SB 183

                            Second Regular Session
                         Seventy-fifth General Assembly
                           STATE OF COLORADO
                                                                        REENGROSSED
                                                             This Version Includes All Amendments
                                                              Adopted in the House of Introduction
LLS NO. 26-1002.03 Stephanie Schrab x4330  SENATE BILL 26-183
                            SENATE SPONSORSHIP
 Mullica and Kirkmeyer, Carson, Coleman, Kipp, Marchman, Simpson
                             HOUSE SPONSORSHIP
 Winter T. and Lindsay,
Senate Committees  House Committees
Finance
Appropriations
                                     A BILL FOR AN ACT
101      CONCERNING STATE FUNDING FOR CAPITAL CONSTRUCTION COSTS FOR
102A PROJECT BEING UNDERTAKEN BY THE COLORADO SCHOOL OF
103MINES, AND, IN CONNECTION THEREWITH, AUTHORIZING THE
104STATE TO ISSUE FINANCED PURCHASE OF AN ASSET OR
105CERTIFICATE OF PARTICIPATION AGREEMENTS TO FINANCE A
106PORTION OF CAPITAL COSTS ASSOCIATED WITH THE RENEWAL
                                                                                                      Amended 3rd Reading
                                                                                                         May 11, 2026
107OF CRITICAL BUILDING SYSTEMS FOR THE COLORADO SCHOOL
                                                                                                           SENATE
108OF    MINES '       G UGGENHEIM  HALL        AND      MAKING  AN
109APPROPRIATION.
                                           Bill Summary
              (Note: This summary applies to this bill as introduced and does
                                                                                                      Amended 2nd Reading
      not reflect any amendments that may be subsequently adopted. If this bill
                                                                                                          May 8, 2026
      passes third reading in the house of introduction, a bill summary that
                                                                                                           SENATE
            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.
applies to the reengrossed version of this bill will be available at
http://leg.colorado.gov.)
        The bill requires the state treasurer, on behalf of the state, to
execute, no later than December 31, 2026, financed purchase of an asset
or certificate of participation agreements (financing agreements) to
finance a portion of the capital costs related to the capital renewal of a
facility at the Colorado school of mines. The financing agreements are to
be issued in an aggregate principal amount not to exceed $13 million plus
reasonable and necessary administrative, monitoring, and closing costs
and interest, including capitalized interest. The anticipated annual
state-funded payments for the principal and interest components due
under the financing agreements must not exceed the difference between
$17.5 million and the amount of the annual state-funded payments for the
agreements entered into pursuant to House Bill 24-1231, with principal
amortization not occurring before July 1, 2027. The proceeds from the
financing agreements will be used for the renewal of critical building
systems of Guggenheim hall at the Colorado school of mines.
1 Be it enacted by the General Assembly of the State of Colorado:
2SECTION 1. In Colorado Revised Statutes, add 24-36-125 as
3 follows:
