First Regular Session
Seventy-fifth General Assembly
STATE OF COLORADO
REENGROSSED
This Version Includes All Amendments
Adopted in the House of Introduction
LLS NO. 25-0292.01 Pierce Lively x2059
SENATE BILL 25-081
Senate Committees House Committees
Finance
Appropriations
A BILL FOR AN ACT
C
ONCERNING PUBLIC FINANCING , AND, IN CONNECTION THEREWITH ,101
ESTABLISHING THE BUILDING URGENT INFRASTRUCTURE AND102
LEVERAGING DOLLARS AUTHORITY , MODIFYING THE STATE103
PUBLIC FINANCING CASH FUND , AND ALLOWING THE STATE104
TREASURER TO USE A SECURITY TOKEN OFFERING FOR STATE105
CAPITAL FINANCING.106
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
.)
Section 1 of the bill amends the state public financing cash fund
SENATE
3rd Reading Unamended
March 12, 2025
SENATE
Amended 2nd Reading
March 11, 2025
SENATE SPONSORSHIP
Bridges and Amabile, Ball, Kolker, Roberts
HOUSE SPONSORSHIP
Bird and Sirota,
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. (fund) statute in 2 ways. First, the bill removes the limit on the amounts
included in the issuance or incurrence of certain financial obligations by
the state that the state treasurer credits to the fund. Second, the bill
modifies the fund so that bond counsel approval is no longer needed
before money in the fund is used to reimburse the state treasurer for
certain verifiable costs.
Section 2 allows the state treasurer to use a security token offering
for state capital financing and adopt rules as necessary to do so.
Section 3 creates a new special purpose authority: The building
urgent infrastructure and leveraging dollars authority (authority). The
authority's primary purpose is to finance certain infrastructure projects
that are ready for construction or commencement. As used in this context,
an infrastructure project is a project that includes, but is not limited to, the
development, construction, repair, improvement, operation, maintenance,
decommissioning, or ownership of: A transportation facility; utility
infrastructure; renewable energy infrastructure; recycling infrastructure;
energy efficiency infrastructure; an education facility; water
infrastructure; affordable and accessible housing stock; or digital, social,
or other infrastructure related to economic development.
The powers of the authority are vested in a 9-member board with
the following membership:
! The state treasurer or the state treasurer's designee;
! The state architect or the state architect's designee;
! The chair of the capital development committee of the
general assembly or any successor committee;
! A member of the capital development committee of the
general assembly or any successor committee who is the
longest serving member on the committee and who is a
member of the major political party other than the party of
the chair of the committee;
! A representative of a statewide organization of general and
specialty commercial construction contractors, appointed
by the governor;
! A representative of a statewide employee organization
representing building and construction trade workers,
appointed by the president of the senate;
! An individual representing service employees;
! An individual with a background in finance who has
experience with pension fund management, appointed by
the state treasurer; and
! An individual with a background in finance who has
experience with bonds, appointed by the state treasurer.
The state treasurer or the state treasurer's designee shall serve as the chair
and shall call the first meeting of the board no later than January 1, 2026.
Among other powers, the authority may:
081
-2- ! Make and execute agreements, contracts, and other
instruments as necessary to achieve the authority's
purposes, including contracting with the officers,
personnel, and consultants of the state treasurer to achieve
its purposes;
! Charge to and collect from state agencies and persons fees
and charges in connection with the authority's loans or
other services;
! Issue and sell building urgent infrastructure and leveraging
dollars bonds, payable solely from the building urgent
infrastructure and leveraging dollars bonding fund created
within the authority;
! Invest and deposit money; and
! Finance or participate in the financing of eligible projects
or any interest in such a project.
The infrastructure and long-term development assistance program
(program) is created in the authority to allow for the authority to provide
financing for eligible projects. The bill requires the authority to develop
policies and procedures necessary to implement the program. At a
minimum, the policies and procedures must specify application criteria,
an application process, and a selection process for the authority to
determine which eligible projects it will finance or assist in financing
through the program. The authority shall pay for such financing out of the
eligible project revolving fund created in the authority.
Be it enacted by the General Assembly of the State of Colorado:1
SECTION 1. In Colorado Revised Statutes, 24-36-121, amend2
(7) as follows:3
24-36-121. Authority to manage state public financing - state4
public financing cash fund - rules - legislative declaration -5
definitions. (7) (a) On and after July 1, 2012, the issuance or incurrence6
of every financial obligation by the state acting by and through a state7
agency that the state treasurer manages pursuant to subsection (4) of this8
section shall
MUST include, to the extent allowed by the internal revenue9
code, an amount determined by the state treasurer. not to exceed the lesser10
of one hundred thousand dollars or two percent of the principal proceeds11
081-3- of the issuance or incurrence to be paid to the state treasurer. The state1
treasurer shall credit the moneys MONEY to the state public financing cash2
fund, which is hereby created in the state treasury. The fund consists of3
moneys MONEY deposited in the fund pursuant to this paragraph (a)4
SUBSECTION (7)(a) and shall MUST be used solely for the purposes5
described in paragraph (b) of this subsection (7) SUBSECTION (7)(b) OF6
THIS SECTION. The moneys MONEY in the fund are IS continuously7
appropriated to the state treasurer. All unexpended and unencumbered8
moneys MONEY in the fund and all interest and income earned on the9
deposit and investment of moneys MONEY in the fund shall remain10
REMAINS in the fund and shall not revert to the general fund or any other11
fund at the end of a fiscal year.12
(b) To the extent permitted by bond counsel, The money in the13
