As used in this part 8, unless the context otherwise requires:
(1) Authorized agent shall have the same meaning as set forth in section 42-1-102 (5), C.R.S.
(2) Bond means any bond, note, interim certificate, commercial paper, contract, or other evidence of indebtedness of either the bridge enterprise or the transportation enterprise authorized by this part 8, including, but not limited to, any obligation to the United States in connection with a loan from or guaranteed by the United States.
(3) Bond obligations means the debt service on, and related costs and obligations in connection with, bonds, including, without limitation:
(a) Payments with respect to principal, interest, prepayment premiums, reserve funds, surplus funds, sinking funds, and costs of issuance;
(b) Payments related to any credit enhancement, liquidity support, or interest rate protection for bonds;
(c) Fees and expenses of any trustee, bond registrar, paying agent, authenticating agent, rebate analyst or consultant, calculation agent, remarketing agent, or credit enhancement, liquidity support, or interest rate protection provider;
(d) Coverage requirements; and
(e) Other costs, fees, and expenses related to the foregoing and any other amounts required to be paid pursuant to the provisions of any documents authorizing the issuance of the bonds.
(4) Bridge enterprise means the statewide bridge and tunnel enterprise created in section 43-4-805 (2).
(5) Bridge enterprise board means the board of directors of the bridge enterprise.
(6) Bridge enterprise director means the director of the bridge enterprise appointed pursuant to section 43-4-805 (2)(a)(I).
(7) Bridge special fund means the statewide bridge and tunnel enterprise special revenue fund created in section 43-4-805 (3)(a).
(8) Commission means the transportation commission created in section 43-1-106 (1).
(9) Department means the department of transportation created in section 24-1-128.7, C.R.S.
(10) Designated bridge means every bridge, including any roadways, sidewalks, or other infrastructure connected or adjacent to or required for the optimal functioning of the bridge, that:
(a) Is part of the state highway system, as described in section 43-2-101; and
(b) Has been identified by the department as structurally deficient or functionally obsolete, and has been rated by the department as poor, as of January 1, 2009, or is subsequently so identified and rated by the department.
(11) Designated bridge project means a project that involves the repair, reconstruction, replacement, or ongoing operation or maintenance, or any combination thereof, of a designated bridge by the bridge enterprise pursuant to an agreement between the bridge enterprise and the commission or department authorized by section 43-4-805 (5)(f). A fair-rated bridge may be included in a designated bridge project or other project involving the repair, replacement, or reconstruction of a designated bridge if including the fair-rated bridge is an efficient use of the bridge enterprise's resources and will result in cost savings or schedule acceleration for a project that will improve safety.
(12) Executive director means the executive director of the department.
(12.5) Fair-rated bridge means every bridge, including any roadways, sidewalks, or other infrastructure connected to, adjacent to, or required for the optimal functioning of the bridge, that:
(a) Is part of the state highway system, as described in section 43-2-101; and
(b) The department has rated as fair.
(12.7) Good-rated bridge means every bridge, including any roadways, sidewalks, or other infrastructure connected to, adjacent to, or required for the optimal functioning of the bridge, that:
(a) Is part of the state highway system, as described in section 43-2-101; and
(b) The department has rated as good.
(13) (a) Grant means any direct cash subsidy or other direct contribution of money from the state or any local government in the state to the bridge enterprise or the transportation enterprise that is not required to be repaid.
(b) Grant does not include any of the following or any interest or income derived from the deposit and investment of the following:
(I) Any indirect benefit conferred upon the bridge enterprise or the transportation enterprise from the state or any local government in the state;
(II) Any federal funds received by the bridge enterprise or the transportation enterprise, regardless of whether the federal funds pass through the state or any local government in the state prior to receipt by the enterprise;
(III) Any revenues of the bridge enterprise from the bridge safety surcharge imposed by the enterprise pursuant to section 43-4-805 (5)(g) or revenues of the bridge enterprise or the transportation enterprise from any other authorized rate, fee, assessment, or other charge imposed by either enterprise for the provision of goods or services by the enterprise;
(IV) Any money paid or advanced to the bridge enterprise or the transportation enterprise by the state, a local government or group of local governments, an authority, or any other government-owned business or governmental entity in exchange for an agreement by either enterprise to complete a designated bridge project, a preventative maintenance bridge project, or a surface transportation infrastructure project; or
(V) Any money loaned by the commission to the bridge enterprise pursuant to section 43-4-805 (4) or (5)(r) or the transportation enterprise pursuant to section 43-4-806 (4).
(14) Highway means a road and related improvements and services. A highway may consist of improvements and services, including, but not limited to, paving, grading, landscaping, curbs, gutters, culverts, sidewalks, bikeways, lighting, bridges, overpasses, underpasses, rail crossings, shoulders, frontage roads, access roads, interchanges, drainage facilities, transit lanes and services, park-and-ride facilities, traffic demand management facilities and services, other multimodal improvements and services, toll collection facilities, service areas, administrative or maintenance facilities, gas, electric, water, sewer, and other utilities located or to be located in the right-of-way of the highway, and other real or personal property, including easements, rights-of-way, open space, and other interests therein, relating to the financing, construction, operation, or maintenance of the highway.
(15) Issuing enterprise means, with respect to the issuance of bonds as authorized by this part 8, either the bridge enterprise or the transportation enterprise.
(16) Local government means a municipality, county, or city and county.
(17) Metropolitan planning organization means a metropolitan planning organization under the Federal Transit Act of 1998, 49 U.S.C. sec. 5301 et seq., as amended.
(17.5) Preventative maintenance bridge project means a project that involves a treatment or strategy to extend the service life of a fair-rated or good-rated bridge by preventing, delaying, or reducing the deterioration of a bridge.
(18) Public-private partnership means an agreement, including, but not limited to, an operating concession agreement between the bridge enterprise or the transportation enterprise and one or more private or public entities that provides for:
(a) Acceptance of a private contribution to a surface transportation infrastructure project in exchange for a public benefit concerning the project other than only a money payment;
(b) Sharing of resources and the means of providing surface transportation infrastructure projects; or
(c) Cooperation in researching, developing, and implementing surface transportation infrastructure projects.
(19) Public transportation vehicle means a motor vehicle that is part of vehicular service that transports the general public and that is provided by a public transportation district or by a local government.
(20) Regional planning commission means a regional planning commission formed under the provisions of section 30-28-105, C.R.S., that prepares and submits a transportation plan pursuant to section 43-1-1103.
(21) Road safety project means:
(a) A construction, reconstruction, or maintenance project that the commission determines is needed to enhance the safety of a state highway, a county determines is needed to enhance the safety of a county road, or a municipality determines is needed to enhance the safety of a city street; or
(b) A project that improves transportation system infrastructure or otherwise implements data-driven strategies that reduce the number of collisions with motor vehicles that result in death or serious injury to vulnerable road users. Eligible projects include, but are not limited to, projects that meet or exceed the department's cost-to-benefit ratio for safety projects and:
(I) Separate users in space, such as separated bike lanes, walkways, crossing improvements, and pedestrian refuge islands; or
(II) Increase attentiveness and awareness, such as crosswalk visibility enhancements, pedestrian hybrid beacons, and lighting.
(22) Surface transportation infrastructure means a highway, a bridge other than a designated bridge, or any other infrastructure, facility, or equipment used primarily or in large part to transport people and move freight on systems that operate on or are affixed to the ground, including passenger rail, bus, or other public transportation vehicles.
(23) Surface transportation infrastructure project means the planning, designing, engineering, acquisition, installation, construction, repair, reconstruction, maintenance, or operation of a defined amount of surface transportation infrastructure by:
(a) The transportation enterprise; or
(b) A partner of the transportation enterprise under the terms of a public-private partnership.
(23.5) Surface transportation infrastructure project network means all existing or planned surface transportation infrastructure projects.
(24) Transportation enterprise means the high-performance transportation enterprise created in section 43-4-806 (2)(a).
(25) Transportation enterprise board means the board of directors of the transportation enterprise.
(26) Transportation enterprise director means the director of the transportation enterprise appointed pursuant to section 43-4-806 (2)(b).
(26.2) Transportation special fund means the statewide transportation enterprise special revenue fund created in section 43-4-806 (3)(a).
(26.5) Tunnel project means a project to repair, maintain, or enhance the operation of any tunnel that is part of the state highway system.
(27) User fee means compensation to be paid to the transportation enterprise or a partner of the transportation enterprise, including the congestion impact fee imposed by the transportation enterprise pursuant to section 43-4-806 (7.6), for the privilege of either using surface transportation infrastructure constructed or operated by the transportation enterprise or operated by its partner under the terms of a public-private partnership or benefitting from the reduced congestion on and improved condition of other surface transportation infrastructure in the state resulting from the availability of surface transportation infrastructure constructed or operated by the transportation enterprise or operated by its partner under the terms of a public-private partnership and from the opportunity to use such surface transportation infrastructure constructed or operated by the transportation enterprise and such other less congested and improved surface transportation infrastructure.
(28) Vehicle means a motor vehicle as defined in section 42-1-102 (58), C.R.S.; except that, for purposes of the imposition of any surcharge, fee, or fine imposed pursuant this part 8 in connection with a vehicle required to be registered pursuant to the provisions of article 3 of title 42, C.R.S., vehicle also includes any vehicle without motive power that is required to be registered.
(29) Vulnerable road user means a nonmotorist with a fatality analysis reporting system person attribute code for a pedestrian, bicyclist, other cyclist, and person on a personal conveyance or an injured person that is, or is equivalent to, a pedestrian or pedal cyclist as defined in the ANSI D16.1-2007 in accordance with 23 U.S.C. sec. 148 (a)(15) and 23 CFR 490.205. Vulnerable road user does not include a motorcyclist but does include:
(a) An individual who is walking, biking, or rolling;
(b) A highway worker on foot in a work zone, given they are considered a pedestrian.
Source: L. 2009: Entire part R&RE, (SB 09-108), ch. 5, p. 12, � 1, effective March 2. L. 2021: (4) and (7) amended and (26.5) added, (SB 21-260), ch. 250, p. 1440, � 46, effective June 17. L. 2023: (11), (13)(b)(IV), and (13)(b)(V) amended and (12.5), (12.7), and (17.5) added, (HB 23-1276), ch. 194, p. 969, � 2, effective August 7. L. 2024: (11), (22), and (27) amended and (23.5) added, (SB 24-184), ch. 186, p. 1053, � 11, effective May 16; (21) amended and (29) added, (SB 24-195), ch. 432, p. 3032, � 4, effective June 5. L. 2025: (26.2) added, (SB 25-275), ch. 377, p. 2107, � 329, effective August 6.