424-36-125. Financed purchase of an asset or certificate of
5 participation agreements - fund capital costs related to a project at
6 Colorado school of mines - definitions.
7(1) AS USED IN THIS SECTION, UNLESS THE CONTEXT OTHERWISE
8 REQUIRES:
9(a) "AGREEMENT" MEANS ONE OR MORE FINANCED PURCHASE OF
10 AN ASSET OR CERTIFICATE OF PARTICIPATION AGREEMENTS EXECUTED AS
11 REQUIRED BY SUBSECTION (2)(a) OF THIS SECTION.
12(b) "BOARD" MEANS THE BOARD OF TRUSTEES OF THE COLORADO
13 SCHOOL OF MINES, CREATED IN SECTION 23-41-102 (1)(a).
14(2) (a)    NOTWITHSTANDING THE PROVISIONS OF SECTIONS
15 24-82-102 (1)(b) AND 24-82-801, AND PURSUANT TO SECTION 24-36-121,
                                   -2-  183
1 NO LATER THAN DECEMBER 31, 2026, THE STATE, ACTING BY AND
2 THROUGH THE STATE TREASURER, SHALL EXECUTE AN AGREEMENT FOR
3 THE PURPOSE DESCRIBED IN SUBSECTION (4) OF THIS SECTION, THE TOTAL
4 AMOUNT OF THE PRINCIPAL OF WHICH AGREEMENT SHALL NOT EXCEED
5 THIRTEEN MILLION DOLLARS, PLUS REASONABLE AND NECESSARY
6  ADMINISTRATIVE, MONITORING, AND CLOSING COSTS AND INTEREST,
7 INCLUDING CAPITALIZED INTEREST.
8(b) THE ANTICIPATED ANNUAL STATE-FUNDED PAYMENTS FOR THE
9 PRINCIPAL AND INTEREST COMPONENTS OF THE AMOUNT PAYABLE UNDER
10 AN AGREEMENT ENTERED INTO PURSUANT TO SUBSECTION (2)(a) OF THIS
11 SECTION SHALL NOT EXCEED THE DIFFERENCE BETWEEN SEVENTEEN
12 MILLION FIVE HUNDRED THOUSAND DOLLARS AND THE AMOUNT OF THE
13 ANNUAL STATE-FUNDED PAYMENTS FOR THE AGREEMENT ENTERED INTO
14 PURSUANT TO SECTION 24-36-124 (2)(b), WITH PRINCIPAL AMORTIZATION
15 NOT OCCURRING BEFORE JULY 1, 2027.
16(c) THE STATE, ACTING BY AND THROUGH THE STATE TREASURER,
17 AT THE STATE TREASURER'S SOLE DISCRETION, MAY ENTER INTO AN
18 AGREEMENT AUTHORIZED BY SUBSECTION (2)(a) OF THIS SECTION WITH
19 ANY FOR-PROFIT OR NONPROFIT CORPORATION, TRUST, OR COMMERCIAL
20 BANK ACTING AS A TRUSTEE AS THE LESSOR.
21(d) THE AGREEMENT MUST PROVIDE THAT ALL OBLIGATIONS OF
22 THE STATE UNDER THE AGREEMENT ARE SUBJECT TO THE ACTION OF THE
23 GENERAL ASSEMBLY IN ANNUALLY MAKING MONEY AVAILABLE FOR ALL
24 PAYMENTS THEREUNDER. PAYMENTS UNDER THE AGREEMENT MUST BE
25 MADE SUBJECT TO ANNUAL APPROPRIATION BY THE GENERAL ASSEMBLY,
26 AS APPLICABLE, FROM THE GENERAL FUND OR FROM ANY OTHER LEGALLY
27 AVAILABLE SOURCE OF MONEY.
                               -3-  183
1(e) THE AGREEMENT MUST ALSO PROVIDE THAT THE OBLIGATIONS
2 OF THE STATE DO NOT CREATE STATE DEBT WITHIN THE MEANING OF ANY
3 PROVISION OF THE STATE CONSTITUTION OR STATE LAW CONCERNING OR
4 LIMITING THE CREATION OF STATE DEBT AND THAT THE OBLIGATIONS ARE
5 NOT A MULTIPLE FISCAL-YEAR DIRECT OR INDIRECT DEBT OR OTHER
6 FINANCIAL OBLIGATION OF THE STATE WITHIN THE MEANING OF SECTION
7 20 (4) OF ARTICLE X OF THE STATE CONSTITUTION. IF THE STATE DOES NOT
8 RENEW THE AGREEMENT, THE SOLE SECURITY AVAILABLE TO THE LESSOR