state public financing cash fund shall be used to reimburse the state14
treasurer for verifiable costs incurred in performing or overseeing the15
state's primary issuance compliance and post-issuance compliance16
responsibilities over the term of a financial obligation, including17
complying with or monitoring compliance with the requirements of the18
internal revenue code, making public disclosures or continuing disclosure19
undertakings required pursuant to federal securities laws or ensuring that20
such disclosures are made, and performing or coordinating requirements21
in connection with the financial obligation. The state treasurer may also22
expend up to one hundred twenty-five thousand dollars from the state23
public financing cash fund to fund the completion of the study of the24
feasibility of using security token offerings for state capital financing25
required by section 24-36-121.5 (3).26
SECTION 2. In Colorado Revised Statutes, 24-36-121.5, add (4)27
081
-4- as follows:1
24-36-121.5. Use of security tokens for state capital financing2
- feasibility study - authorization of use - legislative declaration -3
definitions. (4) T
HE STATE TREASURER MAY USE A SECURITY TOKEN4
OFFERING FOR STATE CAPITAL FINANCING AND MAY ADOPT RULES AS5
NECESSARY TO IMPLEMENT THIS SECTION .6
SECTION 3. In Colorado Revised Statutes, add article 117 to7
title 24 as follows:8
ARTICLE 1179
The Building Urgent Infrastructure 10
and Leveraging Dollars Authority11
24-117-101. Short title. T
HE SHORT TITLE OF THIS ARTICLE 117 IS12
THE "COLORADO BUILD AUTHORITY ACT".13
24-117-102. Legislative declaration. (1) T
HE GENERAL14
ASSEMBLY FINDS AND DECLARES THAT :15
(a) C
OLORADO FACES SIGNIFICANT CHALLENGES ACCESSING AND16
LEVERAGING THE FUNDING NEEDED FOR CRITICAL INFRASTRUCTURE17
PROJECTS SPANNING FROM HOUSING TO WATER , ROADS TO BROADBAND,18
AND CLEAN ENERGY;19
(b) T
HE STATE ACKNOWLEDGES AND COMMENDS THE ONGOING20
WORK BY EXISTING INFRASTRUCTURE AUTHORITIES TO ADDRESS21
INFRASTRUCTURE NEEDS WHILE RECOGNIZING THE GROWING NEED TO22
ADDRESS THESE INFRASTRUCTURE DEFICIENCIES BY LEVERAGING CAPITAL23
AND FINANCING PROJECTS THAT WILL CREATE JOBS , PROMOTE ECONOMIC24
DEVELOPMENT, AND PROTECT THE ENVIRONMENT ;25
(c) I
T IS IMPERATIVE FOR THE STATE TO TAKE PROACTIVE26
MEASURES TO ALLOCATE RESOURCES EFFICIENTLY AND EFFECTIVELY27
081
-5- TOWARDS CRITICAL INFRASTRUCTURE PROJECTS THAT NOT ONLY MEET1
IMMEDIATE NEEDS BUT ALSO LAY THE FOUNDATION FOR SUSTAINABLE2
LONG-TERM DEVELOPMENT;3
(d) B
Y PRIORITIZING INFRASTRUCTURE PROJECTS WITH PROJECT4
LABOR AGREEMENTS, PREVAILING WAGE REQUIREMENTS, AND HIGH LABOR5
STANDARDS THAT ENSURE FAIR COMPENSATION AND RETIREMENT6
SECURITY, THE STATE NOT ONLY ENHANCES THE LIVELI HOODS OF ITS7
WORKERS BUT ALSO STIMULATES CONSUMER SPENDING , FOSTERS8
FINANCIAL STABILITY, AND DRIVES LONG-TERM ECONOMIC GROWTH ;9
(e) W
HEN A SERVICE CONTRACT EXPIRES AND A FOLLOW -ON10
CONTRACT IS AWARDED FOR THE SAME OR SIMILAR SERVICES , THE STATE'S11
PROCUREMENT INTERESTS IN ECONOMY AND EFFICIENCY ARE BEST SERVED12
WHEN THE SUCCESSOR CONTRACTOR OR SUBCONTRACTOR HIRES THE13
PREDECESSOR'S EMPLOYEES, THUS AVOIDING DISPLACEMENT OF THESE14
EMPLOYEES;15
(f) U
SING A CARRYOVER WORKFORCE REDUCES DISRUPTION IN THE16
DELIVERY OF SERVICES DURING THE PERIOD OF TRANSITION BETWEEN17
CONTRACTORS, MAINTAINS PHYSICAL AND INFORMATION SECURITY , AND18
PROVIDES THE STATE WITH THE BENEFITS OF AN EXPERIENCED AND19
WELL-TRAINED WORKFORCE THAT IS FAMILIAR WITH THE STATE 'S20
PERSONNEL, FACILITIES, AND REQUIREMENTS;21
(g) T
HE ESTABLISHMENT OF A DEDICATED FINANCING AUTHORITY ,22
THE BUILDING URGENT INFRASTRUCTURE AND LEVERAGING DOLLARS23
AUTHORITY, WILL PROVIDE THE NECESSARY FRAMEWORK TO LEVERAGE24
CAPITAL AND OFFER INNOVATIVE FINANCING FOR CRITICAL25
INFRASTRUCTURE PROJECTS;26
(h) T
HE BUILDING URGENT INFRASTRUCTURE AND LEVERAGING27
081
-6- DOLLARS AUTHORITY IS SPECIFICALLY FORMULATED TO LEVERAGE1
FEDERAL DOLLARS, SUCH AS FUNDING AVAILABLE UNDER THE BIPARTISAN2
INFRASTRUCTURE LAW, AND TO CREATIVELY MAXIMIZE STATE FUNDS FOR3
VITAL INFRASTRUCTURE NEEDS AND HAS SAFEGUARDS TO PREVENT THE4
PRIVATIZATION OF PUBLIC ASSETS; AND5
(i) T
HROUGH STRATEGIC INVESTMENTS AND COLLABORATIVE6
PARTNERSHIPS, THE BUILDING URGENT INFRASTRUCTURE AND LEVERAGING7
DOLLARS AUTHORITY WILL PLAY A PIVOTAL ROLE IN ACCELERATING THE8
IMPLEMENTATION OF VITAL INFRASTRUCTURE INITIATIVES , THEREBY9
ENHANCING THE OVERALL RESILIENCE, LIVABILITY, AND COMPETITIVENESS10
OF THE STATE'S COMMUNITIES.11
24-117-103. Definitions. A
S USED IN THIS ARTICLE 117, UNLESS12
THE CONTEXT OTHERWISE REQUIRES :13
(1) "A
UTHORITY" MEANS THE BUILDING URGENT INFRASTRUCTURE14
AND LEVERAGING DOLLARS AUTHORITY CREATED IN THIS ARTICLE 117.15
(2) "B
OARD" MEANS THE BOARD OF DIRECTORS OF THE16
AUTHORITY.17
(3) "B
OND" MEANS ANY BOND , NOTE, DEBENTURE, INTERIM18
CERTIFICATE, GRANT AND REVENUE ANTICIPATION NOTE , FINANCED19
PURCHASE OF AN ASSET , OR OTHER EVIDENCE OF INDEBTEDNESS20
AUTHORIZED TO BE ISSUED BY THE AUTHORITY PURSUANT TO THIS ARTICLE21
117.22
(4) "B
ONDING FUND" MEANS THE FUND CREATED IN SECTION23
24-117-106
(3).24
(5) "E
LIGIBLE PROJECT" MEANS AN INFRASTRUCTURE PROJECT25
THAT IS SELECTED BY THE AUTHORITY FOR FINANCING AND IS OTHERWISE26
READY FOR CONSTRUCTION OR COMMENCEMENT .27
081
-7- (6) "ELIGIBLE PROJECT REVOLVING FUND " MEANS THE FUND1
CREATED IN SECTION 24-117-112 (6).2
(7) "I
NFRASTRUCTURE PROJECT " MEANS A PROJECT THAT3
INCLUDES, BUT IS NOT LIMITED TO, THE DEVELOPMENT, CONSTRUCTION,4
REPAIR, IMPROVEMENT, OPERATION, MAINTENANCE, DECOMMISSIONING,5
OR OWNERSHIP OF:6
(a) A
TRANSPORTATION INFRASTRUCTURE PROJECT ;
7
(b) A
N INFRASTRUCTURE PROJECT IN A TRANSIT -ORIENTED
8
COMMUNITY;9
(c) A
COUNTY COURTHOUSE FACILITY ;
10
(d) A TRANSPORTATION FACILITY;11
(e) UTILITY INFRASTRUCTURE;12
(f) RENEWABLE ENERGY INFRASTRUCTURE ;13
(g) RECYCLING INFRASTRUCTURE ;14
(h) ENERGY EFFICIENCY INFRASTRUCTURE ;15
(i) AN EDUCATION FACILITY;16
(j) WATER INFRASTRUCTURE;17
(k) AFFORDABLE AND ACCESSIBLE HOUSING INFRASTRUCTURE ; OR18
(l) DIGITAL, SOCIAL, OR OTHER INFRASTRUCTURE RELATED TO19
ECONOMIC DEVELOPMENT .20
(8) "O
PERATIONAL FUND" MEANS THE FUND CREATED IN SECTION21
24-117-108.22
(9) "P
ROGRAM" MEANS THE BUILDING URGENT INFRASTRUCTURE23
AND LEVERAGING DOLLARS PROGRAM CREATED IN SECTION 24-117-112.24
(10) "P
ROJECT LABOR AGREEMENT" MEANS A PREHIRE COLLECTIVE25
BARGAINING AGREEMENT WITH ONE OR MORE LABOR ORGANIZATIONS26
THAT ESTABLISHES THE TERMS AND CONDITIONS OF EMPLOYMENT FOR A27
081
-8- SPECIFIC CONSTRUCTION PROJECT AND IS AN AGREEMENT DESCRIBED IN 291
U.S.C.