Editor's note: This section is similar to former � 43-4-802 as it existed prior to 2009, and the former � 43-4-803 was relocated to �� 43-4-805 and 43-4-806.
Cross references: For the legislative declaration in SB 21-260, see section 1 of chapter 250, Session Laws of Colorado 2021. For the legislative declaration in SB 24-184, see section 1 of chapter 186, Session Laws of Colorado 2024.
43-4-804. Highway safety projects - surcharges, fees, and fines - crediting of money to highway users tax fund - rules - definitions. (1) The following surcharges, fees, and fines shall be collected and credited to the highway users tax fund created in section 43-4-201 (1)(a) and allocated to the state highway fund, counties, and municipalities as specified in section 43-4-205 (6.3):
(a) (I) A road safety surcharge, which, except as otherwise provided in subsections (1)(a)(III) and (1)(a)(VI) of this section, is imposed for any registration period that commences on or after July 1, 2009, upon the registration of any vehicle for which a registration fee must be paid pursuant to part 3 of article 3 of title 42 and is also imposed upon any item of special mobile machinery that is covered by a registration exempt certificate issued by the department of revenue in accordance with section 42-3-107 (16)(g). Except as otherwise provided in subsections (1)(a)(IV), (1)(a)(V), (1)(a)(VIII), and (1)(a)(IX) of this section, the amount of the surcharge is:
(A) Sixteen dollars for a motorcycle, as defined in section 42-1-102 (55); a trailer coach, as defined in section 42-1-102 (106); an autocycle, as defined in section 42-1-102 (7.5); or any vehicle that weighs two thousand pounds or less;
(B) Twenty-three dollars for any vehicle that weighs more than two thousand pounds but not more than five thousand pounds;
(C) Twenty-eight dollars for any vehicle that weighs more than five thousand pounds but not more than ten thousand pounds;
(D) Thirty-seven dollars for any vehicle that is a passenger bus or that weighs more than ten thousand pounds but not more than sixteen thousand pounds; and
(E) Thirty-nine dollars for any vehicle that weighs more than sixteen thousand pounds.
(II) The road safety surcharge shall be imposed when a vehicle is registered as required by article 3 of title 42 or, for an item of special mobile machinery that is covered by a registration exempt certificate issued by the department of revenue in accordance with section 42-3-107 (16)(g), at the time set forth in section 42-3-107 (16)(g)(III). Each authorized agent shall remit to the department of revenue no less frequently than once a month, but otherwise at the time and in the manner required by the executive director of the department of revenue, all road safety surcharges collected by the authorized agent. The executive director of the department of revenue shall forward all road safety surcharges remitted by authorized agents plus any road safety surcharges collected directly by the department of revenue to the state treasurer, who shall credit the surcharges to the highway users tax fund.
(III) The road safety surcharge shall not be imposed on any rental vehicle on which a daily vehicle rental fee is imposed pursuant to paragraph (b) of this subsection (1).
(IV) The amount of the road safety surcharge imposed on any vehicle that is an item of Class A personal property, as defined in section 42-3-106 (2)(a), C.R.S., shall be the product of the amount of the surcharge imposed based on the weight of the vehicle pursuant to subparagraph (I) of this paragraph (a) and the percentage of the item's total apportioned registration apportioned to Colorado.
(V) The amount of the road safety surcharge imposed pursuant to this paragraph (a) shall be one-half of the amount specified in subparagraph (I) of this paragraph (a) for any vehicle that is a truck or truck tractor that is owned by a farmer or rancher and is used commercially only:
(A) To transport to market or place of storage raw agricultural products actually produced or livestock actually raised by the farmer or rancher in farming or ranching operations; or
(B) To transport commodities or livestock purchased by the farmer or rancher for personal use in the farmer's or rancher's farming or ranching operations.
(VI) The road safety surcharge shall not be imposed on any vehicle for which the department of revenue has issued a horseless carriage special license plate pursuant to section 42-12-301, C.R.S.
(VII) Each vehicle registration fee invoice shall list the road safety surcharge separately from all other vehicle registration fees or surcharges imposed.
(VIII) For any registration period that begins on or after January 1, 2022, but before January 1, 2024, the amount of each road safety surcharge imposed pursuant to subsection (1)(a)(I) of this section is reduced by eleven dollars and ten cents.
(IX) For any registration period that begins on or after September 1, 2025, but before September 1, 2027, the amount of each road safety surcharge imposed pursuant to subsection (1)(a)(I) of this section is reduced by three dollars and seventy cents.
(b) (I) (A) Except as otherwise provided in subsections (1)(b)(III) and (1)(b)(IV) of this section, a daily vehicle rental fee is imposed on all short-term vehicle rentals at the rate of two dollars per day; except that a subsequent renewal of a short-term vehicle rental is exempt from the fee to the extent that the renewal extends the total rental period beyond thirty days. The rental invoice shall list the daily vehicle rental fee separately as a Colorado road safety program fee. On and after July 1, 2022, a car sharing program, as defined in section 6-1-1202 (4), shall collect the daily vehicle rental fee for any short-term vehicle rental of twenty-four hours or longer that is enabled by the car sharing program.
(B) As used in this subsection (1)(b), short-term vehicle rental means the rental of any motor vehicle, as defined in section 42-1-102 (58), with a gross vehicle weight rating of twenty-six thousand pounds or less that is rented within Colorado for a period of not more than thirty days.
(II) A person who collects the daily vehicle rental fee imposed by subsection (1)(b)(I) of this section and who pays specific ownership tax on the vehicles rented in the manner specified in either section 42-3-107 (11) or 42-3-107 (12), or both, shall, no later than the twentieth day of each month, submit to the department of revenue a report, using forms furnished by the department of revenue, of daily vehicle rental fees collected for the preceding month and shall include with the report the remittance of all such fees. A person who collects the daily vehicle rental fee imposed by subsection (1)(b)(I) of this section but does not pay specific ownership tax on the vehicles in the manner specified in either section 42-3-107 (11) or 42-3-107 (12), or both, shall submit the report and the remittance of fees collected in the same manner or in such other manner as the executive director of the department of revenue may prescribe by rules promulgated in accordance with article 4 of title 24. The executive director of the department of revenue shall forward all daily vehicle rental fees collected, together with all congestion impact fees imposed by the transportation enterprise pursuant to section 43-4-806 (7.6) collected, to the state treasurer and shall identify the amounts of each fee being forwarded. The state treasurer shall credit the daily vehicle rental fees imposed pursuant to subsection (1)(b)(I)(A) of this section to the highway users tax fund and shall credit the congestion impact fees imposed by the transportation enterprise pursuant to section 43-4-806 (7.6) to the transportation special fund as required by section 43-4-806 (7.6)(b).
(III) Because vehicle sharing is an alternative to personal vehicle ownership that reduces the number of vehicle miles traveled on the highways of the state by encouraging the use of transit and reducing the number of trips made in privately owned vehicles and thereby benefits the state by reducing traffic congestion, greenhouse gas emissions, and the amount of wear and tear on the highways, the daily vehicle rental fee imposed pursuant to this paragraph (b) shall not be imposed on any vehicle rented pursuant to a vehicle sharing arrangement if:
(A) Under the terms of the arrangement, an organization provides passenger vehicles for the use of members of the organization who have paid a membership fee to the organization and charges an additional fee for each use of a passenger vehicle;
(B) A member of the organization is not required to enter into a separate written agreement with the organization each time the member reserves and uses a passenger vehicle;
(C) The average paid usage period for all passenger vehicles provided by the organization during the prior calendar year was six hours or less;
(D) At least three-quarters of all passenger vehicle rentals made by the organization during the prior calendar year in each municipality or county in which the organization does business were made to members of the organization who maintain a residence within the city or county;
(E) Fuel and full insurance coverage are included in the member usage rates; and
(F) Passenger vehicles provided by the organization are stationed in self-serve locations throughout the county or municipality in which the organization does business.
(IV) (A) For short-term vehicle rentals beginning during state fiscal year 2022-23 and for short-term vehicle rental periods beginning during any subsequent state fiscal year, the department of revenue shall annually adjust the amount of the daily vehicle rental fee for inflation. The department of revenue shall calculate the inflation adjusted amount of the short-term vehicle rental fee for each state fiscal year and shall publish the amount no later than the May 1 of the calendar year in which the state fiscal year begins.
(B) As used in this subsection (1)(b)(IV), inflation means the average annual percentage change in the United States department of labor, bureau of labor statistics, consumer price index for Denver-Aurora-Lakewood for all items and all urban consumers, or its applicable predecessor or successor index, for the five years ending on the last December 31 before a state fiscal year for which an inflation adjustment to the short-term vehicle rental fee is to be made begins.
(c) (I) A supplemental oversize and overweight vehicle surcharge in an amount equal to the amount of the fee charged pursuant to section 42-4-510 (11)(a), C.R.S., by the department or the Colorado state patrol for the issuance of the single trip permit; except that the surcharge shall not be imposed on a vehicle if the single trip permit fee was imposed pursuant to section 42-4-510 (11)(a)(VI)(B), C.R.S.
(II) The agency issuing an oversize or overweight vehicle single trip permit shall collect the supplemental oversize and overweight vehicle surcharge at the same time as it collects the single trip permit fee. The agency shall forward all supplemental oversize and overweight vehicle surcharges to the department, and the executive director of the department shall forward the supplemental surcharges to the state treasurer, who shall credit the surcharges to the highway users tax fund.
(d) (I) A supplemental unregistered vehicle fine imposed in addition to the fine imposed pursuant to section 42-6-139 (3), C.R.S., upon conviction of a misdemeanor for knowingly failing to register a vehicle within ninety days of becoming a resident of this state as required by section 42-3-103 (4)(a), C.R.S.