9  IS THE PROPERTY THAT IS THE SUBJECT OF THE NONRENEWED AGREEMENT.
10(f) (I) THE AGREEMENT MAY CONTAIN TERMS, PROVISIONS, AND
11 CONDITIONS AS THE STATE TREASURER, ACTING ON BEHALF OF THE STATE,
12 DEEMS APPROPRIATE, INCLUDING ALL OPTIONAL TERMS; EXCEPT THAT THE
13 AGREEMENT MUST SPECIFICALLY AUTHORIZE THE STATE OR THE BOARD TO
14 RECEIVE FEE TITLE TO ALL REAL AND PERSONAL PROPERTY THAT IS THE
15 SUBJECT OF THE AGREEMENT ON OR BEFORE THE EXPIRATION OF THE
16 TERMS OF THE AGREEMENT.
17(II) THE STATE TREASURER, ACTING ON BEHALF OF THE STATE, HAS
18 THE AUTHORITY TO DETERMINE WHAT COLLATERAL TO USE FOR THE
19 AGREEMENT AS THE STATE TREASURER DEEMS APPROPRIATE.
20(g)   THE AGREEMENT MAY PROVIDE FOR THE ISSUANCE,
21 DISTRIBUTION, AND SALE OF INSTRUMENTS EVIDENCING RIGHTS TO
22 RECEIVE RENTALS AND OTHER PAYMENTS MADE AND TO BE MADE UNDER
23 THE AGREEMENT. THE INSTRUMENTS MAY BE ISSUED, DISTRIBUTED, OR
24 SOLD ONLY BY THE LESSOR OR ANY PERSON DESIGNATED BY THE LESSOR
25 AND NOT BY THE STATE.       THE INSTRUMENTS DO NOT CREATE A
26 RELATIONSHIP BETWEEN THE PURCHASERS OF THE INSTRUMENTS AND THE
27 STATE OR CREATE ANY OBLIGATION ON THE PART OF THE STATE TO THE
                                -4-  183
1 PURCHASERS. THE INSTRUMENTS ARE NOT A NOTE, BOND, OR OTHER
2 EVIDENCE OF STATE DEBT WITHIN THE MEANING OF ANY PROVISION OF THE
3 STATE CONSTITUTION OR STATE LAW CONCERNING OR LIMITING THE
4 CREATION OF STATE DEBT AND THE INSTRUMENTS ARE NOT A MULTIPLE
5 FISCAL-YEAR DIRECT OR INDIRECT DEBT OR OTHER FINANCIAL OBLIGATION
6 OF THE STATE WITHIN THE MEANING OF SECTION 20 (4) OF ARTICLE X OF
7 THE STATE CONSTITUTION.
8(h) INTEREST PAID UNDER AN AGREEMENT AUTHORIZED PURSUANT
9 TO    SUBSECTION   (2)(a)   OF    THIS       SECTION,   INCLUDING   INTEREST
10 REPRESENTED BY THE INSTRUMENTS, IS EXEMPT FROM COLORADO INCOME
11 TAX.
12(i) THE STATE, ACTING BY AND THROUGH THE STATE TREASURER
13 AND THE BOARD, IS AUTHORIZED TO ENTER INTO ANCILLARY AGREEMENTS
14 AND    INSTRUMENTS    THAT       ARE    NECESSARY       OR   APPROPRIATE   IN
15 CONNECTION WITH AN AGREEMENT, INCLUDING DEEDS, GROUND LEASES,
16 SUBLEASES, EASEMENTS, OR OTHER INSTRUMENTS RELATED TO THE REAL
17 PROPERTY ON WHICH THE FACILITIES ARE LOCATED.
18(j) THE PROVISIONS OF SECTION 24-30-202 (5)(b) DO NOT APPLY
19 TO AN AGREEMENT OR TO ANY ANCILLARY AGREEMENT OR INSTRUMENT
20 ENTERED INTO PURSUANT TO THIS SUBSECTION  (2). THE STATE
21 CONTROLLER OR THEIR DESIGNEE SHALL WAIVE ANY PROVISION OF THE
22 FISCAL RULES PROMULGATED PURSUANT TO SECTIONS 24-30-202 (1) AND
23 (13) THAT THE STATE CONTROLLER FINDS INCOMPATIBLE OR INAPPLICABLE
24 WITH RESPECT TO AN AGREEMENT OR AN ANCILLARY AGREEMENT OR
25 INSTRUMENT.
26(3) (a) BEFORE EXECUTING THE AGREEMENT, TO PROTECT AGAINST
27 FUTURE INTEREST RATE INCREASES, THE STATE, ACTING BY AND THROUGH