SEC. 158 (f).2
24-117-104. Building urgent infrastructure and leveraging3
dollars authority - creation - board of directors - meetings - records.4
(1) T
HE BUILDING URGENT INFRASTRUCTURE AND LEVERAGING DOLLARS5
AUTHORITY IS CREATED AS A BODY CORPORATE AND A POLITICAL6
SUBDIVISION OF THE STATE. THE AUTHORITY IS NOT AN AGENCY OF STATE7
GOVERNMENT AND IS NOT SUBJECT TO ADMINISTRATIVE DIRECTION BY8
ANY DEPARTMENT, COMMISSION, BOARD, BUREAU, OR AGENCY OF THE9
STATE.10
(2) (a) T
HE POWERS OF THE AUTHORITY ARE VESTED IN THE11
GOVERNING BODY OF THE AUTHORITY , WHICH IS A BOARD OF DIRECTORS.12
T
HE BOARD CONSISTS OF ELEVEN
MEMBERS AS FOLLOWS:13
(I) T
HE STATE TREASURER OR THE STATE TREASURER 'S DESIGNEE;14
(II) T
HE STATE ARCHITECT OR THE STATE ARCHITECT 'S DESIGNEE;15
(III) T
HE CHAIR OF THE CAPITAL DEVELOPMENT COMMITTEE OF16
THE GENERAL ASSEMBLY OR ANY SUCCESSOR COMMITTEE ;17
(IV) A
MEMBER OF THE CAPITAL DEVELOPMENT COMMITTEE OF18
THE GENERAL ASSEMBLY OR ANY SUCCESSOR COMMITTEE WHO IS THE19
LONGEST SERVING MEMBER ON THE COMMITTEE AND WHO BELONGS TO20
THE MAJOR POLITICAL PARTY OTHER THAN THE PARTY OF THE CHAIR OF21
THE COMMITTEE;22
(V) A
REPRESENTATIVE OF LOCAL GOVERNMENTS , APPOINTED BY
23
THE GOVERNOR;24
(VI) A REPRESENTATIVE OF A STATEWIDE ORGANIZATION OF25
GENERAL AND SPECIALTY COMMERCIAL CONSTRUCTION CONTRACTORS ,26
APPOINTED BY THE GOVERNOR ;27
081
-9- (VII) A REPRESENTATIVE OF A STATEWIDE EMPLOYEE1
ORGANIZATION REPRESENTING BUILDING AND CONSTRUCTION TRADE2
WORKERS, APPOINTED BY THE PRESIDENT OF THE SENATE ;3
(VIII) AN INDIVIDUAL REPRESENTING SERVICE EMPLOYEES ,4
APPOINTED BY THE STATE TREASURER ;5
(IX) AN INDIVIDUAL WITH A BACKGROUND IN FINANCE WHO HAS6
EXPERIENCE WITH PENSION FUND MANAGEMENT , APPOINTED BY THE STATE7
TREASURER; 8
(X) AN INDIVIDUAL WITH A BACKGROUND IN FINANCE WHO HAS9
EXPERIENCE WITH BONDS, APPOINTED BY THE STATE TREASURER ; AND10
(XI) A
N INDIVIDUAL WITH A BACKGROUND IN COMMERCIAL
11
LENDING REPRESENTING AN INSTITUTION INSURED BY THE FEDERAL12
DEPOSIT INSURANCE CORPORATION , APPOINTED BY THE STATE TREASURER.13
(b) T
HE APPOINTING AUTHORITIES SHALL MAKE THEIR INITIAL14
APPOINTMENTS TO THE BOARD NO LATER THAN JANUARY 1, 2026.15
(3) T
HE TERM OF APPOINTMENT FOR EACH MEMBER OF THE BOARD16
APPOINTED PURSUANT TO SUBSECTION (2) OF THIS SECTION IS FOUR YEARS;17
EXCEPT THAT THE TERM OF EACH MEMBER INITIALLY APPOINTED18
PURSUANT TO SUBSECTIONS (2)(a)(V) AND (2)(a)(IX) OF THIS SECTION IS19
THREE YEARS. A MEMBER MAY BE APPOINTED FOR NO MORE THAN THREE20
TERMS. ANY VACANCY MUST BE FILLED IN THE SAME MANNER AS THE21
ORIGINAL APPOINTMENT FOR THE UNEXPIRED TERM .22
(4) M
EMBERS OF THE BOARD SERVE WITHOUT COMPENSATION BUT23
ARE ENTITLED TO RECEIVE REIMBURSEMENT FOR ACTUAL AND NECESSARY24
EXPENSES INCURRED IN THE PERFORMANCE OF THE MEMBERS ' DUTIES ON25
THE BOARD.26
(5) T
HE STATE TREASURER OR THE STATE TREASURER 'S DESIGNEE27
081
-10- SHALL SERVE AS THE CHAIR AND SHALL CALL THE FIRST MEETING OF THE1
BOARD TO OCCUR NO LATER THAN JANUARY 1, 2026.2
(6) T
HE BOARD SHALL MEET AT LEAST ONCE EVERY THREE3
MONTHS. THE CHAIR MAY CALL ADDITIONAL MEETINGS AS NECESSARY FOR4
THE BOARD TO COMPLETE ITS DUTIES.5
(7) (a) A
LL MEETINGS OF THE BOARD ARE OPEN TO THE PUBLIC. NO6
BUSINESS OF THE BOARD SHALL BE TRANSACTED EXCEPT AT A REGULAR OR7
SPECIAL MEETING AT WHICH A QUORUM CONSISTING OF AT LEAST A8
MAJORITY OF THE TOTAL MEMBERSHIP OF THE BOARD IS PRESENT . ANY9
ACTION OF THE BOARD REQUIRES THE AFFIRMATIVE VOTE OF A MAJORITY10
OF THE MEMBERS PRESENT AT THE MEETING .11
(b) O
NE OR MORE MEMBERS OF THE BOARD MAY PARTICIPATE IN12
ANY MEETING AND MAY VOTE THROUGH THE USE OF13
TELECOMMUNICATIONS DEVICES , INCLUDING A CONFERENCE TELEPHONE14
OR SIMILAR COMMUNICATIONS EQUIPMENT . PARTICIPATION THROUGH15
TELECOMMUNICATIONS DEVICES CONSTITUTES PRESENCE IN PERSON AT16
THE MEETING. USE OF TELECOMMUNICATIONS FOR PARTICIPATION DOES17
NOT SUPERSEDE ANY REQUIREMENTS FOR OPEN MEETINGS OTHERWISE18
PROVIDED BY LAW.19
(8) T
HE BOARD AND ANY EMPLOYEE , OTHER AGENT, OR ADVISER20
OF THE AUTHORITY SHALL ACT IN GOOD FAITH , IN A COMMERCIALLY21
REASONABLE MANNER , AND IN THE INTEREST OF THE STATE.22
(9) A
NY BOARD MEMBER, EMPLOYEE, OTHER AGENT, OR ADVISER23
OF THE AUTHORITY WHO HAS A DIRECT OR INDIRECT INTEREST IN ANY24
CONTRACT, TRANSACTION, OR PROPOSAL WITH THE AUTHORITY OR ANY25
INTEREST, DIRECT OR INDIRECT , IN A NONPROFIT OR FOR -PROFIT26
ORGANIZATION SUBMITTING A PROPOSAL TO THE AUTHORITY SHALL27
081
-11- DISCLOSE THIS INTEREST TO THE AUTHORITY. THIS INTEREST MUST BE SET1
FORTH IN THE MINUTES OF THE AUTHORITY , AND A BOARD MEMBER ,2
EMPLOYEE, OR OTHER AGENT OR ADVISER HAVING SUCH AN INTEREST3
SHALL NOT PARTICIPATE ON BEHALF OF THE AUTHORITY IN THE4
AUTHORIZATION OF ANY SUCH CONTRACT OR TRANSACTION .5
(10) A
LL PUBLIC RECORDS OF THE AUTHORITY ARE SUBJECT TO THE6
"C
OLORADO OPEN RECORDS ACT", PART 2 OF ARTICLE 72 OF THIS TITLE7
24.
