
THEREAFTER, THE BOARD SHALL PUBLISH THE UPDATED AMOUNT OF THE5
ADMINISTRATION FEE ON THE ENTERPRISE 'S WEBSITE.6
(VI)  MONEY COLLECTED AS AN ON-BILL PROGRAM7
ADMINISTRATION FEE SHALL BE CREDITED TO THE ON -BILL PROGRAM8
ADMINISTRATION CASH FUND .9
(6) Building decarbonization enterprise cash fund - creation10
- gifts, grants, and donations - repeal. (a) THE BUILDING11
DECARBONIZATION ENTERPRISE CASH FUND IS CREATED IN THE STATE12
TREASURY. THE BUILDING DECARBONIZATION FUND CONSISTS OF :13
(I) MONEY RECEIVED FROM A BUILDING DECARBONIZATION FEE14
IMPOSED PURSUANT TO SUBSECTION (5)(b) OF THIS SECTION;15
(II) ANY MONEY THAT THE ENTERPRISE RECEIVES AS GIFTS,16
GRANTS, AND DONATIONS IN SUPPORT OF SERVICES THAT THE ENTERPRISE17
PROVIDES TO COVERED BUILDING OWNERS FOR BUILDING18
DECARBONIZATION MEASURES ;19
(III) ANY MONEY RECEIVED FROM THE ISSUANCE OF REVENUE20
BONDS, AS DESCRIBED IN SUBSECTION (3)(c)(II) OF THIS SECTION; AND21
(IV) ANY OTHER MONEY THAT THE GENERAL ASSEMBLY MAY22
APPROPRIATE OR TRANSFER TO THE FUND .23
(b) (I) SECTION 24-77-108 DOES NOT APPLY TO THE ENTERPRISE24
BECAUSE THE TOTAL AMOUNT OF MONEY CREDITED OR APPROPRIATED TO25
THE BUILDING DECARBONIZATION FUND AND THE ON -BILL PROGRAM26
ADMINISTRATION CASH FUND AS A FEE SHALL NOT EXCEED ONE HUNDRED27
1268
-41- MILLION DOLLARS IN THE FIRST FIVE FISCAL YEARS OF THE ENTERPRISE'S1
EXISTENCE.2
(II) THIS SUBSECTION (6)(b) IS REPEALED, EFFECTIVE JULY 1, 2031.3
(c) SUBJECT TO ANNUAL APPROPRIATION BY THE GENERAL4
ASSEMBLY, THE ENTERPRISE MAY EXPEND MONEY FROM THE BUILDING5
DECARBONIZATION ENTERPRISE CASH FUND FOR THE PURPOSES SET FORTH6
IN THIS SECTION AND TO PAY THE ENTERPRISE'S REASONABLE AND7
NECESSARY OPERATING EXPENSES. THE STATE TREASURER SHALL CREDIT8
ALL INTEREST AND INCOME DERIVED FROM THE DEPOSIT AND INVESTMENT9
OF MONEY IN THE BUILDING DECARBONIZATION FUND TO THE BUILDING10
DECARBONIZATION FUND.11
(d) ANY UNEXPENDED AND UNENCUMBERED MONEY REMAINING12
IN THE BUILDING DECARBONIZATION FUND AT THE END OF A FISCAL YEAR13
REMAINS IN THE BUILDING DECARBONIZATION FUND AND IS NOT CREDITED14
OR TRANSFERRED TO THE GENERAL FUND .15
(7) Legislative review of building decarbonization enterprise.16
ON OR BEFORE DECEMBER 1 OF EACH YEAR, THE ENTERPRISE SHALL17
SUBMIT AN ANNUAL REPORT TO THE GENERAL ASSEMBLY DETAILING THE18
ENTERPRISE'S EXPENDITURES AND PROGRAM OUTCOMES FROM THE19
PRECEDING YEAR AND THE ENTERPRISE'S FINANCIAL PROJECTIONS FOR THE20
FOLLOWING YEAR.21
(8) On-bill program administration cash fund - creation -22
gifts, grants, and donations - repeal. (a) THE ON-BILL PROGRAM23
ADMINISTRATION CASH FUND IS CREATED IN THE STATE TREASURY . THE24
ADMINISTRATION FUND CONSISTS OF :25