                                       -5-  183
1 THE STATE TREASURER AND AT THE DISCRETION OF THE STATE
2 TREASURER, MAY ENTER INTO AN INTEREST RATE EXCHANGE AGREEMENT
3 PURSUANT TO ARTICLE 59.3 OF TITLE 11. THE INTEREST RATE EXCHANGE
4 AGREEMENT IS A PROPOSED PUBLIC SECURITY FOR THE PURPOSES OF
5 ARTICLE 59.3 OF TITLE 11. ANY PAYMENTS MADE BY THE STATE UNDER AN
6 INTEREST RATE EXCHANGE AGREEMENT ENTERED INTO PURSUANT TO THIS
7 SUBSECTION (3) MUST BE MADE SOLELY FROM MONEY AVAILABLE TO THE
8 STATE TREASURER FROM THE EXECUTION OF THE AGREEMENT ENTERED
9 INTO PURSUANT TO SUBSECTION (2) OF THIS SECTION OR FROM MONEY
10 DESCRIBED IN SUBSECTION (2)(d) OF THIS SECTION.
11(b) AN INTEREST RATE EXCHANGE AGREEMENT ENTERED INTO
12 PURSUANT TO THIS SUBSECTION (3) MUST ALSO PROVIDE THAT THE
13 OBLIGATIONS OF THE STATE DO NOT CREATE STATE DEBT WITHIN THE
14 MEANING OF ANY PROVISION OF THE STATE CONSTITUTION OR STATE LAW
15 CONCERNING OR LIMITING THE CREATION OF STATE DEBT OR ANY
16 MULTIPLE FISCAL-YEAR DIRECT OR INDIRECT DEBT OR OTHER FINANCIAL
17 OBLIGATION OF THE STATE WITHIN THE MEANING OF SECTION 20 (4) OF
18 ARTICLE X OF THE STATE CONSTITUTION.
19(c) ANY MONEY RECEIVED BY THE STATE UNDER AN INTEREST
20 RATE EXCHANGE AGREEMENT ENTERED INTO PURSUANT TO THIS
21 SUBSECTION (3) MUST BE USED TO MAKE PAYMENTS ON AN AGREEMENT
22 ENTERED INTO PURSUANT TO SUBSECTION (2) OF THIS SECTION OR TO PAY
23 THE COSTS RELATED TO THE PURPOSES SET FORTH IN SUBSECTION (4) OF
24 THIS SECTION FOR WHICH AN AGREEMENT WAS EXECUTED.
25(4) THE PROCEEDS OF AN AGREEMENT ENTERED INTO PURSUANT
26 TO SUBSECTION (2)(a) OF THIS SECTION MUST BE USED TO FUND CAPITAL
27 CONSTRUCTION    COSTS   RELATED      TO   THE   RENEWAL,   PHYSICAL
                               -6-  183
1 IMPROVEMENT, AND FUNCTIONAL IMPROVEMENT OF CRITICAL BUILDING
2 SYSTEMS IN THE COLORADO SCHOOL OF MINES' GUGGENHEIM HALL.
3SECTION 2. Capital construction appropriation. For the
4 2026-27 state fiscal year, the general assembly anticipates that the
5 department of higher education will receive $13,000,000 in cash funds
6 from the proceeds of the financed purchase of an asset or certificate of
7 participation agreements executed pursuant to section 24-36-125, C.R.S.
8 This figure is subject to the "(I)" notation as defined in the annual general
9 appropriation act for the same fiscal year. To implement this act, the
10 department is anticipated to use this amount for Guggenheim hall HVAC
11 and plumbing improvements at the Colorado school of mines.
12SECTION 3.  Safety clause. The general assembly finds,
13 determines, and declares that this act is necessary for the immediate
14 preservation of the public peace, health, or safety or for appropriations for
15 the support and maintenance of the departments of the state and state
16 institutions.
                                    -7-  183