ALL RECORDS ARE SUBJECT TO ANY BUDGET AND AUDIT LAWS8
APPLICABLE TO THE AUTHORITY AND MAY BE SUBJECT TO REGULAR AUDIT9
TO THE EXTENT REQUIRED BY LAW .10
(11) N
O PART OF THE REVENUES OR ASSETS OF THE AUTHORITY11
MAY INURE TO THE BENEFIT OF, OR BE DISTRIBUTED TO, THE AUTHORITY'S12
MEMBERS OR OFFICERS.13
(12) T
HE AUTHORITY MAY HIRE STAFF AS IT DEEMS NECESSARY OR14
CONVENIENT TO ADMINISTER THIS ARTICLE 117, AND THE DEPARTMENT OF15
PERSONNEL MAY ASSIST THE AUTHORITY WITH ADMINISTERING THIS16
ARTICLE 117. THE AUTHORITY MAY COOPERATE AND ENTER INTO17
CONTRACTS WITH THE DEPARTMENT OF PERSONNEL , OR WITH ANOTHER18
AGENCY OR ENTITY, FOR ADMINISTRATIVE OR OPERATIONS MATTERS ,19
INCLUDING FOR STAFFING. THE AUTHORITY SHALL PAY THE DEPARTMENT20
OF PERSONNEL, OR ANOTHER AGENCY OR ENTITY THAT THE AUTHORITY21
HAS ENTERED INTO A CONTRACT WITH , FOR ALL COSTS INCURRED FOR22
SERVICES, STAFFING, AND ADMINISTRATIVE COSTS THAT ARE APPROVED BY23
THE INITIAL CHAIRPERSON AND RATIFIED BY THE BOARD OR THAT ARE24
APPROVED BY THE AUTHORITY. NOTHING IN THIS ARTICLE 117 PRECLUDES25
THE AUTHORITY FROM HIRING STAFF AND ENTERING INTO CONTRACTS26
CONCURRENTLY AS THE AUTHORITY DEEMS NECESSARY OR CONVENIENT27
081
-12- FOR ADMINISTRATION OR OPERATIONS MATTERS .1
(13) A
NY STATE AGENCY MAY , SUBJECT TO ANNUAL2
APPROPRIATIONS, PROVIDE TECHNICAL ADVICE, SUPPORT, AND ASSISTANCE3
TO THE AUTHORITY.4
(14) T
HE AUTHORITY IS A "PUBLIC ENTITY" AS SET FORTH IN5
SECTIONS 24-10-103 (5) AND 11-57-203 (3) AND A "SPECIAL PURPOSE6
AUTHORITY" AS SET FORTH IN SECTION 24-77-102 (15).7
(15) T
HE AUTHORITY AND ITS CORPORATE EXISTENCE CONTINUES8
UNTIL TERMINATED BY LAW; EXCEPT THAT A LAW MUST NOT TAKE EFFECT9
SO LONG AS THE AUTHORITY HAS BONDS OR OTHER OUTSTANDING10
OBLIGATIONS UNLESS ADEQUATE PROVISION HAS BEEN MADE FOR THE11
PAYMENT OF THE BONDS OR OTHER OUTSTANDING OBLIGATIONS . UPON12
TERMINATION OF THE EXISTENCE OF THE AUTHORITY , ALL ITS RIGHTS AND13
PROPERTIES IN EXCESS OF ITS OBLIGATIONS MUST PASS TO AND BE VESTED14
IN THE STATE.15
29-117-105. General powers. (1) I
N ADDITION TO ANY OTHER16
POWERS GRANTED TO THE AUTHORITY IN THIS ARTICLE 117, THE17
AUTHORITY HAS THE POWERS TO :18
(a) H
AVE THE DUTIES, PRIVILEGES, IMMUNITIES, RIGHTS,19
LIABILITIES, AND DISABILITIES OF A BODY CORPORATE AND POLITICAL20
SUBDIVISION OF THE STATE;21
(b) H
AVE PERPETUAL EXISTENCE AND SUCCESSION ;22
(c) A
DOPT, ALTER, HAVE, AND USE A SEAL;23
(d) S
UE AND BE SUED;24
(e) A
CQUIRE OFFICE SPACE, EQUIPMENT, SERVICES, SUPPLIES, AND25
INSURANCE NECESSARY TO CARRY OUT THE PURPOSES OF THIS ARTICLE26
117;27
081
-13- (f) FIX THE TIME AND PLACE AT WHICH ITS REGULAR AND SPECIAL1
MEETINGS ARE TO BE HELD;2
(g) A
DOPT, AMEND, OR REPEAL BYLAWS , POLICIES, AND3
PROCEDURES CONSISTENT WITH THE PROVISIONS OF THIS ARTICLE 117,4
INCLUDING POLICIES AND PROCEDURES REGARDING THE DEFINITION AND5
INTERPRETATION OF TERMS USED IN THIS ARTICLE 117. NOTHING IN THIS6
SUBSECTION (1)(g) GRANTS THE AUTHORITY THE POWER TO REDEFINE7
TERMS THAT ARE ALREADY DEFINED IN THIS ARTICLE 117.8
(h) A
PPOINT AGENTS, EMPLOYEES, AND PROFESSIONAL AND9
BUSINESS ADVISERS, INCLUDING REAL ESTATE PROFESSIONALS ,10
CONSTRUCTION COMPANIES , PROPERTY MANAGERS , ATTORNEYS,11
ACCOUNTANTS, AND FINANCIAL ADVISERS AS NECESSARY TO ACCOMPLISH12
THE PURPOSES OF THIS ARTICLE 117, AND TO FIX THE COMPENSATION OF13
SUCH AGENTS, EMPLOYEES, AND ADVISERS, AND TO ESTABLISH THE14
POWERS AND DUTIES OF ALL AGENTS , EMPLOYEES, AND ADVISERS, AS15
WELL AS ANY OTHER PERSON CONTRACTING WITH THE AUTHORITY TO16
PROVIDE SERVICES, INCLUDING TERMINATION OF EMPLOYMENT OR THE17
CONTRACT FOR SERVICES; EXCEPT THAT THE AUTHORITY MAY CONTRACT18
WITH THE OFFICERS, PERSONNEL, AND CONSULTANTS OF THE STATE19
TREASURER TO PERFORM ANY OR ALL ACTIVITIES SPECIFIED IN THIS20
ARTICLE 117;21
(i) M
AKE AND EXECUTE AGREEMENTS , CONTRACTS, AND OTHER22
INSTRUMENTS NECESSARY OR CONVENIENT IN THE EXERCISE OF THE23
POWERS AND FUNCTIONS OF THE AUTHORITY UNDER THIS ARTICLE 117,24
INCLUDING CONTRACTS WITH ANY PERSON , FIRM, CORPORATION,25
MUNICIPALITY, STATE AGENCY, COUNTY, OR OTHER ENTITY . ALL26
MUNICIPALITIES, COUNTIES, AND STATE AGENCIES MAY ENTER INTO AND27
081
-14- DO ALL THINGS NECESSARY TO PERFORM ANY SUCH ARR ANGEMENT OR1
CONTRACT WITH THE AUTHORITY .2
(j) U
TILIZE AVAILABLE MONEY FOR ADMINISTRATIVE COSTS ;3
(k) E
STABLISH ADVISORY COMMITTEES ;4
(l) B
ORROW MONEY THROUGH THE ISSUANCE OF BONDS AND5
OTHER SECURITIES AS PROVIDED IN THIS ARTICLE 117;6
(m) E
NTER INTO INTEREST RATE EXCHANGE AGREEMENTS FOR7
BONDS IN ACCORDANCE WITH SECTION 24-117-106;8
(n) A
CQUIRE, HOLD, AND SELL LOAN OBLIGATIONS AT PRICES AND9
THROUGH METHODS DEEMED ADVISABLE BY THE BOARD ;10
(o) C
ONTRACT FOR AND TO ACCEPT ANY GIFTS , GRANTS, AND11
LOANS OF MONEY, PROPERTY, OR ANY OTHER AID IN ANY FORM FROM THE12
FEDERAL GOVERNMENT , THE STATE, ANY STATE AGENCY, OR ANY OTHER13
SOURCE OR ANY COMBINATION THEREOF , AND TO COMPLY, SUBJECT TO14
THE PROVISIONS OF THIS ARTICLE 117, WITH THE TERMS AND CONDITIONS15
OF SUCH CONTRACTS FOR THE ACCEPTANCE OF SUCH ITEMS ;16
(p) S
ECURE INSURANCE, GUARANTEES, OR OTHER FORMS OF17
COLLATERAL OR CREDIT SUPPORT FOR ISSUED BONDS OR SECURITIES ;18
(q) I
NVEST AND DEPOSIT MONEY IN ACCORDANCE WITH SECTION19
24-117-111;20
(r) F
INANCE OR PARTICIPATE IN THE FINANCING OF ELIGIBLE21
PROJECTS, OR ANY INTEREST THEREIN;22
(s) C
HARGE TO AND COLLECT FROM STATE AGENCIES AND PERSONS23
FEES AND CHARGES IN CONNECTION WITH THE AUTHORITY 'S LOANS OR24
OTHER SERVICES, INCLUDING BUT NOT LIMITED TO FEES AND CHARGES25
SUFFICIENT TO REIMBURSE THE AUTHORITY FOR ALL REASONABLE COSTS26
NECESSARILY INCURRED BY THE AUTHORITY IN CONNECTION WITH27
081
-15- CARRYING OUT THE PURPOSE AND INTENT OF THIS ARTICLE 117 AND THE1
ESTABLISHMENT AND MAINTENANCE OF RESERVES OR OTHER MONEY , AS2