(I) MONEY RECEIVED FROM AN ON -BILL PROGRAM26
ADMINISTRATION FEE IMPOSED PURSUANT TO SUBSECTION (5)(c) OF THIS27
1268
-42- SECTION;1
(II) ANY MONEY THAT THE ENTERPRISE RECEIVES AS GIFTS,2
GRANTS, AND DONATIONS IN SUPPORT OF SERVICES THAT THE ENTERPRISE3
PROVIDES TO PARTICIPATING UTILITIES FOR ON-BILL PROGRAMS;4
(III) ANY MONEY RECEIVED FROM THE ISSUANCE OF REVENUE5
BONDS AS DESCRIBED IN SUBSECTION (3)(c)(II) OF THIS SECTION; AND6
(IV) ANY OTHER MONEY THAT THE GENERAL ASSEMBLY MAY7
APPROPRIATE OR TRANSFER TO THE ADMINISTRATION FUND .8
(b) (I) SECTION 24-77-108 DOES NOT APPLY TO THE ENTERPRISE9
BECAUSE THE TOTAL AMOUNT OF MONEY CREDITED OR APPROPRIATED TO10
THE ON-BILL PROGRAM ADMINISTRATION CASH FUND AND THE BUILDING11
DECARBONIZATION ENTERPRISE CASH FUND SHALL NOT EXCEED ONE12
HUNDRED MILLION DOLLARS IN THE FIRST FIVE YEARS OF THE ENTERPRISE 'S13
EXISTENCE.14
(II) THIS SUBSECTION (8)(b) IS REPEALED, EFFECTIVE JULY 1, 2031.15
(c) SUBJECT TO ANNUAL APPROPRIATION BY THE GENERAL16
ASSEMBLY, THE ENTERPRISE MAY EXPEND MONEY FROM THE ON-BILL17
PROGRAM ADMINISTRATION CASH FUND FOR THE PURPOSES SET FORTH IN18
THIS SECTION AND TO PAY THE ENTERPRISE'S REASONABLE AND19
NECESSARY OPERATING EXPENSES. THE STATE TREASURER SHALL CREDIT20
ALL INTEREST AND INCOME DERIVED FROM THE DEPOSIT AND INVESTMENT21
OF MONEY IN THE ON-BILL PROGRAM ADMINISTRATION CASH FUND TO THE22
ON-BILL PROGRAM ADMINISTRATION FUND .23
(d) ANY UNEXPENDED AND UNENCUMBERED MONEY REMAINING24
IN THE ON-BILL PROGRAM ADMINISTRATION CASH FUND AT THE END OF A25
FISCAL YEAR REMAINS IN THE ON-BILL PROGRAM ADMINISTRATION CASH26
FUND AND IS NOT CREDITED OR TRANSFERRED TO THE GENERAL FUND .27
1268
-43- SECTION 5. In Colorado Revised Statutes, add 24-36-125 as1
follows:2
24-36-125. On-bill financing tax credits - authorization to3
issue - terms - use of tax credits - carry over - on-bill financing fund4
- creation - definitions - repeal. (1) Definitions. AS USED IN THIS5
SECTION, UNLESS THE CONTEXT OTHERWISE REQUIRES :6
(a) "APPLICABLE FORECAST" MEANS EITHER THE QUARTERLY7
DECEMBER REVENUE FORECAST PREPARED BY LEGISLATIVE COUNCIL8
STAFF OR THE QUARTERLY DECEMBER REVENUE FORECAST PREPARED BY9
THE OFFICE OF STATE PLANNING AND BUDGETING IN THE DECEMBER10
IMMEDIATELY PRECEDING THE APPLICABLE STATE FISCAL YEAR, AS11
DETERMINED BY WHICH IMMEDIATELY PRECEDING MARCH FORECAST THE12
JOINT BUDGET COMMITTEE OF THE GENERAL ASSEMBLY USED IN THE13
PREPARATION OF THE STATE BUDGET .14
(b) "DEPARTMENT" MEANS THE DEPARTMENT OF THE TREASURY.15
(c)  "FORECAST" MEANS THE QUARTERLY JUNE REVENUE FORECAST16
PREPARED BY THE OFFICE OF STATE PLANNING AND BUDGETING IN JUNE17
2025.18