(II) The supplemental unregistered vehicle fine shall be collected at the same time as the fine imposed pursuant to section 42-6-139 (3), C.R.S. The amount of the supplemental unregistered vehicle fine shall be twenty-five dollars for each month or portion of a month that the vehicle remained unregistered following the ninety-day period during which initial registration was required; except that the amount of the supplemental unregistered vehicle fine shall not exceed one hundred dollars. All supplemental unregistered vehicle fines shall be forwarded to the state treasurer, who shall credit the fines to the highway users tax fund.
(e) Late registration fees required to be credited to the highway users tax fund pursuant to section 42-3-112 (2), C.R.S.
Source: L. 2009: Entire part R&RE, (SB 09-108), ch. 5, p. 16, � 1, effective March 2. L. 2011: (1)(a)(VI) amended, (SB 11-031), ch. 86, p. 249, � 20, effective August 10. L. 2012: (1)(c)(I) amended, (HB 12-1019), ch. 135, p. 474, � 26, effective July 1. L. 2014: (1)(b)(I) amended, (SB 14-055), ch. 88, p. 334, � 1, effective July 1. L. 2020: IP(1)(a)(I) and (1)(a)(I)(A) amended, (SB 20-136), ch. 70, p. 286, � 18, effective September 14. L. 2021: IP(1)(a)(I) and (1)(b)(I) amended and (1)(a)(VIII) and (1)(b)(IV) added, (SB 21-260), ch. 250, p. 1440, � 47, effective June 17; IP(1)(a)(I) and (1)(a)(II) amended, (SB 21-257), ch. 478, p. 3420, � 5, effective July 1, 2022. L. 2022: (1)(a)(VIII) amended, (HB 22-1351), ch. 159, p. 1005, � 5, effective May 16; IP(1) and (1)(a)(I)(A) amended, (HB 22-1388), ch. 475, p. 3465, � 16, effective January 1, 2023; (1)(a)(I)(A) amended, (HB 22-1043), ch. 361, p. 2588, � 30, effective January 1, 2023. L. 2024: (1)(b)(II) amended, (SB 24-184), ch. 186, p. 1054, � 12, effective May 16. L. 2025: IP(1)(a)(I) amended and (1)(a)(IX) added, (SB 25-258), ch. 424, p. 2410, � 2, effective August 6.
Editor's note: (1) Provisions of the former � 43-4-804 were relocated to �� 43-4-805 and 43-4-806 in 2009.
(2) Amendments to subsection IP(1)(a)(I) by SB 21-260 and SB 21-257 were harmonized.
(3) Amendments to subsection (1)(a)(I)(A) by HB 22-1043 and HB 22-1388 were harmonized, effective January 1, 2023.
Cross references: For the legislative declaration in SB 20-136, see section 1 of chapter 70, Session Laws of Colorado 2020. For the legislative declaration in SB 21-260, see section 1 of chapter 250, Session Laws of Colorado 2021. For the legislative declaration in HB 22-1351, see section 1 of chapter 159, Session Laws of Colorado 2022. For the legislative declaration in SB 24-184, see section 1 of chapter 186, Session Laws of Colorado 2024.
43-4-805. Statewide bridge enterprise - creation - board - funds - powers and duties - legislative declaration - definitions. (1) The general assembly hereby finds and declares that:
(a) The completion of designated bridge projects, preventative maintenance bridge projects, and tunnel projects is essential to address increasing traffic congestion and delays, hazards, injuries, and fatalities;
(b) Due to the limited availability of state and federal funding and the need to accomplish the financing, repair, reconstruction, and replacement of designated bridges; the completion of preventative maintenance bridge projects; and the completion of tunnel projects as promptly and efficiently as possible, it is necessary to create a statewide bridge and tunnel enterprise and to authorize the enterprise to:
(I) Enter into agreements with the commission or the department to finance, repair, reconstruct, and replace designated bridges, complete preventative maintenance bridge projects, and complete tunnel projects in the state; and
(II) Impose a bridge safety surcharge, a bridge and tunnel impact fee, and a bridge and tunnel retail delivery fee at rates reasonably calculated to defray the costs of completing designated bridge projects, preventative maintenance bridge projects, and tunnel projects and distribute the burden of defraying the costs in a manner based on the benefits received by persons paying the fees and using designated bridges and tunnels and receiving retail deliveries, receive and expend revenue generated by the surcharge and fees and other money, issue revenue bonds and other obligations, contract with the state, if required approvals are obtained, to receive one or more loans of money received by the state under the terms of one or more financed purchase of an asset or certificate of participation agreements authorized by this part 8, expend revenue generated by the surcharge to repay any such loan or loans received, and exercise other powers necessary and appropriate to carry out its purposes; and
(c) The creation of a statewide bridge and tunnel enterprise is in the public interest and will promote the health, safety, and welfare of all Coloradans and visitors to the state by providing bridges and repairing, maintaining, and operating tunnels in a manner that incorporates the benefits of advanced engineering design, experience, and safety.
(2) (a) (I) The scope of the existing statewide bridge enterprise created in this subsection (2)(a)(I) in 2009 is hereby expanded to include designated bridge projects, preventative maintenance bridge projects, and surface transportation infrastructure projects for tunnels, and the name of the expanded enterprise is the statewide bridge and tunnel enterprise. The bridge enterprise is and operates as a government-owned business within the department. The commission shall serve as the bridge enterprise board and shall, with the consent of the executive director, appoint a bridge enterprise director who shall possess such qualifications as may be established by the commission and the state personnel board. The bridge enterprise director shall oversee the discharge of all responsibilities of the bridge enterprise and shall serve at the pleasure of the bridge enterprise board.
(II) The bridge enterprise and the bridge enterprise director are type 1 entities, as defined in section 24-1-105, and exercise their powers and perform their duties and functions under the department.
(b) The business purpose of the bridge enterprise is to finance, repair, reconstruct, and replace any designated bridge in the state, complete preventative maintenance bridge projects, and complete tunnel projects and, as agreed upon by the enterprise and the commission, or the department to the extent authorized by the commission, to maintain the bridges it finances, repairs, reconstructs, and replaces. To allow the bridge enterprise to accomplish this purpose and fully exercise its powers and duties through the bridge enterprise board, the bridge enterprise may:
(I) Impose a bridge safety surcharge, a bridge and tunnel impact fee, and a bridge and tunnel retail delivery fee as authorized by subsections (5)(g), (5)(g.5), and (5)(g.7) of this section;
(II) Issue revenue bonds payable from the revenues and other available money of the bridge enterprise pledged for their payment as authorized in section 43-4-807; and
(III) Contract with any other governmental or nongovernmental source of funding for loans or grants, including, but not limited to, one or more loans from the state of money received by the state pursuant to the terms of one or more financed purchase of an asset or certificate of participation agreements authorized pursuant to subsection (5)(r) of this section, to be used to support bridge enterprise functions.
(c) The bridge enterprise constitutes an enterprise for purposes of section 20 of article X of the state constitution so long as it retains the authority to issue revenue bonds and receives less than ten percent of its total revenues in grants from all Colorado state and local governments combined. So long as it constitutes an enterprise pursuant to this subsection (2)(c), the bridge enterprise shall not be subject to any provisions of section 20 of article X of the state constitution. Consistent with the determination of the Colorado supreme court in Nicholl v. E-470 Public Highway Authority, 896 P.2d 859 (Colo. 1995), that the power to impose taxes is inconsistent with enterprise status under section 20 of article X of the state constitution, the general assembly finds and declares that a bridge safety surcharge, a bridge and tunnel impact fee, or a bridge and tunnel retail delivery fee imposed by the bridge enterprise as authorized by subsection (5)(g), (5)(g.5), or (5)(g.7) of this section is not a tax but is instead a fee imposed by the bridge enterprise to defray the cost of completing designated bridge projects, preventative maintenance bridge projects, and tunnel projects that the enterprise provides as a specific service to the persons upon whom the fee is imposed and at rates reasonably calculated based on the benefits received by such persons.
(3) (a) The statewide bridge and tunnel enterprise special revenue fund, referred to in this part 8 as the bridge special fund, is hereby created in the state treasury. All revenue received by the bridge enterprise, including, but not limited to, revenue from a bridge safety surcharge imposed as authorized by subsection (5)(g) of this section, revenue from a bridge and tunnel impact fee imposed as authorized by subsection (5)(g.5) of this section, revenue from a bridge and tunnel retail delivery fee imposed as authorized by subsection (5)(g.7) of this section, and any money loaned to the enterprise by the state pursuant to subsection (5)(r) of this section, shall be deposited into the bridge special fund. The bridge enterprise board may establish separate accounts within the bridge special fund as needed in connection with any specific designated bridge project, preventative maintenance bridge project, or tunnel project. The bridge enterprise also may deposit or permit others to deposit other money into the bridge special fund, but in no event may revenue from any tax otherwise available for general purposes be deposited into the bridge special fund. The state treasurer, after consulting with the bridge enterprise board, shall invest any money in the bridge special fund, including any surplus or reserves, but excluding any proceeds from the sale of bonds or earnings on such proceeds invested pursuant to section 43-4-807 (2), that are not needed for immediate use. Such money may be invested in the types of investments authorized in sections 24-36-109, 24-36-112, and 24-36-113.
(b) All interest and income derived from the deposit and investment of money in the bridge special fund shall be credited to the bridge special fund and, if applicable, to the appropriate designated bridge project account, preventative maintenance bridge project account, or tunnel project account. Money in the bridge special fund shall be continuously appropriated to the bridge enterprise for the purposes set forth in this part 8. All money deposited in the bridge special fund shall remain in the bridge special fund for the purposes set forth in this part 8, and no part of the bridge special fund shall be used for any other purpose.
(c) The bridge enterprise board has exclusive authority to budget and approve the expenditure of money in the bridge special fund. The bridge enterprise may expend money in the bridge special fund to pay for:
(I) Bond or loan obligations;
(II) The administration, planning, financing, repair, reconstruction, replacement, or maintenance of a designated bridge;
(III) The completion of preventative maintenance bridge projects;
(IV) The administration, planning, financing, repair, replacement, reconstruction, or maintenance of a fair-rated bridge if the repair, replacement, or reconstruction is included as part of a designated bridge project or other project involving the repair, replacement, or reconstruction of a designated bridge. A fair-rated bridge may be included in a designated bridge project or other project involving the repair, replacement, or reconstruction of a designated bridge if including the fair-rated bridge is an efficient use of the bridge enterprise's resources and will result in cost savings or schedule acceleration for a project that will improve safety.