THE AUTHORITY MAY DETERMINE TO BE REASONABLE ;3
(t) C
OLLECT DEBTS OWED TO THE AUTHORITY , INCLUDING4
THROUGH NECESSARY LEGAL ACTIONS ; AND5
(u) H
AVE AND EXERCISE ALL RIGHTS AND POWERS NECESSARY ,6
INCIDENTAL TO, OR IMPLIED FROM THE SPECIFIC POWERS GRANTED IN THIS7
ARTICLE 117, WHICH SPECIFIC POWERS SHALL NOT BE CONSIDERED AS A8
LIMITATION ON ANY POWER NECESSARY OR APPROPRIATE TO CARRY OUT9
THE PURPOSES AND INTENT OF THIS ARTICLE 117.10
(2) T
HE AUTHORITY SHALL DEVELOP POLICIES AND PROCEDURES11
AS NECESSARY FOR THE IMPLEMENTATION OF THIS ARTICLE 117.12
(3) T
HE AUTHORITY SHALL ENGAGE WITH UNDER -REPRESENTED13
COMMUNITIES AND ORGANIZATIONS .14
(4) T
HE AUTHORITY SHALL ENGAGE IN RESPONSIBLE CONTRACTING15
AND LABOR PRACTICES.16
(5) (a) T
HE AUTHORITY SHALL COMPLY WITH ALL APPLICABLE17
FEDERAL LAWS GOVERNING THE USE OF FEDERAL FUNDS , INCLUDING,18
WITHOUT LIMITATION, STATUTES AND REGULATIONS GOVERNING :19
(I) A
NY CONDITIONS OR LIMITATIONS ON EXPENDITURES ;20
(II) R
EPORTING; AND21
(III) T
HE COMMINGLING OF FEDERAL FUNDS .22
(b) E
ARNINGS MADE IN CONNECTION WITH THIS ARTICLE 117 ON23
BALANCES IN ANY FEDERAL ACCOUNTS MUST BE CREDITED AND INVESTED24
IN ACCORDANCE WITH FEDERAL LAW . EARNINGS MADE IN CONNECTION25
WITH THIS ARTICLE 117 ON ANY STATE AND LOCAL MONEY MUST BE26
DEPOSITED IN THE SAME FUND TO THE CREDIT OF THE ACCOUNT THAT27
081
-16- GENERATES THE EARNINGS.1
(6) T
HE AUTHORITY SHALL FOLLOW ALL APPLICABLE FEDERAL AND2
STATE PREVAILING WAGE AND APPRENTICESHIP UTILIZATION STATUTORY3
AND REGULATORY REQUIREMENTS , INCLUDING:4
(a) T
HE FEDERAL "DAVIS-BACON ACT", 40 U.S.C. SEC. 3141 ET5
SEQ., AND RELATED FEDERAL ACTS;6
(b) W
HERE APPLICABLE, THE FEDERAL "INFLATION REDUCTION7
A
CT OF 2022", UNITED STATES CODE, TITLE 26, INCLUDING BUT NOT8
LIMITED TO SECTIONS 30C, 45, 45B, 45L, 45Q, 45U, 45V, 45X, 45Y, 45Z,9
48,
48C, 48E, AND 179D, AND ASSOCIATED IMPLEMENTING RULES AND10
GUIDANCE PROMULGATED BY THE UNITED STATES DEPARTMENT OF THE11
TREASURY AND THE UNITED STATES INTERNAL REVENUE SERVICE, AS THE12
STATUTE AND IMPLEMENTING RULES AND GUIDANCE MAY BE AMENDED13
FROM TIME TO TIME;14
(c) S
TATE PREVAILING WAGE AND APPRENTICESHIP UTILIZATION15
REQUIREMENTS FOR PROJECTS THAT MEET THE DEFINITION OF "PUBLIC16
PROJECTS", AS DEFINED IN SECTIONS 24-92-201 (5) AND 24-92-115; AND17
(d) S
TATE PREVAILING WAGE AND APPRENTICESHIP UTILIZATION18
REQUIREMENTS ESTABLISHED IN SECTIONS 24-92-115 AND 24-92-201 FOR19
PROJECTS THAT MEET THE DEFINITION OF "ENERGY SECTOR PUBLIC WORKS20
PROJECTS", AS DEFINED IN SECTION 24-92-303 (5).21
(7) T
HE AUTHORITY SHALL ENSURE THAT ANY L OAN THAT IS
22
ISSUED BY THE AUTHORITY AND THEN PAID IN FULL IS CLOSED . THE23
AUTHORITY SHALL NOT USE A CLOSED LOAN AS EQUITY FOR ANY OTHER24
PROJECT.25
(8) IF A PROJECT BEING CONSIDERED BY THE AUTHORITY IS NOT26
REQUIRED UNDER STATE OR FEDERAL LAW TO FOLLOW PREVAILING WAGE27
081
-17- OR APPRENTICESHIP UTILIZATION REQUIREMENTS , THE AUTHORITY SHALL1
GIVE PREFERENCE FOR PROJECTS THAT VOLUNTARILY AGREE TO FOLLOW2
THE STATE PREVAILING WAGE FOR EMPLOYEES EMPLOYED IN THE3
CONSTRUCTION, REHABILITATION, OPERATION, OR MAINTENANCE4
SERVICES OF FACILITIES, AS DESCRIBED IN SECTIONS 24-92-201 TO5
24-92-210,
AND STATE APPRENTICESHIP UTILIZATION REQUIREMENTS6
DESCRIBED IN SECTION 24-92-115.7
24-117-106. Building urgent infrastructure and leveraging8
dollars bonds - conditions of issuance - building urgent infrastructure9
and leveraging dollars bonding fund creation - auditor examination10
- payment from bonding fund - exemption from taxation. (1) T
HE11
AUTHORITY MAY ISSUE AND SELL BUILDING URGENT INFRASTRUCTURE AND12
LEVERAGING DOLLARS BONDS , PAYABLE SOLELY FROM THE BUILDING13
URGENT INFRASTRUCTURE AND LEVERAGING DOLLARS BONDING FUND , IN14
COMPLIANCE WITH THIS ARTICLE 117. THIS ARTICLE 117 IS, WITHOUT15
REFERENCE TO ANY OTHER LAW, FULL AUTHORITY FOR THE ISSUANCE AND16
SALE OF BONDS. BONDS HAVE ALL THE QUALITIES OF INVESTMENT17
SECURITIES UNDER THE "UNIFORM COMMERCIAL CODE", TITLE 4, AND18
MUST NOT BE DEEMED INVALID FOR ANY IRREGULARITY OR DEFECT OR BE19
CONTESTABLE IN THE HANDS OF BONA FIDE PURCHASERS OR HOLDERS OF20
THE BONDS FOR VALUE.21
(2) (a) B
ONDS MAY BE EXECUTED AND DELIVERED BY THE22
AUTHORITY AT SUCH TIMES; MAY BE IN SUCH FORM AND DENOMINATIONS23
AND INCLUDE SUCH TERMS AND MATURITIES ; MAY BE SUBJECT TO24
OPTIONAL OR MANDATORY REDEMPTION PRIOR TO MATURITY WITH OR25
WITHOUT A PREMIUM; MAY BE IN FULLY REGISTERED FORM OR BEARER26
FORM REGISTRABLE AS TO PRINCIPAL OR INTEREST OR BOTH ; MAY BEAR27
081
-18- SUCH CONVERSION PRIVILEGES; MAY BE PAYABLE IN SUCH INSTALLMENTS1
AND AT SUCH TIMES NOT EXCEEDING THIRTY YEARS ; MAY BE PAYABLE AT2
SUCH PLACE OR PLACES WHETHER WITHIN OR WITHOUT THE STATE ; MAY3
BEAR INTEREST AT SUCH RATE OR RATES PER ANNUM , WHICH MAY BE4
FIXED OR VARY ACCORDING TO INDEX , PROCEDURE, OR FORMULA OR AS5
DETERMINED BY THE AUTHORITY OR ITS AGENTS , WITHOUT REGARD TO6
ANY INTEREST RATE LIMITATION APPEARING IN ANY OTHER LAW OF THE7
STATE; MAY BE SUBJECT TO PURCHASE AT THE OPTION OF THE HOLDER OR8
THE AUTHORITY; MAY BE EVIDENCED IN SUCH MANNER; MAY BE EXECUTED9
BY SUCH OFFICERS OF THE AUTHORITY , INCLUDING THE USE OF ONE OR10
MORE FACSIMILE SIGNATURES SO L ONG AS AT LEAST ONE M ANUAL11
SIGNATURE APPEARS ON THE BONDS , WHICH MAY BE EITHER OF AN OFFICER12
OF THE AUTHORITY OR OF AN AGENT AUTHENTICATING THE SAME ; MAY BE13
IN THE FORM OF COUPON BONDS THAT HAVE ATTACHED INTEREST14
COUPONS BEARING A MANUAL OR FACSIMILE SIGNATURE OF AN OFFICER OF15
THE AUTHORITY; AND MAY CONTAIN SUCH PROVISIONS NOT INCONSISTENT16
WITH THIS ARTICLE 117, ALL AS PROVIDED IN THE RESOLUTION OF THE17
AUTHORITY UNDER WHICH THE BONDS ARE AUTHORIZED TO BE ISSUED OR18
AS PROVIDED IN A TRUST INDENTURE BETWEEN THE AUTHORITY AND ANY19
COMMERCIAL BANK OR TRUST COMPANY HAVING FULL TRUST POWERS .20