(d) "NONEXEMPT REVENUE" MEANS, FOR THE APPLICABLE STATE19
FISCAL YEAR, THE REVENUE THAT IS IDENTIFIED AS NONEXEMPT TABOR20
REVENUES IN THE ANNUAL COMPREHENSIVE FINANCIAL REPORT PUBLISHED21
BY THE OFFICE OF THE STATE CONTROLLER .22
(e) "ON-BILL FINANCING FUND" MEANS THE ON-BILL FINANCING23
FUND CREATED IN SUBSECTION (7) OF THIS SECTION.24
(f)  "ON-BILL FINANCING TAX CREDIT" OR "TAX CREDIT" MEANS THE25
TAX CREDIT AUTHORIZED IN SUBSECTION (2) OF THIS SECTION.26
(g) "PREMIUM TAX LIABILITY" MEANS THE LIABILITY IMPOSED BY27
1268
-44- SECTION 10-3-209 OR 10-6-128 OR, IN THE CASE OF A REPEAL OR1
REDUCTION BY THE STATE OF THE LIABILITY IMPOSED BY SECTION2
10-3-209 OR 10-6-128, ANY OTHER PREMIUM TAX LIABILITY IMPOSED3
UPON AN INSURANCE COMPANY BY THE STATE .4
(h) (I)  "QUALIFIED TAXPAYER" MEANS AN INSURANCE COMPANY5
AUTHORIZED TO DO BUSINESS IN COLORADO THAT HAS PREMIUM TAX6
LIABILITY OWING TO THE STATE AND THAT PURCHASES A TAX CREDIT7
UNDER THIS SECTION.8
(II) "QUALIFIED TAXPAYER" INCLUDES AN INSURANCE COMPANY9
THAT RECEIVES OR ASSUMES A TAX CREDIT TRANSFER .10
(i) "REF C CAP" MEANS THE LIMIT ON STATE FISCAL YEAR11
SPENDING FROM SECTION 20 OF ARTICLE X OF THE STATE CONSTITUTION,12
AS MODIFIED BY REFERENDUM C.13
(j) "TABOR" MEANS SECTION 20 OF ARTICLE X OF THE STATE14
CONSTITUTION.15
(k) "TAX CREDIT SALE PROCEEDS" OR "SALE PROCEEDS" MEANS16
THE MONEY OR OTHER LIQUID ASSET ACCEPTABLE TO THE STATE17
TREASURER THAT A QUALIFIED TAXPAYER PAYS TO THE DEPARTMENT18
THAT IS DEPOSITED IN THE ON-BILL FINANCING FUND.19
(2) On-bill financing tax credits. (a) SUBJECT TO SUBSECTIONS20
(2)(b) AND (2)(c) OF THIS SECTION, A QUALIFIED TAXPAYER MAY21
PURCHASE ON-BILL FINANCING TAX CREDITS FROM THE DEPARTMENT IN22
ACCORDANCE WITH THIS SECTION AND MAY APPLY THE TAX CREDITS23
AGAINST THE QUALIFIED TAXPAYER'S PREMIUM TAX LIABILITY IN24
ACCORDANCE WITH SUBSECTION (6) OF THIS SECTION.25
(b) IF THE FORECAST SHOWS THAT THE STATE 'S NONEXEMPT26
REVENUE FOR THE 2025-26 STATE FISCAL YEAR IS AT LEAST FIFTY MILLION27
1268
-45- DOLLARS UNDER THE REF C CAP:1
(I) THE DEPARTMENT IS REQUIRED TO ISSUE TAX CREDIT2
CERTIFICATES TO QUALIFIED TAXPAYERS WITH TOTAL SALE PROCEEDS OF3
AT LEAST TWENTY-FIVE MILLION DOLLARS IN STATE FISCAL YEAR 2025-26;4
AND5
(II) THE TAX CREDIT SALE PROCEEDS DEPOSITED INTO THE ON-BILL6
FINANCING FUND PURSUANT TO SUBSECTION (5) OF THIS SECTION SHALL BE7
USED TO FINANCE UTILITIES' ON-BILL PROGRAMS PURSUANT TO PART 6 OF8
ARTICLE 38.5 OF THIS TITLE 24. 9
(c) IF THE APPLICABLE FORECAST SHOWS THAT THE STATE 'S10
NONEXEMPT REVENUE FOR THE 2026-27 STATE FISCAL YEAR IS AT LEAST11
FIFTY MILLION DOLLARS UNDER THE REF C CAP:12
(I) THE DEPARTMENT IS REQUIRED TO ISSUE TAX CREDIT13
