2023 Colorado Revised Statutes › Title 23 - POSTSECONDARY EDUCATION (§§ 23-1-101 — 23-81-102) › EDUCATIONAL CENTERS AND LOCAL DISTRICT COLLEGES (§§ 23-70-101 — 23-73-101) › Article 70 - AURARIA HIGHER EDUCATION CENTER (§§ 23-70-101 — 23-70-117) › Section 23-70-107 - Borrowing funds for auxiliary or complementary facilities

(1)
For the purposes of obtaining funds for constructing, otherwise acquiring, and equipping auxiliary facilities, as defined in section
23-5-101.5(2)(a)
, for the use of students and employees at the center, the Auraria board is authorized, after approval by the Colorado commission on higher education and subsequent affirmative vote by the combined student bodies of the Auraria campus if student fees are to be used in financing such projects, to enter into contracts with any one or more persons or corporations or state or federal government agencies for the advancement of moneys for such purposes and to provide for the repayment of such advancements with interest at a specified net effective interest rate.
(2)
(a)
The Auraria board, by resolution, may issue revenue bonds on behalf of any auxiliary facility or group of auxiliary facilities managed by the Auraria board for the purpose of obtaining funds for constructing, otherwise acquiring, equipping, or operating such auxiliary facility or group of auxiliary facilities. Any bonds issued on behalf of any auxiliary facility or group of auxiliary facilities other than dining facilities, recreational facilities, health facilities, parking facilities, student center facilities, or research facilities which are funded from a revolving fund may be issued only after approval by both houses of the general assembly either by bill or by joint resolution and after approval by the governor in accordance with section 39 of article V of the state constitution. Except as provided in subsection (2)(b) of this section, bonds issued pursuant to this subsection (2) shall be payable only from revenues generated by the auxiliary facility or group of auxiliary facilities on behalf of which such bonds are issued. Such bonds shall be issued in accordance with the provisions of section
23-70-108(2)
.
(b)
(I)
For the 2020-21 and 2021-22 state fiscal years only, existing bonds for auxiliary facilities or group of auxiliary facilities managed by the Auraria board and issued under subsection (2)(a) of this section may be payable from other sources, including money contributed by constituent institutions from whatever source, and from money appropriated to the board by the general assembly.
(II)
For the 2020-21 state fiscal year, the amounts contributed by constituent institutions, from whatever source, are as follows:
(A)
One million three hundred eighty-nine thousand three hundred dollars from the board of trustees for the Metropolitan state university of Denver;
(B)
Nine hundred eighty thousand seven hundred dollars from the board of regents of the university of Colorado; and
(C)
Three hundred eighty thousand dollars from the state board for community colleges and occupational education.
(3)
The Auraria board, by resolution, may issue revenue bonds secured by a pledge of lease payments or any other revenues derived from a complementary facility or group of complementary facilities for the purpose of raising moneys for constructing or otherwise acquiring and equipping any facility necessary or useful to the accomplishment of the mission of the Auraria board and the center. Bonds issued pursuant to this subsection (3) shall be payable only from revenues generated by the lease payments or by the complementary facility or group of complementary facilities that are subject to the pledge. The bonds shall be issued in accordance with the provisions of section
23-70-108(2)
.
(4)
The Auraria board, by resolution, may issue revenue bonds secured by a pledge of rental payments or other payments to be received from a constituent institution or constituent institutions. The Auraria board shall use the proceeds of said bonds to acquire, construct, or equip any physical plant, facility, building, or ground within the center for the use of one or more constituent institutions pursuant to section
23-70-104
. Bonds issued pursuant to this subsection (4) shall be payable only from payments received by the Auraria board from the constituent institutions for the acquisition, construction, or equipping of the physical plant, facility, building, or ground for which the bonds are issued. The bonds shall be issued in accordance with the provisions of section
23-70-108(2)
.
Amended by 2021 Ch. 8,§2, eff. 3/12/2021.
L. 74: Entire article added, p. 393, § 1, effective May 13. L. 75: Entire section amended, p. 746, § 1, effective April 9. L. 93: Entire section amended, p. 1824, § 5, effective June 6. L. 2008: (3) and (4) added, p. 1080, § 5, effective May 22. L. 2021: (2) amended, (SB 21-109), ch. 46, p. 46, §2, effective March 12.
For the legislative declaration in SB 21-109, see section 1 of chapter 8, Session Laws of Colorado 2021.