(V) The completion of tunnel projects;
(VI) The acquisition of land to the extent required in connection with any designated bridge project; and
(VII) The operating costs and expenses of the bridge enterprise.
(4) The commission may transfer money from the state highway fund created in section 43-1-219 to the bridge enterprise for the purpose of defraying expenses incurred by the enterprise prior to the receipt of bond proceeds or revenue by the enterprise. The bridge enterprise may accept and expend any money so transferred, and, notwithstanding any state fiscal rule or generally accepted accounting principle that could otherwise be interpreted to require a contrary conclusion, such a transfer shall constitute a loan from the commission to the bridge enterprise and shall not be considered a grant for purposes of section 20 (2)(d) of article X of the state constitution. As the bridge enterprise receives sufficient revenues in excess of expenses, the enterprise shall reimburse the state highway fund for the principal amount of any loan from the state highway fund made by the commission plus interest at a rate set by the commission. Any money loaned from the state highway fund to the bridge enterprise pursuant to this section shall be deposited into a fund to be known as the statewide bridge and tunnel enterprise operating fund, which fund is hereby created, and shall not be deposited into the bridge special fund. Money from the bridge special fund may, however, be used to reimburse the state highway fund for the amount of any loan from the state highway fund or any interest thereon.
(5) In addition to any other powers and duties specified in this section, the bridge enterprise board has the following powers and duties:
(a) To supervise and advise the bridge enterprise director;
(b) To adopt bylaws for the regulation of its affairs and the conduct of its business;
(c) To issue revenue bonds, payable solely from the bridge special fund, for the purpose of paying the cost of financing, repairing, reconstructing, replacing, and maintaining designated bridges or fair-rated bridges if the fair-rated bridges are included as part of designated bridge projects or other projects pursuant to subsection (3)(c)(IV) of this section, completing preventative maintenance bridge projects, and completing tunnel projects;
(d) To acquire, hold title to, and dispose of real and personal property as necessary in the exercise of its powers and performance of its duties;
(e) To acquire, by purchase, gift, or grant, or, subject to the requirements of articles 1 to 7 of title 38, C.R.S., by condemnation, any and all rights-of-way, lands, buildings, moneys, or grounds necessary or convenient for its authorized purposes;
(f) To enter into an agreement with the commission, or the department to the extent authorized by the commission, under which the bridge enterprise agrees to finance, repair, reconstruct, replace, and, if any given agreement so specifies, maintain a designated bridge or a fair-rated bridge if the fair-rated bridge is included as part of a designated bridge project or other project pursuant to subsection (3)(c)(IV) of this section;
(g) (I) As necessary for the achievement of its business purpose, to impose a bridge safety surcharge, which, except as otherwise provided in subsections (5)(g)(III) and (5)(g)(VII) of this section, is imposed on and after July 1, 2009, for any registration period that commences on or after July 1, 2009, or on and after such later date as may be determined by the bridge enterprise, for any registration period that commences on or after the later date, upon the registration of any vehicle for which a registration fee must be paid pursuant to part 3 of article 3 of title 42 and is also imposed upon any item of special mobile machinery that is covered by a registration exempt certificate issued by the department of revenue in accordance with section 42-3-107 (16)(g). Except as otherwise provided in subsections (5)(g)(IV), (5)(g)(V), and (5)(g)(VI) of this section, the amount of the surcharge must not exceed:
(A) Thirteen dollars for a motorcycle, as defined in section 42-1-102 (55); a trailer coach, as defined in section 42-1-102 (106); or any vehicle that weighs two thousand pounds or less;
(B) Eighteen dollars for any vehicle that weighs more than two thousand pounds but not more than five thousand pounds;
(C) Twenty-three dollars for any vehicle that weighs more than five thousand pounds but not more than ten thousand pounds;
(D) Twenty-nine dollars for any vehicle that is a passenger bus or that weighs more than ten thousand pounds but not more than sixteen thousand pounds; and
(E) Thirty-two dollars for any vehicle that weighs more than sixteen thousand pounds.
(II) The bridge safety surcharge shall be imposed when a vehicle is registered as required by article 3 of title 42 or, for an item of special mobile machinery that is covered by a registration exempt certificate issued by the department of revenue in accordance with section 42-3-107 (16)(g), at the time set forth in section 42-3-107 (16)(g)(III). Each authorized agent shall remit to the department of revenue no less frequently than once a month, but otherwise at the time and in the manner required by the executive director of the department of revenue, all bridge safety surcharges collected by the authorized agent. The executive director of the department of revenue shall forward all bridge safety surcharges remitted by authorized agents plus any bridge safety surcharges collected directly by the department of revenue to the state treasurer, who shall credit the surcharges to the bridge special fund.
(III) The bridge safety surcharge shall not be imposed on any rental vehicle on which a daily vehicle rental fee is imposed pursuant to section 43-4-804 (1)(b).
(IV) The amount of the bridge safety surcharge imposed on any vehicle that is an item of Class A personal property, as defined in section 42-3-106 (2)(a), C.R.S., shall be the product of the amount of the surcharge imposed based on the weight of the vehicle pursuant to subparagraph (I) of this paragraph (g) and the percentage of the item's total apportioned registration apportioned to Colorado.
(V) The maximum amount of the bridge safety surcharge that the bridge enterprise may impose pursuant to subparagraph (I) of this paragraph (g) for any annual vehicle registration period commencing during the 2009-10 fiscal year shall be one-half of the maximum amount of the surcharge specified in said subparagraph (I), and the maximum amount of the bridge safety surcharge that the bridge enterprise may impose pursuant to subparagraph (I) of this paragraph (g) for any vehicle registration period commencing during the 2010-11 fiscal year shall be seventy-five percent of the maximum amount of the surcharge specified in said subparagraph (I).
(VI) The amount of any bridge safety surcharge imposed pursuant to this paragraph (g) shall be one-half of the amount of the surcharge imposed pursuant to subparagraph (I) of this paragraph (g) for any vehicle that is a truck or truck tractor that is owned by a farmer or rancher and is used commercially only:
(A) To transport to market or place of storage raw agricultural products actually produced or livestock actually raised by the farmer or rancher in farming or ranching operations; or
(B) To transport commodities or livestock purchased by the farmer or rancher for personal use in the farmer's or rancher's farming or ranching operations.
(VII) The bridge safety surcharge is not imposed on any vehicle for which the department of revenue has issued a horseless carriage special license plate pursuant to section 42-12-301, C.R.S.
(VIII) Each vehicle registration fee invoice shall list the bridge safety surcharge separately from all other vehicle registration fees or surcharges imposed.
(g.5) (I) In furtherance of its business purpose, to impose a bridge and tunnel impact fee to be paid in the amount imposed by the bridge enterprise as authorized by subsection (5)(g.5)(II) or (5)(g.5)(III) of this section by each distributor of special fuel, as defined in section 43-4-217 (2)(c), that pays the excise tax imposed on special fuel pursuant to article 27 of title 39, at the same time and in the same manner as the excise tax and the road usage fee imposed pursuant to section 43-4-217 (3) and (4). For the purpose of minimizing compliance costs for distributors and administrative costs for the state, the department of revenue shall collect and administer the bridge and tunnel impact fee on behalf of the bridge enterprise in the same manner in which it collects and administers the excise tax and the road usage fee imposed pursuant to section 43-4-217 (3) and (4).
(II) For each gallon of special fuel acquired, sold, offered for sale, or used in this state during state fiscal years 2022-23 through 2031-32, the bridge enterprise shall impose the bridge and tunnel impact fee in an amount of up to:
(A) Two cents per gallon for state fiscal year 2022-23;
(B) Three cents per gallon for state fiscal year 2023-24;
(C) Four cents per gallon for state fiscal year 2024-25;
(D) and (E) Repealed.
(F) Seven cents per gallon for state fiscal years 2025-26 and 2026-27; and
(G) Eight cents per gallon for state fiscal years 2027-28 through 2031-32.
(III) For each gallon of special fuel acquired, sold, offered for sale, or used in this state during state fiscal year 2032-33 or during any subsequent state fiscal year, the bridge enterprise shall impose the bridge and tunnel impact fee in an amount of up to the maximum amount of the fee for the prior state fiscal year adjusted for inflation. The bridge enterprise shall notify the department of revenue of the amount of the bridge and tunnel impact fee to be collected for each state fiscal year no later than March 15 of the calendar year in which the state fiscal year begins, and the department of revenue shall publish the amount no later than April 15 of the calendar year in which the state fiscal year begins.
(IV) As used in this subsection (5)(g.5), inflation means the average annual percentage change in the United States department of transportation, federal highway administration, national highway construction cost index or its applicable predecessor or successor index for the five-year period ending on the last December 31 before a state fiscal year for which an adjustment to the bridge and tunnel impact fee imposed as authorized by this subsection (5)(g.5) is to be made begins.
(g.7) (I) In furtherance of its business purpose, beginning in state fiscal year 2022-23, the bridge enterprise shall impose, and the department of revenue shall collect on behalf of the bridge enterprise, a bridge and tunnel retail delivery fee on each retail delivery. Each retailer who makes a retail delivery shall either collect and remit or elect to pay the bridge and tunnel retail delivery fee in the manner prescribed by the department in accordance with section 43-4-218 (6). For the purpose of minimizing compliance costs for retailers and administrative costs for the state, the department of revenue shall collect and administer the bridge and tunnel retail delivery fee on behalf of the bridge enterprise in the same manner in which it collects and administers the retail delivery fee imposed by section 43-4-218 (3).
(II) For retail deliveries of tangible personal property purchased during state fiscal year 2022-23, the bridge enterprise shall impose the bridge and tunnel retail delivery fee in a maximum amount of two and seven-tenths cents.
(III) (A) Except as otherwise provided in subsection (5)(g.7)(III)(B) of this section, for retail deliveries of tangible personal property purchased during state fiscal year 2023-24 or during any subsequent state fiscal year, the bridge enterprise shall impose the bridge and tunnel retail delivery fee in a maximum amount that is the maximum amount for the prior state fiscal year adjusted for inflation. The bridge enterprise shall notify the department of revenue of the amount of the bridge and tunnel retail delivery fee to be collected for retail deliveries of tangible personal property purchased during each state fiscal year no later than March 15 of the calendar year in which the state fiscal year begins, and the department of revenue shall publish the amount no later than April15 of the calendar year in which the state fiscal year begins.