CERTIFICATES TO QUALIFIED TAXPAYERS WITH TOTAL SALE PROCEEDS OF14
AT LEAST TWENTY-FIVE MILLION DOLLARS IN STATE FISCAL YEAR 2026-27;15
AND16
(II) THE TAX CREDIT SALE PROCEEDS DEPOSITED INTO THE ON-BILL17
FINANCING FUND PURSUANT TO SUBSECTION (5) OF THIS SECTION SHALL BE18
USED TO FINANCE UTILITIES' ON-BILL PROGRAMS PURSUANT TO PART 6 OF19
ARTICLE 38.5 OF THIS TITLE 24.20
(d) THE DEPARTMENT MAY CONTRACT WITH AN INDEPENDENT21
THIRD PARTY TO CONDUCT OR CONSULT ON A BIDDING PROCESS AMONG22
QUALIFIED TAXPAYERS TO PURCHASE THE TAX CREDITS .23
(e) THE DEPARTMENT SHALL CONSULT WITH INSURANCE24
COMPANIES IN ADVANCE OF ISSUING ANY TAX CREDITS IN ACCORDANCE25
WITH THIS SECTION.26
(f) AN INSURANCE COMPANY AUTHORIZED TO DO BUSINESS IN27
1268
-46- COLORADO SEEKING TO PURCHASE TAX CREDITS MUST APPLY TO THE1
DEPARTMENT IN THE MANNER PRESCRIBED BY THE DEPARTMENT .2
(3) Procedure for obtaining a tax credit certificate. (a) USING3
PROCEDURES ADOPTED BY THE DEPARTMENT OR , IF APPLICABLE, BY AN4
INDEPENDENT THIRD PARTY, EACH INSURANCE COMPANY THAT SUBMITS5
AN APPLICATION FOR ON-BILL FINANCING TAX CREDITS SHALL MAKE A6
TIMELY AND IRREVOCABLE OFFER , CONTINGENT ONLY UPON THE7
DEPARTMENT'S ISSUANCE TO THE INSURANCE COMPANY OF THE TAX8
CREDIT CERTIFICATES, TO MAKE A SPECIFIED PURCHASE PAYMENT AMOUNT9
TO THE DEPARTMENT ON DATES SPECIFIED BY THE DEPARTMENT .10
(b)  THE OFFER MUST INCLUDE ALL OF THE FOLLOWING :11
(I) THE REQUESTED AMOUNT OF TAX CREDITS, WHICH AMOUNT12
MUST NOT BE LESS THAN ANY MINIMUM AMOUNT ESTABLISHED IN THE13
DEPARTMENT'S PROCEDURES OR, IF APPLICABLE, THE INDEPENDENT THIRD14
PARTY'S PROCEDURES;15
(II) THE QUALIFIED TAXPAYER'S PROPOSED TAX CREDIT PURCHASE16
AMOUNT FOR EACH TAX CREDIT DOLLAR REQUESTED ;17
(III) THE MINIMUM PROPOSED TAX CREDIT PURCHASE AMOUNT18
MUST BE EITHER:19
(A)  THE PERCENTAGE OF THE REQUESTED DOLLAR AMOUNT OF TAX20
CREDITS THAT THE DEPARTMENT OR, IF APPLICABLE, THE INDEPENDENT21
THIRD PARTY DETERMINES TO BE CONSISTENT WITH MARKET CONDITIONS22
AS OF THE OFFER DATE; OR23
(B) IF NO AMOUNT IS ESTABLISHED BY THE DEPARTMENT OR THE24
INDEPENDENT THIRD PARTY PURSUANT TO SUBSECTION (3)(b)(III)(A) OF25
THIS SECTION, SEVENTY-FIVE PERCENT OF THE REQUESTED DOLLAR26
AMOUNT OF TAX CREDITS; AND27
1268
-47- (IV) ANY OTHER INFORMATION THAT THE DEPARTMENT OR, IF1
APPLICABLE, THE INDEPENDENT THIRD PARTY REQUIRES .2
(c)  THE DEPARTMENT SHALL PROVIDE WRITTEN NOTICE TO EACH3
INSURANCE COMPANY THAT SUBMITS AN APPLICATION INDICATING4
WHETHER THE INSURANCE COMPANY HAS BEEN APPROVED AS A5
PURCHASER OF TAX CREDITS AND , IF SO, THE AMOUNT OF TAX CREDITS6
ALLOCATED AND THE DATE BY WHICH PAYMENT OF THE TAX CREDIT SALE7
