2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › RECOVERY AND REINVESTMENT FINANCE ACT (§§ 11-59.7-101 — 11-59.7-114) › Article 59.7 - COLORADO RECOVERY AND REINVESTMENT FINANCE ACT OF 2009 (§§ 11-59.7-101 — 11-59.7-114) › Section 11-59.7-103 - Definitions

As used in this article 59.7, unless the context otherwise requires:
(1)
"Ancillary agreement" means any contract, agreement, or other arrangement that a public entity determines is necessary or convenient in connection with a stimulus obligation, including but not limited to any agreement, contract, or other arrangement:
(a)
Pursuant to which the proceeds of such stimulus obligation are loaned or made available to or secured for another public entity, a nonprofit or for-profit corporation, a charter school, or any other person in accordance with the federal recovery and reinvestment act;
(b)
Relating to property that is leased or subleased pursuant to a financed purchase of an asset or certificate of participation agreement or on which the proceeds of a financed purchase of an asset or certificate of participation agreement are spent;
(c)
For credit or liquidity enhancement of, credit or liquidity support for, or interest rate protection with respect to the stimulus obligation;
(d)
That is an interest rate exchange agreement under article
59.3
of this title;
(e)
That relates to the investment of proceeds of the stimulus obligation;
(f)
For the purchase, sale, marketing, or remarketing of the stimulus obligation; or
(g)
For services in connection with the stimulus obligation.
(2)
"Ballot issue" has the same meaning as set forth in section
1-1-104
(2.3), C.R.S.
(3)
"Ballot question" has the same meaning as set forth in section
1-1-104
(2.7), C.R.S.
(4)
"Bond" means any bond, note, interim certificate, contract, evidence of indebtedness, loan, financing agreement, installment purchase or sale agreement, lease, financed purchase of an asset agreement, or certificate of participation agreement on which payments by a public entity are not subject to annual appropriation by its governing body or any debt or multiple-fiscal year financial obligation issued or entered into by a public entity.
(5)
"Build America bond" has the same meaning as set forth in section 54AA of the internal revenue code.
(5.5)
"Certificate of participation" means any certificate evidencing a participation right or a proportionate interest in any financing agreement or the right to receive proportionate payments from the state or agency due under any financing agreement.
(6)
"Charter school" means a charter school as defined in section
22-30.5-103 (2)
, C.R.S., an independent charter school as defined in section
22-30.5-302 (6)
, C.R.S., or an institute charter school as defined in section
22-30.5-502 (6)
, C.R.S.
(7)
"Charter school bond issuer" means any public entity that is authorized under state law to finance or refinance a project for the benefit of a charter school through the issuance of bonds or the execution of a loan agreement, financing agreement, financed purchase of an asset, or certificate of participation agreement with a charter school.
(8)
"Clean renewable energy bond" has the same meaning as set forth in section 54 of the internal revenue code.
(8.5)
"Colorado energy office" means the Colorado energy office created in section
24-38.5-101 (1)
, C.R.S.
(9)
"Commission on higher education" means the Colorado commission on higher education created and existing pursuant to article
1
of title
23
, C.R.S.
(10)
"Federal direct payments" means amounts that the federal government is to pay to or on behalf of a public entity that issues or enters into a stimulus obligation and elects to receive direct payments from the federal government with respect to the stimulus obligation pursuant to the internal revenue code.
(11)
"Federal recovery and reinvestment act" means the federal "American Recovery and Reinvestment Act of 2009", Pub.L. 111-5, and any amendments to the act or to any provision of the internal revenue code included in or amended by the act.
(11.5)
"Financed purchase of an asset agreement" means a financing agreement that includes the purchase of an asset.
(12)
"Governing body" means a city council, board of trustees, commission, board of county commissioners, board of directors, governing board of a public institution of higher education, or other legislative body of a public entity in which the legislative powers of the public entity are vested. The governing body of the state treasurer, or of the state treasurer, acting on behalf of the state, is the state treasurer.
(13)
Repealed.
(14)
"Internal revenue code" has the same meaning as set forth in section
39-23.5-102
(9.5), C.R.S.
(15)
"Large local government" has the same meaning as set forth in section 54D of the internal revenue code.
(16)
"Large municipality" has the same meaning as set forth in section 1400U-1 of the internal revenue code.
(17)
Repealed.
(18)
"New clean renewable energy bond" has the same meaning as set forth in section 54C of the internal revenue code.
(19)
"Project" means any property, goods, or services on which the proceeds of a bond or financed purchase of an asset or certificate of participation financing are or may be spent, including but not limited to any job training or educational program on which the proceeds of recovery zone economic development bonds may be spent under federal law.
(20)
"Public entity" means the state, any agency, department, or political subdivision of the state, any quasi-governmental entity, or any other entity created by or pursuant to the constitution or laws of the state that is authorized under state law to issue bonds or enter into a financed purchase of an asset or certificate of participation agreement, including but not limited to:
(a)
The state treasurer or the state treasurer, acting on behalf of the state;
(b)
A state agency or department;
(c)
A state authority;
(d)
A public institution of higher education, state educational institution, or other state institution, including its governing body or any other issuing authority of the institution constituting a body corporate;
(e)
A county or city and county;
(f)
A municipality;
(g)
A school district;
(h)
A special district organized or acting pursuant to the provisions of title 32, C.R.S.;
(i)
A district or authority organized or acting pursuant to the provisions of title 29, 30, or 31, C.R.S.;
(j)
A water conservancy district created pursuant to article
45
of title
37
, C.R.S.;
(k)
Any other political subdivision or governmental or quasi-governmental entity of the state;
(l)
Any other public entity as defined in section
24-75-601 (1)
, C.R.S.;
(m)
A recovery and reinvestment act finance authority;
(n)
An enterprise of any public entity listed in paragraphs (a) to (m) of this subsection (20); and
(o)
A nonprofit corporation organized under the laws of the state that is authorized by law, or a trust created under the laws of the state that is authorized under its governing documents, to issue bonds or enter into financed purchase of an asset or certificate of participation agreements on behalf of one or more public entities listed in subsections (20)(a) to (20)(n) of this section.
