2023 Colorado Revised Statutes › Title 24 - GOVERNMENT - STATE (§§ 24-1-101 — 24-116-102) › PRINCIPAL DEPARTMENTS (§§ 24-30-101 — 24-36-306) › Article 32 - DEPARTMENT OF LOCAL AFFAIRS (§§ 24-32-101 — 24-32-3711) › Part 17 - PRIVATE ACTIVITY BOND CEILING ALLOCATION (§§ 24-32-1701 — 24-32-1715) › Section 24-32-1705 - Allocations to state issuing authorities

(1)
(a)
Within thirty days after May 20, 1987, and by January 15 of each year thereafter, fifty percent of the state ceiling shall be initially allocated among the following state issuing authorities in amounts established by the department:
(I)
The Colorado agricultural development authority, created by section
35-75-104
, C.R.S.;
(II)
The Colorado health facilities authority, created by section
25-25-104
, C.R.S.;
(III)
The Colorado housing and finance authority, created by section
29-4-704
, C.R.S.;
(IV)
The Colorado educational and cultural facilities authority, created by section
23-15-104
, C.R.S.; and
(V)
Collegeinvest, created by section
23-3.1-203
, C.R.S.
(b)
Notwithstanding the provisions of paragraph (a) of this subsection (1), the department is not required to allocate any specific amount to any specific state issuing authority.
(2)
State issuing authorities may assign amounts of their allocations to any issuing authority, and any assignment shall be effective upon receipt by the department of written notification of the assignment. The notification shall include the amounts assigned, the names of the assignor and the assignee, a representation by the assignor that the assignment was made by the assignor without receipt of monetary consideration, the date of the assignment, and a copy of the executed assignment. No assignee may elect to treat all or any portion of an assignment of an allocation from a state issuing authority as an allocation for a project with a carryforward purpose or make a mortgage credit certificate election with respect to all or any portion of such an assignment without the prior written consent of the assignor to the election. A record of each assignment shall be maintained by the assignee for each bond issued by the assignee for which the assignment applies.
(3)
Any allocation of the state ceiling made or assigned pursuant to this section shall automatically be relinquished to the statewide balance on September 15 of each year, except to the extent that:
(a)
Bonds are issued by the state issuing authority or its assigns prior to September 15 of each year; or
(b)
A mortgage credit certificate election is made by the state issuing authority or its assignee prior to September 15 of each year; or
(c)
The state issuing authority or its assignee notifies the department, by written notice which contains the information and attachments set forth in section
24-32-1709
, prior to September 15 of each year, that the allocation has been made by the state issuing authority or its assignee to a project which has a carryforward purpose as such project is described in the inducement resolution attached and that the state issuing authority or its assignee desires to treat all or a portion of its initial allocation as an allocation to such project for such carryforward purpose.
(4)
If the amount of an allocation of the state ceiling made to a state issuing authority pursuant to this section is in excess of the amount of bonds that the state issuing authority or its assignee issued or used for a carryforward purpose or the amount of qualified mortgage bonds that the state issuing authority or its assignee elected not to issue pursuant to a mortgage credit certificate election, the excess shall be relinquished to the statewide balance on September 15 each year. Any state issuing authority may voluntarily relinquish all or any part of its allocation to the statewide balance at any time by so notifying the department in writing.
L. 87: Entire part added, p. 990, § 1, effective May 20. L. 98: (1)(a)(IV) amended, p. 609, § 16, effective May 4. L. 2004: (1)(a)(V) amended, p. 575, § 31, effective July 1. L. 2009: IP(1)(a) amended, (SB 09-041), ch. 56, p. 198, §2, effective March 25.