(B) The bridge enterprise is authorized to adjust the amount of the bridge and tunnel retail delivery fee for retail deliveries of tangible personal property purchased during a state fiscal year only if the department of revenue adjusts the amount of the retail delivery fee imposed by section 43-4-218 (3) for retail deliveries of tangible personal property purchased during the state fiscal year.
(IV) As used in this subsection (5)(g.7):
(A) Inflation means the average annual percentage change in the United States department of labor, bureau of labor statistics, consumer price index for Denver-Aurora-Lakewood for all items and all urban consumers, or its applicable predecessor or successor index, for the five years ending on the last December 31 before a state fiscal year for which an inflation adjustment to be made to the bridge and tunnel retail delivery fee imposed pursuant to this subsection (5)(g.7) begins.
(B) Retail delivery has the same meaning as set forth in section 43-4-218 (2)(e).
(C) Retailer has the same meaning as set forth in section 39-26-102 (8).
(h) To make and enter into contracts or agreements with a private entity, to facilitate a public-private initiative pursuant to sections 43-1-1203 and 43-1-1204, including, but not limited to:
(I) An agreement pursuant to which the bridge enterprise or the enterprise on behalf of the department operates, maintains, or provides services or property in connection with a designated bridge project, preventative maintenance bridge project, or tunnel project;
(II) An agreement pursuant to which a private entity designs, develops, constructs, reconstructs, repairs, operates, or maintains all or any portion of a designated bridge project on behalf of the bridge enterprise; and
(III) An agreement pursuant to which a private entity participates in or completes a preventative maintenance bridge project or tunnel project.
(i) To make and to enter into all other contracts or agreements, including, but not limited to, design-build contracts, as defined in section 43-1-1402 (3), and intergovernmental agreements pursuant to section 29-1-203, C.R.S., that are necessary or incidental to the exercise of its powers and performance of its duties;
(j) To employ or contract for the services of consulting engineers or other experts as are necessary in its judgment to carry out its powers and duties;
(k) To prepare, or cause to be prepared, detailed plans, specifications, or estimates for any designated bridge project, preventative maintenance bridge project, or tunnel project within the state;
(l) In connection with any designated bridge project, to acquire, finance, repair, reconstruct, replace, operate, and maintain any designated bridge within the state or any fair-rated bridge if the fair-rated bridge is included as part of a designated bridge project pursuant to subsection (3)(c)(IV) of this section;
(m) To set and adopt, on an annual basis, a budget for the bridge enterprise;
(n) To purchase, trade, exchange, acquire, buy, sell, lease, dispose of, or encumber real or personal property or any interest therein, including easements and rights-of-way, without restriction or limitation;
(o) To enter into interest rate exchange agreements for bonds that have been issued in accordance with article 59.3 of title 11, C.R.S.;
(p) Pursuant to section 24-1-107.5, to establish, create, and approve nonprofit entities and bonds issued by or on behalf of such nonprofit entities for the purpose of completing a designated bridge project, preventative maintenance bridge project, or tunnel project, to accept the assets of any such nonprofit entity, to obtain an option to acquire the assets of any such nonprofit entity by paying its bonds, to appoint or approve the appointment of members of the governing board of any such nonprofit entity, and to remove the members of the governing board of any such nonprofit entity for cause;
(q) To transfer money, property, or other assets of the bridge enterprise to the department to the extent necessary to implement the financing of any designated bridge project, preventative maintenance bridge project, or tunnel project, or for any other purpose authorized in this part 8;
(r) (I) To contract with the state to borrow money under the terms of one or more loan contracts entered into by the state and the bridge enterprise pursuant to subsection (5)(r)(III) of this section, to expend any money borrowed from the state for the purpose of completing designated bridge projects, preventative maintenance bridge projects, and tunnel projects and for any other authorized purpose that constitutes the construction, supervision, and maintenance of the public highways of this state for purposes of section 18 of article X of the state constitution, and to use revenue generated by any bridge safety surcharge, bridge and tunnel impact fee, or bridge and tunnel retail delivery fee imposed pursuant to subsection (5)(g), (5)(g.5), or (5)(g.7) of this section and any other legally available money of the bridge enterprise to repay the money borrowed and any other amounts payable under the terms of the loan contract.
(II) If the bridge enterprise board seeks to enter into a contract to borrow money from the state as authorized by subsection (5)(r)(I) of this section, the board shall provide the governor with a list of designated bridge projects, preventative maintenance bridge projects, or tunnel projects to be financed with the borrowed money and a statement of both the total amount of the loan requested and the estimated amount of the loan that will be used to fund each project on the list. If the governor determines, in the governor's sole discretion, that lending money to the bridge enterprise as requested by the enterprise, or lending a lesser amount of money to the enterprise, is in the best interest of the state, the governor, after consultation with the executive director of the department of personnel and the state treasurer, shall prepare and provide to the state treasurer a list of state buildings or other state capital facilities that the state, acting by and through the state treasurer, may sell or lease and lease back pursuant to the terms of one or more financed purchase of an asset or certificate of participation agreements that the state, acting by and through the state treasurer, may enter into pursuant to subsection (5)(r)(III) of this section. When providing the list, the governor shall also specify to the state treasurer the maximum permitted principal amount of any loan that may be made to the bridge enterprise under the terms of any loan contract that the state, acting by and through the state treasurer, may enter into pursuant to subsection (5)(r)(III)(A) of this section.
(III) (A) If the state treasurer receives a list from the governor pursuant to subsection (5)(r)(II) of this section, the state, acting by and through the state treasurer, may enter into a loan contract with the bridge enterprise and may raise the money needed to make a loan pursuant to the terms of the loan contract by selling or leasing one or more of the state buildings or other state capital facilities on the list. The state treasurer shall have sole discretion to enter into a loan contract on behalf of the state and to determine the amount of a loan; except that the principal amount of a loan shall not exceed the maximum amount specified by the governor pursuant to subsection (5)(r)(II) of this section. The state treasurer shall also have sole discretion to determine the timing of the entry of the state into any loan contract or the sale or lease of one or more state buildings or other state capital facilities. The loan contract shall require the bridge enterprise to pledge to the state all or a portion of the revenues of any bridge safety surcharge, bridge and tunnel impact fee, or bridge and tunnel retail delivery fee imposed pursuant to subsection (5)(g), (5)(g.5), or (5)(g.7) of this section for the repayment of the loan and may also require the bridge enterprise to pledge to the state any other legally available revenue of the bridge enterprise. Any loan contract entered into by the state, acting by and through the state treasurer, and the bridge enterprise pursuant to this subsection (5)(r)(III)(A) and any pledge of revenue by the bridge enterprise pursuant to such a loan contract shall be only for the benefit of, and enforceable only by, the state and the bridge enterprise. Specifically, but without limiting the generality of said limitation, no such loan contract or pledge shall be for the benefit of, or enforceable by, a seller under a financed purchase of an asset or certificate of participation agreement entered into pursuant to this subsection (5)(r)(III), an owner of any instrument evidencing rights to receive rentals or other payments made and to be made under such a financed purchase of an asset or certificate of participation agreement as authorized by subsection (5)(r)(IV)(B) of this section, a party to any ancillary agreement or instrument entered into pursuant to subsection (5)(r)(V) of this section, or a party to any interest rate exchange agreement entered into pursuant to subsection (5)(r)(VII)(A) of this section.
(B) The state, acting by and through the state treasurer, may enter into one or more financed purchase of an asset or certificate of participation agreements with respect to the state buildings or other capital facilities sold or leased pursuant to subsection (5)(r)(III)(A) of this section with any for-profit or nonprofit corporation, trust, or commercial bank acting as a trustee, as the seller.
(C) Any financed purchase of an asset or certificate of participation agreement authorized pursuant to subsection (5)(r)(III)(B) of this section shall provide that all of the obligations of the state under the agreement shall be subject to the action of the general assembly in annually making money available for all payments thereunder.
(D) Any financed purchase of an asset or certificate of participation agreement authorized pursuant to subsection (5)(r)(III)(B) of this section shall also provide that the obligations of the state under the agreement shall not be deemed or construed as creating an indebtedness of the state within the meaning of any provision of the state constitution or the laws of this state concerning or limiting the creation of indebtedness by the state, and shall not constitute a multiple-fiscal year direct or indirect debt or other financial obligation of the state within the meaning of section 20 (4)(a) of article X of the state constitution. If the state does not renew a financed purchase of an asset or certificate of participation agreement authorized pursuant to subsection (5)(r)(III)(B) of this section, the sole security available to the seller shall be the property that is the subject of the nonrenewed financed purchase of an asset or certificate of participation agreement.
(IV) (A) Any financed purchase of an asset or certificate of participation agreement authorized pursuant to subsection (5)(r)(III)(B) of this section may contain such terms, provisions, and conditions as the state treasurer, acting on behalf of the state, may deem appropriate, including all optional terms; except that each financed purchase of an asset or certificate of participation agreement shall specifically authorize the state to receive fee title to all real and personal property that is the subject of the financed purchase of an asset or certificate of participation agreement on or prior to the expiration of the terms of the financed purchase of an asset or certificate of participation agreement upon payment of all amounts payable under the terms of the financed purchase of an asset or certificate of participation agreement and any amount required to be paid to remove liens or encumbrances on or claims with respect to the property that is the subject of the financed purchase of an asset or certificate of participation agreement, including, but not limited to, liens, encumbrances, or claims relating to any ancillary agreement or instrument entered into pursuant to subsection (5)(r)(VII)(A) of this section. Any title to such property received by the state on or prior to the expiration of the terms of the financed purchase of an asset or certificate of participation agreement shall be held for the benefit and use of the state.
(B) Any financed purchase of an asset or certificate of participation agreement authorized pursuant to subsection (5)(r)(III)(B) of this section may provide for the issuance, distribution, and sale of instruments evidencing rights to receive rentals and other payments made and to be made under the financed purchase of an asset or certificate of participation agreement. The instruments may be issued, distributed, or sold only by the seller or any person designated by the seller and not by the state. The instruments shall not create a relationship between the purchasers of the instruments and the state or create any obligation on the part of the state to the purchasers. The instruments shall not be notes, bonds, or any other evidence of indebtedness of the state within the meaning of any provision of the state constitution or the law of the state concerning or limiting the creation of indebtedness of the state and shall not constitute a multiple-fiscal year direct or indirect debt or other financial obligation of the state within the meaning of section 20 (4)(a) of article X of the state constitution.
