(1) The authority has the power to:
(a) Invest any money held in reserve, sinking funds, capital reserve funds, or any funds not required for immediate disbursement in property or in securities in which the state treasurer may legally invest money subject to the treasurer's control;
(b) Sell securities purchased and held by the authority;
(c) Deposit securities in any bank within or without the state; and
(d) Invest any such money in unsecured promissory notes of a national bank having the highest investment ratings.
(2) Any funds deposited in a banking institution by the authority must be secured in a manner and subject to terms and conditions as determined by the board, with or without payment of any interest on the deposit, including, without limitation, time deposits evidenced by certificates of deposit.
(3) Any commercial bank incorporated under the laws of this state which may act as a depository of any money of the authority may issue indemnifying bonds or may pledge such securities as may be required by the board.
(4) (a) If the board determines that the investment in, purchase or participation in the purchase of investment loans for, or making loans to lenders for an eligible infrastructure project is necessary to fund an eligible infrastructure project, the authority may create a plan for the authority investing in that eligible infrastructure project and the board may approve such plan.
(b) In connection with the purchase from a lender of a loan for an eligible infrastructure project or interest on that loan, the authority may require the lender to furnish an amount of collateral security necessary to assure the payment of that loan and the interest on that loan as the loan or interest become due. The collateral security shall consist of any obligations or loans satisfactory to the authority.
(c) (I) A loan from the authority to a lender is a general obligation of the lender and shall be additionally secured as to payment of both principal and interest by a pledge of and lien upon collateral security in an amount and type that the board, by regulation, determines to be necessary to assure the payment of that loan and the interest on that loan as the loan and interest become payable.
(II) The authority may require that a lender lodge collateral with a bank or trust company, located either within or outside the state, designated by the authority. In the absence of such a requirement, each lender shall enter into an agreement with the authority referring to this subsection (4)(c); containing provisions deemed necessary by the authority to identify, maintain, and service the collateral; and providing that the lender shall hold such collateral as trustee for the benefit of the authority and shall be held accountable as the trustee of an express trust for the application and disposition of such collateral, including the income and proceeds therefrom, solely for the uses and purposes as provided in the agreement. A copy of each agreement and any revisions or supplements thereto, which revisions or supplements may, among other things, add to, delete from, or substitute items of collateral pledged by the agreement, shall be filed with the secretary of state to perfect the security interest of the authority in the collateral. No filing, recording, possession, or other action under article 9 of title 4 or any other law of this state is required to perfect the security interest of the authority in such collateral. The security interest of the authority in the collateral shall be deemed perfected, and the trust for the benefit of the authority so created shall be binding on and after the time of such filing with the secretary of state against all parties having prior unperfected or subsequent security interests or claims of any kind in tort, in contract, or otherwise against such lender. The authority may also establish additional requirements as necessary with respect to the pledging, assigning, setting aside, or holding of such collateral and the making of substitutions therefor or additions thereto and the disposition of income and receipts therefrom.
(d) Subject to any agreement with bondholders, the authority may collect, enforce the collection of, and foreclose on any collateral required by subsections (4)(b) and (4)(c) of this section and acquire or take possession of such collateral and sell the same at public or private sale, with or without public bidding, and otherwise deal with the collateral as necessary to protect the interest of the authority therein.
(e) In addition to the other powers granted by this article 117, the authority has the power, with respect to eligible infrastructure project loans to lenders as provided under this section, to collect and pay reasonable fees and charges and to establish the terms and conditions of eligible infrastructure project loans to lenders by rules and regulations, including rules and regulations as to:
(I) Reinvestment and commitments to reinvest by lenders of the proceeds of eligible infrastructure project loans; and
(II) Other matters related to such infrastructure project loans to lenders deemed necessary by the authority to accomplish the purposes of this article 117.
Source: L. 2025: Entire article added, (SB 25-081), ch. 320, p. 1686, � 3, effective August 6.
24-117-112. Infrastructure and long-term development assistance program - eligible project revolving fund - policies and procedures. (1) The infrastructure and long-term development assistance program is created in the authority. The purpose of the program is to provide financing to eligible projects. The authority is not responsible, through the program or otherwise, for assisting in a project qualifying as an eligible project.
(2) The authority shall administer the program to provide financing to eligible projects that seek financing through the authority. Financing must be paid out of the eligible project revolving fund and the administrative expenses incurred by the department in administering the program must be paid out of the operating fund.
(3) The authority shall implement the program in accordance with this section. The authority shall develop policies and procedures as required in this article 117 and any additional 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.
(4) To receive financing, an applicant must submit an application to the authority in accordance with the policies and procedures developed by the authority.
(5) The authority shall review the applications received pursuant to this section and must consider, among other criteria:
(a) Whether a project demonstrates:
(I) A match by an equal or greater amount of a loan or other financial assistance provided by a pension fund investor or a commingled fund of pension fund investments with a demonstrated track record of successful investment; and
(II) A long-term commitment to hiring local residents and using apprentices in apprenticeship programs registered with the state apprenticeship council or the United States department of labor's office of apprenticeship;
(b) Whether a project has a project labor agreement;
(c) Whether a project complies with section 24-92-115 and parts 2 and 3 of article 92 of this title 24; and
(d) Whether a project is located in or benefits an under-represented community.
(6) (a) If, upon reviewing an application, the authority determines that an infrastructure project is eligible for financing from the Colorado educational and cultural facilities authority created in section 23-15-104 (1)(a), the authority shall notify both the entity that submitted the application and the Colorado educational and cultural facilities authority of that determination. Within the later of thirty days after it receives such notice or ten days after its next board meeting that occurs after it receives such notice, the Colorado educational and cultural facilities authority must notify the authority whether it intends to independently finance the infrastructure project without funding from the authority.
(b) The authority shall only provide financing to a project identified pursuant to subsection (6)(a) of this section if the Colorado educational and cultural facilities authority does not respond within the period described in subsection (6)(a) of this section or indicates that it does not intend to independently finance the infrastructure project without financing from the authority.
(7) The eligible project revolving fund is created in the authority. The eligible project revolving fund consists of money transferred to the fund; gifts; grants; donations; contributions from a governmental entity, not-for-profit organization, or private entity; federal funds; a warrant issued by the state or any other governmental entity; any other money that the authority may transfer to the fund; and interest and income derived from the deposit and investment of money in the eligible project revolving fund. Money in the fund is money of the authority for administering and implementing the infrastructure and long-term development assistance program. The authority may establish procedures to administer the fund in accordance with this article 117 and any other applicable provision of state law.
Source: L. 2025: Entire article added, (SB 25-081), ch. 320, p. 1688, � 3, effective August 6.