(b) (I) B
ONDS MAY BE SOLD AT PUBLIC OR PRIVATE SALE AT SUCH21
PRICE OR PRICES, IN SUCH MANNER, AND AT SUCH TIMES AS DETERMINED22
BY THE BOARD, AND THE BOARD MAY PAY ALL FEES , EXPENSES, AND23
COMMISSIONS THAT IT DEEMS NECESSARY OR ADVANTAGEOUS IN24
CONNECTION WITH THE SALE OF BONDS .25
(II) T
HE BOARD MAY DELEGATE TO AN OFFICER OR AGENT OF THE26
BOARD THE POWER TO:27
081
-19- (A) FIX THE DATE OF SALE OF BONDS;1
(B) R
ECEIVE BIDS OR PROPOSALS;2
(C) A
WARD AND SELL BONDS;3
(D) F
IX INTEREST RATES; AND4
(E) T
AKE ALL OTHER ACTION NECESSARY TO SELL AND DELIVER5
BONDS.6
(III) T
HE AUTHORITY MAY REFUND ANY OUTSTANDING BONDS7
PURSUANT TO ARTICLE 56 OF TITLE 11.8
(IV) A
LL BONDS AND ANY INTEREST COUPONS APPLICABLE TO THE9
BONDS ARE DECLARED TO BE NEGOTIABLE INSTRUMENTS .10
(c) B
ONDS ARE EXEMPT FROM TAXATION BY THE STATE AND ANY11
COUNTY, CITY AND COUNTY , MUNICIPALITY, OR OTHER POLITICAL12
SUBDIVISION OF THE STATE.13
(d) P
UBLIC ENTITIES, AS DEFINED IN SECTION 24-75-601 (1), MAY14
INVEST PUBLIC MONEY IN BONDS SO LONG AS THE BONDS SATISFY THE15
INVESTMENT REQUIREMENTS ESTABLISHED IN PART 6 OF ARTICLE 75 OF16
THIS TITLE 24.17
(e) N
EITHER A MEMBER OF THE BOARD NOR AN EMPLOYEE OF THE18
AUTHORITY NOR ANY PERSON EXECUTING BONDS IS LIABLE PERSONALLY19
ON THE BONDS OR SUBJECT TO ANY PERSONAL LIABILITY BY REASON OF20
THE ISSUANCE OF THE BONDS.21
(3) (a) (I) T
HE BUILDING URGENT INFRASTRUCTURE AND22
LEVERAGING DOLLARS BONDING FUND IS CREATED IN THE AUTHORITY .23
T
HE BONDING FUND CONSISTS OF:24
(A) F
EES AND SERVICE CHARGES COLLECTED ;25
(B) B
OND PROCEEDS;26
(C) M
ONEY FROM PAYMENTS OF PRINCIPAL AND INTEREST ON27
081
-20- LOANS MADE IN CONNECTION WITH ELIGIBLE PROJECTS IF THE AUTHORITY1
HAS PROVIDED FINANCING FOR ELIGIBLE PROJECTS ; AND2
(D) A
LL INTEREST AND INCOME DERIVED FROM THE DEPOSIT AND3
INVESTMENT OF MONEY IN THE BONDING FUND .4
(II) T
HE AUTHORITY MAY CREATE SEPARATE ACCOUNTS WITHIN5
THE BONDING FUND IN CONNECTION WITH ANY ISSUANCE OF BONDS AND6
MAY DEPOSIT IN THE SEPARATE ACCOUNTS REVENUE RECEIVED BY THE7
AUTHORITY. ANY SEPARATE ACCOUNT MUST BE HELD BY A TRUSTEE8
ACTING UNDER A TRUST INDENTURE RELATING TO THE BONDS CONNECTED9
TO THE ACCOUNT. INTEREST AND INCOME DERIVED FROM THE DEPOSIT10
AND INVESTMENT OF MONEY IN A SEPARATE ACCOUNT MUST BE CREDITED11
TO THE ACCOUNT.12
(b) (I) M
ONEY IN THE BONDING FUND MUST BE DEPOSITED IN A13
BANK DESIGNATED BY THE AUTHORITY IN AN ACCOUNT OR ACCOUNTS AS14
THE AUTHORITY MAY ESTABLISH . MONEY IN ACCOUNTS OF THE BONDING15
FUND MUST ONLY BE WITHDRAWN ON THE ORDER OF A PERSON16
AUTHORIZED BY THE AUTHORITY . ALL DEPOSITS OF MONEY FROM THE17
BONDING FUND MUST BE SECURED IN THE MANNER DETERMINED BY THE18
AUTHORITY.19
(II) A
LL MONEY AND ACTIVITIES OF THE AUTHORITY , INCLUDING20
ITS RECEIPTS, DISBURSEMENTS , CONTRACTS, LEASES, MONEY,21
INVESTMENTS, AND ANY OTHER RECORDS AND PAPERS RELATING TO ITS22
FINANCIAL STANDING, ARE SUBJECT TO ANNUAL AUDIT , AT THE23
AUTHORITY'S EXPENSE, IN ACCORDANCE WITH SECTION 29-1-603.24
(c) M
ONEY IN THE BONDING FUND IS MONEY OF THE AUTHORITY25
AND IS PLEDGED FOR THE PAYMENT OF PRINCIPAL AND INTEREST ON BONDS26
ISSUED PURSUANT TO THIS ARTICLE 117. MONEY IN ANY SEPARATE27
081
-21- ACCOUNT MAY BE PLEDGED SOLELY TO PAYMENT OF THE BONDS FOR1
WHICH THE SEPARATE ACCOUNT WAS CREATED . THE AUTHORITY MAY2
EXPEND MONEY IN THE BONDING FUND OR A SEPARATE ACCOUNT FOR THE3
PURPOSE OF PAYING DEBT SERVICE, INCLUDING REDEMPTION PREMIUMS ,4
ON BONDS AND EXPENSES INCURRED IN THE ISSUANCE , PAYMENT, AND5
ADMINISTRATION OF THE BONDS.6
(4) T
WICE ANNUALLY, THE AUTHORITY SHALL ESTIMATE THE7
AMOUNTS NEEDED TO MAKE DEBT SERVICE AND OTHER PAYMENTS ON8
BONDS DURING THE NEXT TWELVE MONTHS FROM THE BONDING FUND AND9
FROM ANY SEPARATE ACCOUNT CREATED IN THE BONDING FUND PLUS THE10
AMOUNT THAT MAY BE NEEDED FOR ANY REQUIRED RESERVES OR OTHER11
REQUIREMENTS AS MAY BE SET FORTH IN THE TRUST INDENTURE RELATED12
TO THE BONDS. THE AUTHORITY SHALL TRANSFER TO THE OPERATIONAL13
FUND ANY BALANCE IN THE BONDING FUND OR ANY SEPARATE ACCOUNT14
CREATED IN THE BONDING FUND ABOVE THE ESTIMATED AMOUNTS .15
P
AYMENTS FOR ADMINISTRATIVE COSTS MUST BE DEPOSITED IN THE16
OPERATIONAL FUND.17
(5) B
ONDS ARE PAYABLE SOLELY FROM THE BONDING FUND , ANY18
SEPARATE ACCOUNT CREATED WITHIN THE BONDING FUND , OR, WITH THE19
APPROVAL OF THE BONDHOLDERS , ANY OTHER SPECIAL FUNDS AS MAY BE20
PROVIDED BY LAW, AND THE BONDS DO NOT CREATE AN OBLIGATION OR21
INDEBTEDNESS OF THE STATE WITHIN THE MEANING OF ANY22
CONSTITUTIONAL PROVISION OR LAW . A BREACH OF A CONTRACTUAL23
OBLIGATION INCURRED PURSUANT TO THIS ARTICLE 117 DOES NOT IMPOSE24
A PECUNIARY LIABILITY OR A CHARGE UPON THE GENERAL CREDIT OR25
TAXING POWER OF THE STATE.26
(6) T
HE STATE PLEDGES THAT THE BONDING FUND , INCLUDING ANY27
081
-22- SEPARATE ACCOUNT WITHIN THE BONDING FUND , MUST BE USED ONLY FOR1
THE PURPOSES SPECIFIED IN THIS SECTION AND IS PLEDGED FIRST TO REPAY2
BONDS ISSUED PURSUANT TO THIS ARTICLE 117. THE STATE FURTHER3
PLEDGES THAT ANY LAW REQUIRING THE DEPOSIT OF REVENUE IN THE4
BONDING FUND OR AUTHORIZING EXPENDITURES FROM THE BONDING FUND5
MUST NOT BE AMENDED , REPEALED, OR OTHERWISE MODIFIED SO AS TO6
IMPAIR THE BONDS TO WHICH THE BONDING FUND IS DEDICATED AS7
PROVIDED IN THIS SECTION.8
24-117-107. Payment of bonds - nonliability of state.9
(1) B
ONDS ISSUED BY THE AUTHORITY MUST NOT CONSTITUTE OR BECOME10
AN INDEBTEDNESS, A DEBT, OR A LIABILITY OF THE STATE NOR DO SUCH11
BONDS CONSTITUTE THE GIVING , PLEDGING, OR LOANING OF THE FULL12
FAITH AND CREDIT OF THE STATE. BONDS ISSUED BY THE AUTHORITY ARE13
PAYABLE SOLELY FROM THE MONEY PROVIDED FOR IN THIS ARTICLE 117.14
T
HE ISSUANCE OF BONDS BY THE AUTHORITY PURSUANT TO THIS ARTICLE15
117
DOES NOT OBLIGATE THE STATE OR EMPOWER THE AUTHORITY ,16
DIRECTLY, INDIRECTLY, OR CONTINGENTLY, TO LEVY OR COLLECT ANY17