(21)
"Public institution of higher education" means any state-supported institution of higher education that is obligated to conform to the policies set by the commission on higher education pursuant to section
23-1-102 (2)
, C.R.S.
(22)
"Public school capital construction assistance board" means the board created in section
22-43.7-106 (1)(a)
, C.R.S.
(23)
"Qualified energy conservation bond" has the same meaning as set forth in section 54D of the internal revenue code.
(24)
"Qualified energy conservation bond volume cap" means the dollar amount of qualified energy conservation bonds allocated to the state and the state's large local governments pursuant to section 54D of the internal revenue code.
(25)
"Qualified school construction bond" has the same meaning as set forth in section 54F of the internal revenue code.
(26)
"Qualified school construction bond volume cap" means the school district qualified school construction bond volume cap and the state qualified school construction bond volume cap and includes any portion of the school district qualified school construction bond volume cap that is reallocated to the public school capital construction assistance board pursuant to section
11-59.7-106
.
(27)
"Qualified zone academy bond" has the same meaning as set forth in section 54E of the internal revenue code.
(28)
"Qualified zone academy bond volume cap" means the volume cap for qualified zone academy bonds allocated by the federal government to the state pursuant to section 54E of the internal revenue code.
(29)
"Recovery and reinvestment act finance authority" means a separate legal entity created by contract between or among public entities for the purpose of issuing stimulus obligations pursuant to section
11-59.7-110
.
(30)
"Recovery zone" means:
(a)
Any area designated by the public entity that issues or enters into a recovery zone bond as having significant poverty, unemployment, rate of home foreclosures, or general distress;
(b)
Any area designated by the public entity that issues or enters into a recovery zone bond as economically distressed by reason of the closure or realignment of a military installation pursuant to the federal "Defense Base Closure and Realignment Act of 1990", Pub.L. 101-510; and
(c)
Any area for which a designation as an empowerment zone or renewal community is in effect.
(31)
"Recovery zone bond" means both a recovery zone economic development bond and a recovery zone facility bond.
(32)
"Recovery zone economic development bond" has the same meaning as set forth in section 1400U-2 of the internal revenue code.
(33)
"Recovery zone economic development bond project" means any property, goods, or services on which the proceeds of recovery zone economic development bonds may be spent under federal law.
(34)
"Recovery zone economic development bond volume cap" means the dollar amount of recovery zone economic development bonds to be allocated by the federal government to the state and by the state to the state's counties and large municipalities pursuant to section 1400U-1 of the internal revenue code.
(35)
"Recovery zone facility bond" has the same meaning as set forth in section 1400U-3 of the internal revenue code.
(36)
"Recovery zone facility bond volume cap" means the dollar amount of recovery zone facility bonds to be allocated by the federal government to the state and by the state to the state's counties and large municipalities pursuant to section 1400U-1 of the internal revenue code.
(37)
"School district qualified school construction bond volume cap" means the volume cap for qualified school construction bonds allocated by the federal government to school districts of the state pursuant to section 54F of the internal revenue code.
(37.5)
"Specified tax credit bond" has the same meaning as set forth in section 6431 of the internal revenue code.
(38)
"State qualified school construction bond volume cap" means the volume cap for qualified school construction bonds allocated by the federal government to the state pursuant to section 54F of the internal revenue code.
(39)
"Stimulus obligation" means any bond or financed purchase of an asset or certificate of participation agreement that qualifies as a build America bond, clean renewable energy bond, new clean renewable energy bond, qualified energy conservation bond, qualified school construction bond, qualified zone academy bond, or recovery zone bond.
(40)
"Stimulus obligation document" means any resolution, ordinance, trust indenture, loan agreement, financing agreement, financed purchase of an asset agreement, certificate of participation agreement, lease, agreement, contract, or other instrument under which a stimulus obligation is issued or entered into or pursuant to which a public entity incurs obligations with respect to a stimulus obligation and any ancillary agreement entered into pursuant to section
11-59.7-104 (2)
.
(41)
"Type of" means, when used with respect to any stimulus obligation, any one of a build America bond, clean renewable energy bond, new clean renewable energy bond, qualified energy conservation bond, qualified school construction bond, qualified zone academy bond, or recovery zone bond.
(42)
"Volume cap" means the dollar amount of any stimulus obligation allocated to the state or another public entity pursuant to the federal recovery and reinvestment act or any other federal law.
Amended by 2021 Ch. 325, §1, eff. 7/1/2021.
L. 2009: Entire article added, (HB 09-1346), ch. 2191, p. 2191, § 1, effective June 2. L. 2010: (10) and (11) amended and (37.5) added, (SB 10-200), ch. 1027, p. 1027, § 1, effective May 18. L. 2012: (8.5) added and (13) repealed, (HB 12-1315), ch. 956, p. 956, § 1, effective July 1.