PROCEEDS MUST BE MADE.8
(d)  ON RECEIPT OF PAYMENT OF THE SALE PROCEEDS , THE9
DEPARTMENT SHALL ISSUE TO EACH QUALIFIED TAXPAYER A TAX CREDIT10
CERTIFICATE. THE TAX CREDIT CERTIFICATE MUST STATE ALL OF THE11
FOLLOWING:12
(I) THE TOTAL AMOUNT OF PREMIUM TAX CREDITS THAT THE13
QUALIFIED TAXPAYER MAY CLAIM ;14
(II) THE AMOUNT THAT THE QUALIFIED TAXPAYER HAS PAID OR15
AGREED TO PAY IN RETURN FOR THE ISSUANCE OF THE TAX CREDIT16
CERTIFICATES AND THE DATE OF THE PAYMENT ;17
(III) THE DATES ON WHICH THE TAX CREDITS WILL BE AVAILABLE18
FOR USE BY THE QUALIFIED TAXPAYER ;19
(IV) ANY PENALTIES OR OTHER REMEDIES FOR NONCOMPLIANCE;20
(V) THE PROCEDURES TO BE USED FOR TRANSFERRING OR21
ASSUMING THE TAX CREDITS IN ACCORDANCE WITH SUBSECTION (6)(d) OF22
THIS SECTION;23
(VI)  THE SERIAL NUMBER OF THE TAX CREDIT CERTIFICATE; AND24
(VII) ANY OTHER REQUIREMENTS DEEMED NECESSARY BY THE25
DEPARTMENT AS A CONDITION OF ISSUING THE TAX CREDIT CERTIFICATE.26
(4) Defaulted tax credits - reallocation process - penalty.27
1268
-48- (a) THE DEPARTMENT SHALL NOT ISSUE A TAX CREDIT CERTIFICATE TO A1
QUALIFIED TAXPAYER THAT FAILS TO PROVIDE THE TAX CREDIT SALE2
PROCEEDS WITHIN THE TIME THE DEPARTMENT SPECIFIES .3
(b) A QUALIFIED TAXPAYER THAT FAILS TO PROVIDE THE TAX4
CREDIT SALE PROCEEDS WITHIN THE TIME THE DEPARTMENT SPECIFIES IS5
SUBJECT TO A PENALTY EQUAL TO TEN PERCENT OF THE AMOUNT OF THE6
PURCHASE PRICE THAT REMAINS UNPAID. THE PENALTY SHALL BE PAID TO7
THE DEPARTMENT WITHIN THIRTY DAYS AFTER DEMAND .8
(c) THE DEPARTMENT MAY OFFER TO REALLOCATE THE DEFAULTED9
TAX CREDITS AMONG OTHER QUALIFIED TAXPAYERS SO THAT THE RESULT10
AFTER REALLOCATION IS THE SAME AS IF THE INITIAL ALLOCATION HAD11
BEEN PERFORMED WITHOUT CONSIDERING THE TAX CREDIT ALLOCATION12
TO THE DEFAULTING QUALIFIED TAXPAYER .13
(d) IF THE REALLOCATION OF TAX CREDITS UNDER SUBSECTION14
(4)(c) OF THIS SECTION RESULTS IN THE PAYMENT BY ANOTHER QUALIFIED15
TAXPAYER OF THE AMOUNT OF TAX CREDIT SALE PROCEEDS NOT PAID BY16
THE DEFAULTING QUALIFIED TAXPAYER, THE DEPARTMENT MAY WAIVE17
THE PENALTY IMPOSED UNDER SUBSECTION (4)(b) OF THIS SECTION.18
(e) A QUALIFIED TAXPAYER THAT FAILS TO PAY THE TAX CREDIT19
SALE PROCEEDS WITHIN THE TIME SPECIFIED MAY AVOID THE IMPOSITION20
OF THE PENALTY BY TRANSFERRING THE ALLOCATION OF TAX CREDITS TO21
A NEW OR EXISTING QUALIFIED TAXPAYER WITHIN THIRTY DAYS AFTER THE22
DUE DATE OF THE DEFAULTED INSTALLMENT. A TRANSFEREE OF AN23
ALLOCATION OF TAX CREDITS OF A DEFAULTING QUALIFIED TAXPAYER24
UNDER THIS SUBSECTION (4) SHALL AGREE TO PAY TAX CREDIT SALE25
PROCEEDS WITHIN FIVE DAYS AFTER THE DATE OF THE TRANSFER .26
(5) Deposit of tax credit sale proceeds into fund. THE STATE27