FORM OF TAXES OR ASSESSMENTS , CREATE ANY INDEBTEDNESS PAYABLE18
OUT OF TAXES OR ASSESSMENTS, OR MAKE ANY APPROPRIATION FOR THEIR19
PAYMENT, AND SUCH APPROPRIATION , LEVY, OR COLLECTION IS20
PROHIBITED.21
(2) N
OTHING IN THIS SECTION PREVENTS OR MAY BE CONSTRUED22
TO PREVENT THE AUTHORITY FROM PLEDGING ITS FULL FAITH AND CREDIT23
TO THE PAYMENT OF BONDS AUTHORIZED PURSUANT TO THIS ARTICLE 117,24
BUT NOTHING IN THIS ARTICLE 117 MAY BE CONSTRUED TO AUTHORIZE THE25
AUTHORITY TO CREATE A DEBT OF THE STATE WITHIN THE MEANING OF26
THE CONSTITUTION OR STATUTES OF COLORADO, AND ALL BONDS ISSUED27
081
-23- BY THE AUTHORITY PURSUANT TO THE PROVISIONS OF THIS ARTICLE 1171
ARE PAYABLE AND MUST STATE THAT THEY ARE PAYABLE SOLELY FROM2
THE MONEY PLEDGED FOR THEIR PAYMENT IN ACCORDANCE WITH THE3
RESOLUTION AUTHORIZING THEIR ISSUANCE OR WITH ANY TRUST4
INDENTURE EXECUTED AS SECURITY FOR SUCH BONDS AND ARE NOT A5
DEBT OR LIABILITY OF THE STATE.6
(3) T
HE STATE IS NOT LIABLE IN ANY EVENT FOR THE PAYMENT OF7
THE PRINCIPAL OF OR INTEREST ON ANY BONDS OF THE AUTHORITY OR FOR8
THE PERFORMANCE OF ANY PLEDGE , OBLIGATION, OR AGREEMENT OF ANY9
KIND WHATSOEVER WHICH MAY BE UNDERTAKEN BY THE AUTHORITY . NO10
BREACH OF ANY SUCH PLEDGE, OBLIGATION, OR AGREEMENT IMPOSES ANY11
PECUNIARY LIABILITY UPON THE STATE OR ANY CHARGE UPON ITS12
GENERAL CREDIT OR AGAINST ITS TAXING POWER .13
24-117-108. The building urgent infrastructure and leveraging14
dollars authority operational fund - creation. T
HE BUILDING URGENT15
INFRASTRUCTURE AND LEVERAGING DOLLARS AUTHORITY OPERATIONAL16
FUND IS CREATED IN THE AUTHORITY. THE OPERATIONAL FUND CONSISTS17
OF MONEY TRANSFERRED TO THE OPERATIONAL FUND ; GIFTS; GRANTS;18
DONATIONS; CONTRIBUTIONS FROM A GOVERNMENTAL ENTITY ,19
NOT-FOR-PROFIT ORGANIZATION, OR PRIVATE ENTITY; FEDERAL FUNDS; A20
WARRANT ISSUED BY THE STATE OR ANY OTHER GOVERNMENTAL ENTITY ;21
ANY OTHER MONEY THAT THE AUTHORITY MAY TRANSFER TO THE22
OPERATIONAL FUND; AND INTEREST AND INCOME DERIVED FROM THE23
DEPOSIT AND INVESTMENT OF MONEY IN THE OPERATIONAL FUND . MONEY24
IN THE FUND IS MONEY OF THE AUTHORITY FOR THE PURPOSE OF CARRYING25
OUT THIS ARTICLE 117, AND THE AUTHORITY MAY ESTABLISH PROCEDURES26
TO ADMINISTER THE OPERATIONAL F UND IN ACCORDANCE WITH THIS27
081
-24- ARTICLE 117 AND ANY OTHER APPLICABLE PROVISION OF STATE LAW .1
24-117-109. Exemption from taxation - securities law. (1) T
HE2
FOLLOWING ARE EXEMPT FROM ALL TAXATION AND ASSESSMENTS IN3
C
OLORADO:4
(a) T
HE INCOME OR OTHER REVENUES OF THE AUTHORITY ;5
(b) A
LL PROPERTIES AT ANY TIME OWNED BY THE AUTHORITY ;6
(c) A
NY BONDS, NOTES, OR OTHER OBLIGATIONS ISSUED PURSUANT7
TO THIS ARTICLE 117 OR ANY INTEREST PAID ON THOSE BONDS, NOTES, OR8
OTHER OBLIGATIONS;9
(d) T
HE TRANSFER OF AND THE INCOME , INCLUDING ANY PROFIT10
MADE ON SALE, FROM ANY SUCH BONDS OR OTHER OBLIGATIONS ; AND 11
(e) A
LL TRUST INDENTURES AND OTHER DOCUMENTS ISSUED IN12
CONNECTION WITH SUCH BONDS OR OTHER OBLIGATIONS .13
(2) B
ONDS ISSUED BY THE AUTHORITY ARE ALSO EXEMPT FROM14
THE PROVISIONS OF ARTICLE 51 OF TITLE 11.15
24-117-110. Startup costs. F
OR THE PURPOSES OF MEETING THE16
NECESSARY EXPENSES OF INITIAL ORGANIZATION AND OPERATION , UNTIL17
SUCH DATE AS THE AUTHORITY OTHERWISE DERIVES SUFFICIENT MONEY18
PURSUANT TO THIS ARTICLE 117, THE AUTHORITY OR THE DEPARTMENT OF
19
THE TREASURY MAY SEEK, ACCEPT, AND EXPEND GIFTS, GRANTS, OR20
DONATIONS FROM PRIVATE OR PUBLIC SOURCES OR BORROW SUCH MONEY21
AS MAY BE REQUIRED FOR THE NECESSARY EXPENSES OF ORGANIZATION22
AND OPERATION OF THE AUTHORITY . THE AUTHORITY SHALL REPAY SUCH23
BORROWED MONEY WITHIN A REASONABLE TIME AFTER THE AUTHORITY24
RECEIVES MONEY PROVIDED PURSUANT TO THIS ARTICLE 117.25
24-117-111. Investment powers of authority. (1) T
HE26
AUTHORITY HAS THE POWER TO :27
081
-25- (a) INVEST ANY MONEY HELD IN RESERVE , SINKING FUNDS,1
CAPITAL RESERVE FUNDS, OR ANY FUNDS NOT REQUIRED FOR IMMEDIATE2
DISBURSEMENT IN PROPERTY OR IN SECURITIES IN WHICH THE STATE3
TREASURER MAY LEGALLY INVEST MONEY SUBJECT TO THE TREASURER 'S4
CONTROL;5
(b) S
ELL SECURITIES PURCHASED AND HELD BY THE AUTHORITY ; 6
(c) D
EPOSIT SECURITIES IN ANY BANK WITHIN OR WITHOUT THE7
STATE; AND8
(d) I
NVEST ANY SUCH MONEY IN UNSECURED PROMISSORY NOTES9
OF A NATIONAL BANK HAVING THE HIGHEST INVESTMENT RATINGS .10
(2) A
NY FUNDS DEPOSITED IN A BANKING INSTITUTION BY THE11
AUTHORITY MUST BE SECURED IN A MANNER AND SUBJECT TO TERMS AND12
CONDITIONS AS DETERMINED BY THE BOARD , WITH OR WITHOUT PAYMENT13
OF ANY INTEREST ON THE DEPOSIT , INCLUDING, WITHOUT LIMITATION,14
TIME DEPOSITS EVIDENCED BY CERTIFICATES OF DEPOSIT .15
(3) A
NY COMMERCIAL BANK INCORPORATED UNDER THE LAWS OF16
THIS STATE WHICH MAY ACT AS A DEPOSITORY OF ANY MONEY OF THE17
AUTHORITY MAY ISSUE INDEMNIFYING BONDS OR MAY PLEDGE SUCH18
SECURITIES AS MAY BE REQUIRED BY THE BOARD .19
24-117-112. Infrastructure and long-term development20
assistance program - eligible project revolving fund - policies and21
procedures. (1) T
HE INFRASTRUCTURE AND LONG -TERM DEVELOPMENT22
ASSISTANCE PROGRAM IS CREATED IN THE AUTHORITY . THE PURPOSE OF23
THE PROGRAM IS TO PROVIDE FINANCING TO ELIGIBLE PROJECTS . THE24
AUTHORITY IS NOT RESPONSIBLE, THROUGH THE PROGRAM OR OTHERWISE ,25
FOR ASSISTING IN A PROJECT QUALIFYING AS AN ELIGIBLE PROJECT .26
(2) T
HE AUTHORITY SHALL ADMINISTER THE PROGRAM TO PROVIDE27
081
-26- FINANCING TO ELIGIBLE PROJECTS THAT SEEK FINANCING THR OUGH THE1
AUTHORITY. FINANCING MUST BE PAID OUT OF THE ELIGIBLE PROJECT2
REVOLVING FUND AND THE ADMINISTRATIVE EXPENSES INCURRED BY THE3
DEPARTMENT IN ADMINISTERING THE PROGRAM MUST BE PAID OUT OF THE4
OPERATING FUND.5
(3) T
HE AUTHORITY SHALL IMPLEMENT THE PROGRAM IN6
ACCORDANCE WITH THIS SECTION . THE AUTHORITY SHALL DEVELOP7
