(1) The seller under any additional financed purchase of an asset or certificate of participation agreement entered into by the director pursuant to the provisions of this part 7 shall be any for-profit or nonprofit corporation, trust, or commercial bank as trustee.
(2) On and after August 11, 2010:
(a) The director is authorized to execute on behalf of the nonprofit corporation abolished by Senate Bill 10-122, enacted in 2010, any documents related to any additional financed purchase of an asset or certificate of participation agreement for which said nonprofit corporation was the seller pursuant to this part 7;
(b) The director is authorized to expend moneys of the nonprofit corporation abolished by Senate Bill 10-122, enacted in 2010, as is necessary and appropriate to wind up the affairs of the nonprofit corporation. After receiving written notification from the director that the affairs of the nonprofit corporation have been concluded, the state treasurer shall transfer the remaining balance of any account in the state treasury containing moneys of the nonprofit corporation to the general fund.
(c) The state treasurer is authorized to accept on behalf of the nonprofit corporation abolished by Senate Bill 10-122, enacted in 2010, any revenues to which the nonprofit corporation would otherwise be legally entitled. Any revenues so received by the state treasurer shall be credited to the general fund.
Source: L. 87: Entire part added, p. 1117, � 1, effective June 20. L. 93: Entire section amended, p. 2032, � 2, effective June 9. L. 2010: Entire section amended, (SB 10-122), ch. 64, p. 225, � 1, effective August 11. L. 2021: (1) and (2)(a) amended, (HB 21-1316), ch. 325, p. 2035, � 50, effective July 1.
24-82-704. Payment obligations subject to annual appropriation by the general assembly. Every additional financed purchase of an asset or certificate of participation agreement authorized by the director pursuant to this part 7 shall provide that all payment obligations of the state under such additional financed purchase of an asset or certificate of participation agreement are subject to annual appropriation by the general assembly and that such obligations shall not be deemed or construed as creating an indebtedness of the state within the meaning of any provision of the Colorado constitution or the laws of the state of Colorado concerning or limiting the creation of indebtedness by the state of Colorado.
Source: L. 87: Entire part added, p. 1117, � 1, effective June 20. L. 2021: Entire section amended, (HB 21-1316), ch. 325, p. 2035, � 51, effective July 1.
24-82-705. Terms and conditions of financed purchase of an asset or certificate of participation agreements. Any additional financed purchase of an asset or certificate of participation agreement entered into by the director pursuant to this part 7 may contain such terms, provisions, and conditions as the director may deem appropriate. Such provisions may allow the state to receive fee title to the real and personal property which is the subject of such additional financed purchase of an asset or certificate of participation agreement on or prior to the expiration of the entire term of the agreement, including all optional renewal terms. Any additional financed purchase of an asset or certificate of participation agreement entered into pursuant to this part 7 may further provide for the issuance, distribution, and sale of instruments evidencing rights to receive rentals and other payments made and to be made under such additional financed purchase of an asset or certificate of participation agreement, but only if and after a court of competent jurisdiction renders a final decision as to the constitutionality of the issuance of certificates of participation or other instruments evidencing the commitment of a district to make payments in subsequent fiscal years of money due under an installment purchase agreement for the purchase of real or personal property which requires payments during more than one fiscal year, or any agreement for the lease or rental of real or personal property which requires payments during more than one fiscal year and under which such district is entitled to receive title to the property at the end of the term for nominal or no additional consideration. Such instruments shall not be notes, bonds, or any other evidence of indebtedness of the state of Colorado within the meaning of any provision of the Colorado constitution or the laws of the state of Colorado concerning or limiting the creation of indebtedness by the state of Colorado. Interest paid under any additional financed purchase of an asset or certificate of participation agreement entered into pursuant to this part 7, including interest represented by such instruments, shall be exempt from Colorado income tax. Any such additional financed purchase of an asset or certificate of participation agreements shall provide an option for the state to purchase the property that is the subject of the agreement prior to the termination of such additional financed purchase of an asset or certificate of participation agreement. In no event shall any individual representing a firm that was the successful bidder for a proposed financial services contract, which contract related to a master financing program, prior to June 20, 1987, be allowed to become the underwriter or financial advisor for any master financed purchase of an asset or certificate of participation agreement entered into by the director prior to June 30, 1988, pursuant to this part 7.
Source: L. 87: Entire part added, p. 1117, � 1, effective June 20. L. 93: Entire section amended, p. 2033, � 3, effective June 9. L. 2021: Entire section amended, (HB 21-1316), ch. 325, p. 2035, � 52, effective July 1.