(C) Interest paid under a financed purchase of an asset or certificate of participation agreement authorized pursuant to subsection (5)(r)(III)(B) of this section, including interest represented by the instruments, shall be exempt from state income tax.
(V) The state, acting by and through the state treasurer, may enter into ancillary agreements and instruments deemed necessary or appropriate in connection with a financed purchase of an asset or certificate of participation agreement authorized pursuant to subsection (5)(r)(III)(B) of this section, including but not limited to deeds, leases, sub-leases, easements, or other instruments relating to the real property on which the facilities are located or an agreement entered into pursuant to subsection (5)(r)(VII) of this section.
(VI) The provisions of section 24-30-202 (5)(b) shall not apply to a financed purchase of an asset or certificate of participation agreement authorized pursuant to subsection (5)(r)(III)(B) of this section or any ancillary agreement or instrument or interest rate exchange agreement entered into pursuant to subsection (5)(r)(V) or (5)(r)(VII)(A) of this section. Any provision of the fiscal rules promulgated pursuant to section 24-30-202 (1) and (13) that the state controller deems to be incompatible or inapplicable with respect to such a financed purchase of an asset or certificate of participation agreement, ancillary agreement or instrument, or interest rate exchange agreement may be waived by the controller or his or her designee.
(VII) (A) Prior to executing a financed purchase of an asset or certificate of participation agreement pursuant to subsection (5)(r)(III)(B) of this section, in order to protect against future interest rate increases, the lessor under any financed purchase of an asset or certificate of participation agreement or the state, acting by and through the state treasurer and at the discretion of the state treasurer, may enter into an interest rate exchange agreement in accordance with article 59.3 of title 11. A financed purchase of an asset or certificate of participation agreement entered into pursuant to subsection (5)(r)(III)(B) of this section shall be a proposed public security for the purposes of article 59.3 of title 11.
(B) Any agreement entered into pursuant to this subparagraph (VII) shall also provide that the obligations of the state shall not be deemed or construed as creating an indebtedness of the state within the meaning of any provision of the state constitution or the laws of this state concerning or limiting the creation of indebtedness by the state and shall not constitute a multiple-fiscal year direct or indirect debt or other financial obligation of the state within the meaning of section 20 (4)(a) of article X of the state constitution.
(C) Any money received by the state under an agreement entered into pursuant to this subsection (5)(r)(VII) shall be used to make payments on financed purchase of an asset or certificate of participation agreements entered into pursuant to subsection (5)(r)(III)(A) of this section.
(s) To have and exercise all rights and powers necessary or incidental to or implied from the specific powers and duties granted in this section.
(6) Repealed.
Source: L. 2009: Entire part R&RE, (SB 09-108), ch. 5, p. 20, � 1, effective March 2. L. 2011: (5)(g)(VII) amended, (SB 11-031), ch. 86, p. 249, � 21, effective August 10. L. 2017: (6) repealed, (SB 17-231), ch. 174, p. 634, � 5, effective August 9. L. 2020: IP(5)(g)(I) and (5)(g)(I)(A) amended, (SB 20-136), ch. 70, p. 286, � 19, effective September 14. L. 2021: (1), (2)(a)(I), IP(2)(b), (2)(b)(I), (2)(c), (3)(a), (3)(c), (4), (5)(c), (5)(k), (5)(r)(I), and (5)(r)(III)(A) amended and (5)(g.5) and (5)(g.7) added, (SB 21-260), ch. 250, p. 1442, � 48, effective June 17; (1)(b)(II), (2)(b)(III), (5)(n), (5)(r)(II), (5)(r)(III), (5)(r)(IV), (5)(r)(V), (5)(r)(VI), (5)(r)(VII)(A), and (5)(r)(VII)(C) amended, (HB 21-1316), ch. 325, p. 2064, � 83, effective July 1; IP(5)(g)(I) and (5)(g)(II) amended, (SB 21-257), ch. 478, p. 3421, � 6, effective July 1, 2022. L. 2022: (2)(a)(II) amended, (SB 22-162), ch. 469, p. 3432, � 223, effective August 10; IP(5)(g)(I) and (5)(g)(I)(A) amended, (HB 22-1388), ch. 475, p. 3466, � 17, effective January 1, 2023. L. 2023: (5)(g.7)(I) and (5)(g.7)(IV)(B) amended and (5)(g.7)(IV)(C) added, (SB 23-143), ch. 153, p. 655, � 7, effective July 1; (1)(a), (1)(b), (2)(a)(I), IP(2)(b), (2)(b)(II), (2)(c), (3), (5)(c), (5)(f), (5)(h), (5)(k), (5)(l), (5)(p), (5)(q), (5)(r)(I), and (5)(r)(II) amended, (HB 23-1276), ch. 194, p. 970, � 3, effective August 7. L. 2025: (5)(g.5)(II)(D) and (5)(g.5)(II)(E) repealed and (5)(g.5)(II)(F) and (5)(g.5)(II)(G) amended, (SB 25-320), ch. 386, p. 2170, � 2, effective June 3.
Editor's note: (1) This section is similar to former �� 43-4-803, 43-4-804, 43-4-805, and 43-4-806 as they existed prior to 2009, and the former � 43-4-805 was also relocated to � 43-4-806.
(2) Amendments to subsections (1)(b)(II) and (5)(r)(III)(A) by SB 21-260 and HB 21-1316 were harmonized.
Cross references: (1) For the legislative declaration in SB 20-136, see section 1 of chapter 70, Session Laws of Colorado 2020. For the legislative declaration in SB 21-260, see section 1 of chapter 250, Session Laws of Colorado 2021.
(2) For the short title (the Debbie Haskins 'Administrative Organization Act of 1968' Modernization Act) in SB 22-162, see section 1 of chapter 469, Session Laws of Colorado 2022.
43-4-806. High-performance transportation enterprise - creation - enterprise status - board - funds - powers and duties - user fees - limitations - reporting requirements - violations on the peak period shoulder lanes - legislative declaration - definitions. (1) The general assembly hereby finds and declares that:
(a) It is necessary, appropriate, and in the best interests of the state for the state to aggressively pursue innovative means of more efficiently financing important surface transportation infrastructure projects that will improve the safety, capacity, and accessibility of the surface transportation system; will provide diverse, multimodal transportation options that reduce traffic congestion and degradation of existing surface transportation infrastructure and offer more transportation choices for system users; can feasibly be commenced in a reasonable amount of time; will allow more efficient movement of people, goods, and information throughout the state; and will accelerate the economic recovery of the state;
(b) Such innovative means of financing projects include, but are not limited to, public-private partnerships, operating concession agreements, user fee-based project financing, and availability payment and design-build contracting; and
(c) It is the intent of the general assembly that the high-performance transportation enterprise created in this section actively seek out opportunities for public-private partnerships for the purpose of completing surface transportation infrastructure projects and that this section be broadly construed to allow the transportation enterprise sufficient flexibility, consistent with the requirements of the state constitution, to pursue any available means of financing such surface transportation infrastructure projects that will allow the efficient completion of the projects.
(1.5) The general assembly further finds and declares that:
(a) (I) The transportation enterprise provides both services to persons who pay user fees for the privilege of using surface transportation infrastructure projects and additional impact remediation services to all persons who use or indirectly benefit from the use of the surface transportation infrastructure project network and other surface transportation infrastructure in the state by completing and operating surface transportation infrastructure projects that reduce wear and tear on and increase the reliability, safety, and expected useful life of state highways and bridges, reduce traffic congestion and attendant delays, provide additional transportation options, reduce emissions from air pollutants and greenhouse gas pollutants from motor vehicles, and reduce the adverse environmental and health impacts of such emissions; and
(II) By providing services as authorized by this part 8, the transportation enterprise engages in an activity conducted in the pursuit of a benefit, gain, or livelihood and generates revenue by collecting fees from services users, and therefore operates as a business in accordance with the determination of the Colorado supreme court in Nicholl v. E-470 Public Highway Authority, 896 P.2d 859 (Colo. 1995), and the Colorado court of appeals in TABOR Foundation v. Colorado Bridge Enterprise, 2014 COA 106;
(b) Consistent with the determination of the Colorado supreme court in Nicholl v. E-470 Public Highway Authority, 896 P.2d 859 (Colo. 1995), that the power to impose taxes is inconsistent with enterprise status under section 20 of article X of the state constitution and the determination of the Colorado supreme court in Colorado Union of Taxpayers Foundation v. City of Aspen, 2018 CO 36, that a charge is not a tax if the primary purpose of the charge is not to raise revenue for general governmental purposes, it is the conclusion of the general assembly that the revenue collected by the transportation enterprise from user fees is generated by fees, not taxes, because the user fees imposed by the transportation enterprise:
(I) Are imposed for the specific purpose of allowing the transportation enterprise to defray the costs of completing, operating, and maintaining the surface transportation infrastructure project network;
(II) Thereby:
(A) Fund the specific benefit of the privilege of accessing surface transportation infrastructure projects for user fee payers;
(B) Fund additional benefits of the remediation services provided by the transportation enterprise, including reduction of traffic congestion and attendant delays, provision of additional transportation options, reduced emissions from air pollutants and greenhouse gas pollutants from motor vehicles, and reduced adverse environmental and health impacts of such emissions caused by the use of motor vehicles, for user fee payers; and
(III) Will be collected at rates that are reasonably calculated by the transportation enterprise board based on the costs of providing the benefits provided to user fee payers and the costs of remediating the impacts caused by fee payers.
(2) (a) (I) The high-performance transportation enterprise is hereby created. The transportation enterprise shall operate as a government-owned business within the department and shall be a division of the department. The board of the transportation enterprise shall consist of the following seven members:
(A) Four members appointed by the governor, each of whom shall have professional expertise in transportation planning or development, local government, design-build contracting, public or private finance, engineering, environmental issues, or any other area that the governor believes will benefit the board in the execution of its powers and performance of its duties. The governor shall appoint one member who resides within the planning area of the Denver regional council of governments, one member who resides within the planning area of the Pikes Peak area council of governments, one member who resides within the planning area of the north front range metropolitan planning organization, and one member who resides within the interstate 70 mountain corridor.