POLICIES AND PROCEDURES AS REQUIRED IN THIS ARTICLE 117 AND ANY8
ADDITIONAL POLICIES AND PROCEDURES NECESSARY TO IMPLEMENT THE9
PROGRAM. AT A MINIMUM, THE POLICIES AND PROCEDURES MUST SPECIFY10
APPLICATION CRITERIA, AN APPLICATION PROCESS, AND A SELECTION11
PROCESS FOR THE AUTHORITY TO DETERMINE WHICH ELIGIBLE PROJECTS12
IT WILL FINANCE OR ASSIST IN FINANCING.13
(4) T
O RECEIVE FINANCING, AN APPLICANT MUST SUBMIT AN14
APPLICATION TO THE AUTHORITY IN ACCORDANCE WITH THE POLICIES AND15
PROCEDURES DEVELOPED BY THE AUTHORITY .16
(5) T
HE AUTHORITY SHALL REVIEW THE APPLICATIONS RECEIVED17
PURSUANT TO THIS SECTION AND MUST CONSIDER , AMONG OTHER18
CRITERIA:19
(a) W
HETHER A PROJECT DEMONSTRATES :20
(I) A
MATCH BY AN EQUAL OR GREATER AMOUNT OF A LOAN OR21
OTHER FINANCIAL ASSISTANCE PROVIDED BY A PENSION FUND INVESTOR22
OR A COMMINGLED FUND OF PENSION FUND INVESTMENTS WITH A23
DEMONSTRATED TRACK RECORD OF SUCCESSFUL INVESTMENT ; AND24
(II) A
LONG-TERM COMMITMENT TO HIRING LOCAL RESIDENTS AND25
USING APPRENTICES IN APPRENTICESHIP PROGRAMS REGISTERED WITH THE26
STATE APPRENTICESHIP COUNCIL OR THE UNITED STATES DEPARTMENT OF27
081
-27- LABOR'S OFFICE OF APPRENTICESHIP;1
(b) W
HETHER A PROJECT HAS A PROJECT LABOR AGREEMENT ;2
(c) W
HETHER A PROJECT COMPLIES WITH SECTION 24-92-115 AND3
PARTS 2 AND 3 OF ARTICLE 92 OF THIS TITLE 24; AND4
(d) W
HETHER A PROJECT IS LOCATED IN OR BENEFITS AN5
UNDER-REPRESENTED COMMUNITY .6
(6) T
HE ELIGIBLE PROJECT REVOLVING FUND IS CREATED IN THE7
AUTHORITY. THE ELIGIBLE PROJECT REVOLVING FUND CONSISTS OF MONEY8
TRANSFERRED TO THE FUND; GIFTS; GRANTS; DONATIONS; CONTRIBUTIONS9
FROM A GOVERNMENTAL ENTITY , NOT-FOR-PROFIT ORGANIZATION, OR10
PRIVATE ENTITY; FEDERAL FUNDS; A WARRANT ISSUED BY THE STATE OR11
ANY OTHER GOVERNMENTAL ENTITY ; ANY OTHER MONEY THAT THE12
AUTHORITY MAY TRANSFER TO THE FUND ; AND INTEREST AND INCOME13
DERIVED FROM THE DEPOSIT AND INVESTMENT OF MONEY IN THE ELIGIBLE
14
PROJECT REVOLVING FUND. MONEY IN THE FUND IS MONEY OF THE15
AUTHORITY FOR ADMINISTERING AND IMPLEMENTING THE16
INFRASTRUCTURE AND LONG-TERM DEVELOPMENT ASSISTANCE PROGRAM .17
T
HE AUTHORITY MAY ESTABLISH PROCEDURES TO ADMINISTER THE FUND18
IN ACCORDANCE WITH THIS ARTICLE 117 AND ANY OTHER APPLICABLE19
PROVISION OF STATE LAW.20
24-117-113. Report to general assembly. C
OMMENCING IN 2026,21
THE AUTHORITY SHALL SUBMIT A REPORT OF ITS ACTIVITIES TO THE22
GOVERNOR, THE CAPITAL DEVELOPMENT COMMITTEE , AND THE23
TRANSPORTATION, HOUSING, AND LOCAL GOVERNMENT COMMITTEE OF24
THE HOUSE OF REPRESENTATIVES AND THE LOCAL GOVERNMENT AND25
HOUSING COMMITTEE OF THE SENATE , OR ANY SUCCESSOR COMMITTEES ,26
NOT LATER THAN SEPTEMBER 30 OF EACH YEAR. THE REPORT SHALL SET27
081
-28- FORTH A COMPLETE OPERATING AND FINANCIAL STATEMENT COVERING1
THE OPERATIONS OF THE AUTHORITY FOR THE PREVIOUS STATE FISCAL2
YEAR. NOTWITHSTANDING SECTION 24-1-136 (11)(a)(I), THE3
REQUIREMENT TO SUBMIT THE REPORT CONTINUES INDEFINITELY .4
SECTION 4. In Colorado Revised Statutes, 24-77-102, amend5
(15)(b)(XX) and (15)(b)(XXI); and add (15)(b)(XXII) as follows:6
24-77-102. Definitions. As used in this article 77, unless the7
context otherwise requires:8
(15) (b) "Special purpose authority" includes, but is not limited to:9
(XX) The middle-income housing authority created in section10
29-4-1104 (1); and11
(XXI) The equal justice authority created in section 13-5.7-202;12
AND13
(XXII) THE BUILDING URGENT INFRASTRUCTURE AND LEVERAGING14
DOLLARS AUTHORITY CREATED IN SECTION 24-117-104 (1).15
SECTION 5. In Colorado Revised Statutes, 29-1-102, amend16
(13) as follows:17
29-1-102. Definitions. As used in this part 1, unless the context18
otherwise requires:19
(13) "Local government" means any authority, county,20
municipality, city and county, district, or other political subdivision of the21
state of Colorado; any institution, department, agency, or authority of any22
of the foregoing; and any other entity, organization, or corporation23
formed by intergovernmental agreement or other contract between or24
among any of the foregoing. The office of the county public trustee shall25
be deemed an agency of the county for the purposes of this part 1. "Local26
government" does not include the Colorado educational and cultural27
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collegeinvest, the Colorado health facilities authority, the Colorado2
housing and finance authority, the Colorado agricultural development3
authority, the Colorado sheep and wool authority, the Colorado beef4
council authority, the Colorado horse development authority,
THE
5
BUILDING URGENT INFRASTRUCTURE AND LEVERAGING DOLLARS6
AUTHORITY, THE MIDDLE-INCOME HOUSING AUTHORITY, the fire and police7
pension association, any public entity insurance or investment pool8
formed pursuant to state law, any county or municipal housing authority,9
any association of political subdivisions formed pursuant to section10
29-1-401, or any home rule city or town, home rule city and county, cities11
and towns operating under a territorial charter, school district, or local12
college district.13
SECTION 6. Act subject to petition - effective date. This act14
takes effect at 12:01 a.m. on the day following the expiration of the15
ninety-day period after final adjournment of the general assembly; except16
that, if a referendum petition is filed pursuant to section 1 (3) of article V17
of the state constitution against this act or an item, section, or part of this18
act within such period, then the act, item, section, or part will not take19
effect unless approved by the people at the general election to be held in20
November 2026 and, in such case, will take effect on the date of the21
official declaration of the vote thereon by the governor.22
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