1268
-49- TREASURER SHALL DEPOSIT THE TAX CREDIT SALE PROCEEDS PROVIDED BY1
A QUALIFYING TAXPAYER IN RETURN FOR A TAX CREDIT CERTIFICATE INTO2
THE ON-BILL FINANCING FUND.3
(6)  Process for claiming tax credits - carry over authorized -4
tax credits are nonrefundable - transfer and assumption of tax credit.5
(a) (I) FOR A TAX CREDIT CERTIFICATE THAT THE DEPARTMENT ISSUES IN6
STATE FISCAL YEAR 2025-26, THE DEPARTMENT, IN CONSULTATION WITH7
THE OFFICE OF STATE PLANNING AND BUDGETING, PRIOR TO THE SALE, MAY8
DETERMINE THE CALENDAR YEARS IN WHICH THE QUALIFIED TAXPAYER9
MAY CLAIM THEIR CREDIT AGAINST PREMIUM TAX LIABILITY .10
(II)  FOR A TAX CREDIT CERTIFICATE THAT THE DEPARTMENT11
ISSUES IN STATE FISCAL YEAR 2026-27, THE DEPARTMENT, IN12
CONSULTATION WITH THE OFFICE OF STATE PLANNING AND BUDGETING,13
PRIOR TO THE SALE, MAY DETERMINE THE CALENDAR YEARS IN WHICH THE14
QUALIFIED TAXPAYER MAY CLAIM THEIR CREDIT AGAINST PREMIUM TAX15
LIABILITY.16
(b) THE TOTAL CREDIT THAT A QUALIFIED TAXPAYER MAY APPLY17
IN ANY ONE YEAR MUST NOT EXCEED THE PREMIUM TAX LIABILITY OF THE18
QUALIFIED TAXPAYER FOR THE TAXABLE YEAR . IF THE QUALIFIED19
TAXPAYER CANNOT USE THE ENTIRE AMOUNT OF THE TAX CREDIT FOR THE20
TAXABLE YEAR IN WHICH THE TAXPAYER IS ELIGIBLE FOR THE TAX CREDIT,21
THE EXCESS MAY BE CARRIED OVER TO SUCCEEDING TAXABLE YEARS AND22
USED AS A CREDIT AGAINST THE PREMIUM TAX LIABILITY OF THE23
TAXPAYER FOR THOSE TAXABLE YEARS; EXCEPT THAT THE CREDIT SHALL24
NOT BE CARRIED OVER TO ANY TAXABLE YEAR THAT BEGINS AFTER25
DECEMBER 31, 2035. ANY AMOUNT OF THE TAX CREDIT THAT IS NOT26
TIMELY CLAIMED EXPIRES AND IS NOT REFUNDABLE .27
1268
-50- (c) A QUALIFIED TAXPAYER CLAIMING A TAX CREDIT UNDER THIS1
SECTION SHALL:2
(I) SUBMIT THE TAX CREDIT CERTIFICATE ISSUED WITH THE3
QUALIFIED TAXPAYER'S TAX RETURN; AND4
(II) NOT BE REQUIRED TO PAY ANY ADDITIONAL OR RETALIATORY5
TAX AS A RESULT OF CLAIMING THE TAX CREDIT .6
(d) (I) IF A QUALIFIED TAXPAYER HOLDING AN UNCLAIMED TAX7
CREDIT IS PART OF A MERGER , ACQUISITION, OR LINE OF BUSINESS8
DIVESTITURE TRANSACTION, THE TAX CREDIT MAY BE TRANSFERRED TO9
AND ASSUMED BY THE RESULTING ENTITY IF THE RESULTING ENTITY IS AN10
INSURANCE COMPANY AUTHORIZED TO DO BUSINESS IN COLORADO AND11
HAS PREMIUM TAX LIABILITY.12
(II) THE QUALIFIED TAXPAYER THAT ORIGINALLY PURCHASED THE13
TAX CREDIT AND THE RESULTING ENTITY SHALL NOTIFY THE DEPARTMENT14
IN WRITING OF THE TRANSFER OR ASSUMPTION OF THE TAX CREDIT IN15
ACCORDANCE WITH PROCEDURES ADOPTED BY THE DEPARTMENT. THE16
DEPARTMENT SHALL PROVIDE A COPY OF THE NOTICE TO THE DIVISION OF17
INSURANCE IN THE DEPARTMENT OF REGULATORY AGENCIES AND SHALL18