(B) Three members of the commission appointed by resolution of the commission.
(II) Initial appointments to the transportation enterprise board shall be made no later than July 1, 2009. Members of the board shall serve at the pleasure of the appointing authority and without compensation. Vacancies in the membership of the transportation enterprise board shall be filled in the same manner as regular appointments.
(III) (A) The transportation enterprise and the transportation enterprise director are type 1 entities, as defined in section 24-1-105, and exercise their powers and perform their duties and functions under the department.
(B) The powers, duties, and functions of the transportation enterprise include the powers, duties, and functions of the statewide tolling enterprise, created in the department pursuant to section 43-4-803 (1), prior to the repeal and reenactment of said section by Senate Bill 09-108, enacted in 2009, and the statewide tolling enterprise is abolished.
(b) The transportation enterprise board shall, with the consent of the executive director, appoint a director of the enterprise who shall possess such qualifications as may be established by the board and the state personnel board. The director shall oversee the discharge of all responsibilities of the transportation enterprise and shall serve at the pleasure of the board.
(c) The business purpose of the transportation enterprise is to pursue public-private partnerships and other innovative and efficient means of completing surface transportation infrastructure projects. To allow the transportation enterprise to accomplish this purpose and fully exercise its powers and duties through the transportation enterprise board, the transportation enterprise may:
(I) Subject to the limitations specified in section 43-4-808 (3) and subsection (7.6) of this section, impose user fees, including the congestion impact fee authorized by subsection (7.6) of this section, for the privilege of using surface transportation infrastructure;
(II) Issue or reissue revenue bonds payable from the revenues and other available moneys of the transportation enterprise pledged for their payment as authorized in section 43-4-807;
(III) Contract with any other governmental or nongovernmental source of funding for loans or grants to be used to support transportation enterprise functions; and
(IV) Seek out and enter into public-private partnerships.
(d) The transportation enterprise shall constitute an enterprise for purposes of section 20 of article X of the state constitution so long as it retains the authority to issue revenue bonds and receives less than ten percent of its total revenues in grants from all Colorado state and local governments combined. So long as it constitutes an enterprise pursuant to this paragraph (d), the transportation enterprise shall not be subject to any provisions of section 20 of article X of the state constitution.
(3) (a) The statewide transportation enterprise special revenue fund is created in the state treasury. All revenue received by the transportation enterprise, including all revenue from both user fees collected from users of a particular surface transportation infrastructure project and congestion impact fees, collected pursuant to subsections (2)(c)(I) and (7.6) of this section, must be deposited into the transportation special fund. The transportation enterprise board may establish separate accounts within the transportation special fund as needed in connection with any specific surface transportation infrastructure project. The transportation enterprise also may deposit or permit others to deposit other money into the transportation special fund, but in no event may revenue from any tax otherwise available for general purposes be deposited into the transportation special fund. The state treasurer, after consulting with the transportation enterprise board, shall invest any money in the transportation special fund, including any surplus or reserves, but excluding any proceeds from the sale of bonds or earnings on such proceeds invested pursuant to section 43-4-807 (2), that are not needed for immediate use. Such money may be invested in the types of investments authorized in sections 24-36-109, 24-36-112, and 24-36-113.
(b) All interest and income derived from the deposit and investment of moneys in the transportation special fund shall be credited to the transportation special fund and, if applicable, to the appropriate surface transportation infrastructure project account. Moneys in the transportation special fund shall be continuously appropriated to the transportation enterprise for the purposes set forth in this part 8. All moneys deposited in the transportation special fund shall remain in the fund for the purposes set forth in this part 8, and no part of the fund shall be used for any other purpose.
(c) The transportation enterprise shall prepare a separate annual accounting of the user fees collected from any surface transportation infrastructure project upon which any user fee is imposed and of congestion impact fees. A partner of the enterprise may prepare the annual accounting for a project upon which it imposes a user fee pursuant to the terms of a public-private partnership.
(d) The transportation enterprise may expend moneys in the transportation special fund to pay bond obligations, to fund surface transportation infrastructure projects, and for the acquisition of land to the extent required in connection with any surface transportation infrastructure project. The transportation enterprise may also expend moneys in the transportation special fund to pay its operating costs and expenses. The transportation enterprise board shall have exclusive authority to budget and approve the expenditure of moneys in the transportation special fund.
(4) The commission may transfer moneys from the state highway fund created in section 43-1-219 to the transportation enterprise for the purpose of defraying expenses incurred by the transportation enterprise prior to the receipt of bond proceeds or revenues by the enterprise. The transportation enterprise may accept and expend any moneys so transferred, and, notwithstanding any state fiscal rule or generally accepted accounting principle that could otherwise be interpreted to require a contrary conclusion, such a transfer shall constitute a loan from the commission to the transportation enterprise and shall not be considered a grant for purposes of section 20 (2)(d) of article X of the state constitution. As the transportation enterprise receives sufficient revenues in excess of expenditures, the enterprise shall reimburse the state highway fund for the principal amount of any loan made by the commission plus interest at a rate set by the commission. Any moneys loaned to the transportation enterprise pursuant to this section shall be deposited into a fund to be known as the statewide transportation enterprise operating fund, which fund is hereby created, or an account within the transportation special fund. All loaned money deposited into the transportation special fund shall be accounted for separately from other transportation special fund money.
(5) Notwithstanding any other provision of this section, user fee revenue collected from users of a particular surface transportation infrastructure project must be expended only for purposes authorized by subsection (3) of this section and only for the surface transportation infrastructure project for which it was collected, to address ongoing congestion management needs related to the project, or as a portion of the expenditures made for another surface transportation infrastructure project that is integrated with the project as part of a surface transportation system; except that the transportation enterprise board may expend user fee revenue from each surface transportation infrastructure project in proportion to the total amount of such revenue generated by the project to pay overhead of the transportation enterprise. User fee revenue generated by the congestion impact fee imposed by the transportation enterprise pursuant to subsection (7.6) of this section may be expended on any part of the surface transportation infrastructure project network and for overhead of the transportation enterprise.
(6) In addition to any other powers and duties specified in this section, the transportation enterprise board has the following powers and duties:
(a) To supervise and advise the transportation enterprise director;
(b) To adopt bylaws for the regulation of its affairs and the conduct of its business;
(c) To issue revenue bonds, payable solely from the transportation special fund, for the purpose of completing surface transportation infrastructure projects;
(d) To acquire, hold title to, and dispose of real and personal property as necessary in the exercise of its powers and performance of its duties;
(e) To acquire, by purchase, gift, or grant, or, subject to the requirements of articles 1 to 7 of title 38, C.R.S., by condemnation, any and all rights-of-way, lands, buildings, moneys, or grounds necessary or convenient for its authorized purposes;
(f) To enter into agreements with the commission, or the department to the extent authorized by the commission, under which the transportation enterprise agrees to complete surface transportation infrastructure projects as specified in the agreements;
(g) To make and enter into contracts or agreements with any private or public entity to facilitate a public-private partnership, including, but not limited to:
(I) An agreement pursuant to which the transportation enterprise or the enterprise on behalf of the department operates, maintains, or provides services or property in connection with a surface transportation infrastructure project; or
(II) An agreement pursuant to which a private entity completes all or any portion of a surface transportation infrastructure project on behalf of the transportation enterprise;
(h) To make and to enter into all other contracts or agreements, including, but not limited to, design-build contracts, as defined in section 43-1-1402 (3), and intergovernmental agreements pursuant to section 29-1-203, C.R.S., that are necessary or incidental to the exercise of its powers and performance of its duties;
(i) To employ or contract for the services of consulting engineers or other experts as are necessary in its judgment to carry out its powers and duties;
(j) To prepare, or cause to be prepared, detailed plans, specifications, or estimates for any surface transportation infrastructure project within the state;
(k) In connection with any surface transportation infrastructure project, to acquire, finance, repair, reconstruct, replace, operate, or maintain any surface transportation infrastructure within the state;
(l) To set and adopt, on an annual basis, a budget for the transportation enterprise;
(m) To purchase, trade, exchange, acquire, buy, sell, lease, lease with an option to purchase, dispose of, or encumber real or personal property or any interest therein, including easements and rights-of-way, without restriction or limitation;
(n) To enter into interest rate exchange agreements for bonds that have been issued in accordance with article 59.3 of title 11, C.R.S.;
(o) Pursuant to section 24-1-107.5, C.R.S., to establish, create, and approve nonprofit entities and bonds issued by or on behalf of such nonprofit entities for the purpose of completing a surface transportation infrastructure project, to accept the assets of any such nonprofit entity, to obtain an option to acquire the assets of any such nonprofit entity by paying its bonds, to appoint or approve the appointment of members of the governing board of any such nonprofit entity, and to remove the members of the governing board of any such nonprofit entity for cause;
(p) To transfer money, property, or other assets of the transportation enterprise to the department to the extent necessary to implement the financing of any surface transportation infrastructure project or for any other purpose authorized in this part 8;
(p.5) In accordance with an implementation plan developed as required by section 32-9-107.7 (4), to enter into a standalone intergovernmental agreement with or create a separate legal entity pursuant to sections 29-1-203 and 29-1-203.5 with the regional transportation district, created in section 32-9-105, the front range passenger rail district, created in section 32-22-103 (1), and the department to implement the completion of construction and operation of the regional transportation district's northwest fixed guideway corridor, including an extension of the corridor to Fort Collins as the first phase of front range passenger rail service; and
(q) To have and exercise all rights and powers necessary or incidental to or implied from the specific powers and duties granted in this section.