MAINTAIN A RECORD OF THE TRANSFER OR ASSUMPTION OF THE TAX19
CREDIT. THE TRANSFER OR ASSUMPTION OF THE TAX CREDIT DOES NOT20
AFFECT THE TIME SCHEDULE FOR CLAIMING THE TAX CREDIT AS PROVIDED21
IN THIS SECTION.22
(7) On-bill financing fund - creation. THE ON-BILL FINANCING23
FUND IS CREATED IN THE STATE TREASURY. THE FUND CONSISTS OF TAX24
CREDIT SALE PROCEEDS RECEIVED FROM QUALIFIED TAXPAYERS AND25
DEPOSITED INTO THE FUND PURSUANT TO SUBSECTION (5) OF THIS SECTION.26
THE STATE TREASURER SHALL CREDIT ALL INTEREST AND INCOME DERIVED27
1268
-51- FROM THE DEPOSIT AND INVESTMENT OF MONEY IN THE ON-BILL FINANCE1
FUND TO THE FUND.2
(8) Repeal. THIS SECTION IS REPEALED, EFFECTIVE JULY 1, 2038.3
SECTION 6. In Colorado Revised Statutes, 24-75-402, amend4
(5)(jjj) and (5)(kkk); and add (5)(lll) as follows:5
24-75-402. Cash funds - limit on uncommitted reserves -6
reduction in the amount of fees - exclusions - definitions.7
(5)  Notwithstanding any provision of this section to the contrary, the8
following cash funds are excluded from the limitations specified in this9
section:10
(jjj) The employee ownership cash fund created in section11
39-22-542.5 (8); and12
(kkk) The community revitalization tax credit program cash fund13
created in section 39-22-569 (13); AND14
(lll)  THE ON-BILL FINANCING FUND CREATED IN SECTION 24-36-12515
(7).16
SECTION 7. Appropriation. (1) For the 2025-26 state fiscal17
year, $200,000 is appropriated to the office of the governor for use by the18
Colorado energy office. This appropriation is from the on-bill program19
administration cash fund created in section 24-38.5-123 (8)(a), C.R.S.,20
and is based on an assumption that the office will require an additional21
0.8 FTE. To implement this act, the office may use this appropriation for22
on-bill program administration.23
(2)  For the 2025-26 state fiscal year, $3,000,000 is appropriated24
to the office of the governor for use by the Colorado energy office. This25
appropriation is from the building decarbonization enterprise cash fund26
created in section 24-38.5-123 (6)(a), C.R.S. To implement this act, the27
1268
-52- office may use this appropriation for the building decarbonization1
enterprise.2
SECTION 8. Effective date. This act takes effect upon passage;3
except that subsection (2) of section 7 of this act takes effect only if4
House Bill 25-1269 does not become law.5
SECTION 9. Safety clause. The general assembly finds,6
determines, and declares that this act is necessary for the immediate7
preservation of the public peace, health, or safety or for appropriations for8
the support and maintenance of the departments of the state and state9
institutions.10
1268
-53-