(7) (a) In addition to the powers and duties specified in subsection (6) of this section, the transportation enterprise board has the duty to evaluate any toll highway in the state that is owned and offered for sale or for lease and an operating concession by an entity other than the state in order to determine whether it is in the best interests of the state for the transportation enterprise to purchase or lease the toll highway or a partial interest in the toll highway that is being offered for sale, lease, or concession or enter into a public-private partnership in connection with the toll highway. In evaluating a toll highway, the transportation enterprise board shall consider the financial costs and benefits to the state and users of the toll highway of purchasing or leasing the toll highway or a partial interest in the toll highway or entering into a public-private partnership in connection with the toll highway; the effect of such a purchase, lease, or public-private partnership on statewide, regional, or local transportation plans previously adopted and on future transportation planning; and any other factors deemed significant by the board. In considering the effect on regional or local transportation plans, the transportation enterprise board shall consult with the appropriate regional or local transportation planning agency. Subject to criteria, procedures, processes, and rules established by the entity other than the state offering the toll highway for sale or for lease and an operating concession including, without limitation, provisions for rejecting all bids or proposals and short-listing bidders and proposers, and without any special consideration for either public or private sector interests that may bid on or propose to purchase or lease a toll highway, the transportation enterprise board may bid on or propose to purchase or lease a toll highway or a partial interest in a toll highway so offered without change or delay of such criteria, procedures, processes, and rules or may enter into a public-private partnership in connection with a toll highway and may finance all or a portion of the purchase or lease of a toll highway or a public-private partnership entered into in connection with a toll highway by issuing bonds as authorized by section 43-4-807 if the board determines that the purchase, lease, or public-private partnership is in the best interests of the state. Funding to perform a toll highway evaluation shall be provided by the department and managed by the transportation enterprise board. An entity other than the state shall consider and represent the interests of its constituency at all times during and after the evaluation process conducted by the transportation enterprise board pursuant to this subsection (7).
(b) For purposes of this subsection (7), entity other than the state means a public highway authority created pursuant to section 43-4-504, a regional transportation authority created pursuant to section 43-4-603, a toll road or toll highway company formed pursuant to section 7-45-101, C.R.S., or any other natural person or entity other than the state or a department or agency of the state that may own a toll highway.
(c) This subsection (7) shall not be construed to require the transportation enterprise board to purchase or lease any toll highway or partial interest in a toll highway or to enter into any public-private partnership in connection with any toll highway.
(7.5) In addition to any other powers and duties specified in this section, the transportation enterprise may enter into a transportation demand management contract with the department under which the department compensates the transportation enterprise for relieving traffic congestion during peak travel times, as determined by the department and the transportation enterprise, in the portion of the interstate 70 mountain corridor that includes and lies between Floyd hill and the Eisenhower-Johnson tunnels by providing and operating reversible highway lanes within that portion of the corridor. If a feasibility study of a moveable barrier system on interstate 70 is completed and demonstrates that such a system is viable and that life safety issues can be addressed, a transportation demand management contract may establish, consistent with planning provisions in section 43-1-1103, the interstate 70 collaborative effort, context sensitive solutions, and the processes required by the federal National Environmental Policy Act of 1969, 42 U.S.C. sec. 4321 et seq., the goal of beginning the provision and operation of reversible highway lanes and reporting to the general assembly no later than January 1, 2011. A transportation demand management contract may authorize the transportation enterprise to enter into single-fiscal-year or multiple-fiscal-year operating lease agreements or capital lease or financed purchase of an asset or certificate of participation agreements with a private contractor as needed to provide and operate the reversible highway lanes.
(7.6) (a) (I) In addition to any other powers and duties specified in this section, on and after January 1, 2025, the transportation enterprise shall impose a congestion impact fee on all short-term vehicle rentals at a maximum rate, as determined by the transportation enterprise board, that is reasonably calculated to generate only the amount of revenue needed to pay the overall costs of providing the services to fee payers that will be funded with that revenue and that is, except as otherwise provided in subsection (7.6)(c) of this section, no more than three dollars per day for any vehicle; except that a subsequent renewal of a short-term vehicle rental is exempt from the fee to the extent that the renewal extends the total rental period beyond thirty days. A car sharing program shall collect the congestion impact fee for any short-term vehicle rental of twenty-four hours or longer that is enabled by the car sharing program.
(II) As used in this subsection (7.6), unless the context otherwise requires:
(A) Battery electric motor vehicle has the same meaning as set forth in section 43-4-1202 (1).
(B) Car sharing program has the same meaning as set forth in section 6-1-1202 (4).
(C) Plug-in hybrid electric motor vehicle has the same meaning as set forth in section 43-4-1202 (14).
(D) Short-term vehicle rental means the rental of any motor vehicle, as defined in section 42-1-102 (58), with a gross vehicle weight rating of twenty-six thousand pounds or less that is rented within Colorado for a period of not more than thirty days.
(b) The congestion impact fee must be collected, submitted to the department of revenue, administered by the department of revenue, and forwarded by the department of revenue to the state treasurer in the same manner in which the daily vehicle rental fee imposed pursuant to section 43-4-804 (1)(b)(I)(A) is collected, submitted, administered, and forwarded pursuant to section 43-4-804 (1)(b)(II). The department of revenue, when forwarding the congestion impact fee to the state treasurer with the daily vehicle rental fee imposed pursuant to section 43-4-804 (1)(b)(I)(A), shall identify the amounts of each fee being forwarded, and the state treasurer shall credit all congestion impact fees to the transportation special fund. Any vehicle rented pursuant to a vehicle sharing arrangement that is exempt, pursuant to section 43-4-804 (1)(b)(III), from the daily vehicle rental fee imposed pursuant to section 43-4-804 (1)(b)(I)(A) is also exempt from the congestion impact fee.
(c) (I) For short-term vehicle rentals beginning during state fiscal year 2026-27 and for short-term vehicle rental periods beginning during any subsequent state fiscal year, the daily limits on the amount of the congestion impact fee set forth in subsection (7.6)(a)(I) of this section are annually adjusted for inflation, and the transportation enterprise shall impose the congestion impact fee in a maximum amount that is the maximum amount for the prior state fiscal year adjusted for inflation. The transportation enterprise shall notify the department of revenue of the amount of the congestion impact fee to be collected for short-term vehicle rentals during each state fiscal year no later than April 1 of the calendar year in which the state fiscal year begins, and the department of revenue shall publish the amount no later than May 1 of the calendar year in which the state fiscal year begins.
(II) As used in this subsection (7.6)(c), inflation means the average annual percentage change in the United States department of labor, bureau of labor statistics, consumer price index for Denver-Aurora-Lakewood for all items and all urban consumers, or its applicable predecessor or successor index, for the five years ending on the last December 31 before a state fiscal year for which an inflation adjustment to the congestion impact fee is to be made begins.
(d) Notwithstanding subsection (7.6)(c) of this section, no later than March 1, 2030, and every fifth March 1 thereafter, the transportation enterprise shall complete an analysis of the rate at which it imposes the congestion impact fee, the amount of revenue generated by the fee, and the use of fee revenue in order to ensure that it is continuing to impose the fee at rates that are reasonably calculated to generate only the amount of revenue needed to pay the overall costs of providing the services to fee payers that will be funded with that revenue. If the transportation enterprise determines that it is imposing or with its next inflation adjustment will be imposing the fee at a rate that generates or will generate more than the needed amount of revenue, it shall lower the rate at which it is imposing the fee or forego or reduce the inflation adjustment to the extent necessary to ensure that it is continuing to impose the fee at rates that are reasonably calculated to generate only the amount of revenue needed to pay the overall costs of providing the services to fee payers that will be funded with that revenue.
(7.7) In addition to any other powers and duties specified in this section:
(a) No later than March 1, 2025, the transportation enterprise shall develop a new multimodal strategic capital plan, which the transportation enterprise board may, at its sole discretion, thereafter update as it deems necessary. The plan must:
(I) Align with the ten-year plan for each mode of transportation approved by the commission in accordance with section 43-1-106 (15)(d), the statewide greenhouse gas pollution reduction goals set forth in section 25-7-102 (2)(g), and other state greenhouse gas reduction priorities;
(II) Comply with the greenhouse gas transportation planning standard adopted by the commission, any amended or successor standard adopted by the commission, and any other pollution reduction planning standards required for surface transportation infrastructure projects by a federal or state law, regulation, or rule; and
(III) Prioritize benefits to user fee payers and the reduction of adverse impacts on highways.
(b) No later than March 1, 2025, the transportation enterprise shall complete an initial assessment of opportunities available through 2030 to leverage federal money made available to the state. After completing the initial assessment, the transportation enterprise shall assess such opportunities on an ongoing basis.
(7.8) In addition to any other powers and duties specified in this section, the transportation enterprise may enter into a standalone intergovernmental agreement with or create a separate legal entity pursuant to sections 29-1-203 and 29-1-203.5 with the regional transportation district, created in section 32-9-105, the front range passenger rail district, created in section 32-22-103 (1), and the department of transportation to implement the completion of construction and operation of the regional transportation district's northwest fixed guideway corridor, including an extension of the corridor to Fort Collins as the first phase of front range passenger rail service.
(8) (a) When the transportation enterprise board decides to study the feasibility or desirability of completing a surface transportation infrastructure project that adds substantial transportation capacity or significantly alters travel patterns, the board shall invite every metropolitan planning organization or other transportation planning region with planning responsibility for any area in which the project will be located and every affected public mass transit operator, as defined in section 43-1-102 (5), public highway authority created pursuant to part 5 of this article, and regional transportation authority created pursuant to part 6 of this article to collaborate with the board in its study and review and comment regarding the project. The transportation enterprise board and a metropolitan planning organization, transportation planning region, public mass transit operator, public highway authority, or regional transportation authority may enter into an intergovernmental agreement to define the degree of collaboration and any sharing of costs and revenues. The transportation enterprise board, in collaboration with those metropolitan planning organizations, transportation planning regions, public mass transit operators, and authorities that are entitled to and wish to collaborate with the board, may develop a plan for the completion of the surface transportation infrastructure project that addresses the feasibility of the project, the technology to be utilized, project financing, and any other federally required information.
(b) In order to ensure that the limited resources available for the completion of major surface transportation infrastructure projects are allocated only to projects deemed essential by all impacted metropolitan planning organizations and other transportation planning regions, every metropolitan planning organization or other transportation planning region that includes territory in which all or any portion of a proposed surface transportation infrastructure project that will add substantial transportation capacity or significantly alter traffic patterns is to be completed shall have the right to participate in the planning and development, and approve the completion, of the project. The right of participation shall extend, without limitation, to decisions regarding the scope of the project, the type of surface transportation infrastructure to be provided, project financing, allocation of project revenues, and the manner in which any user fees are to be imposed. A surface transportation infrastructure project shall not proceed past the planning stage until all metropolitan planning organizations entitled to participate in the planning, development, and approval process, including the transportation enterprise and any partner of the enterprise under the terms of a public-private partnership, have approved the project.
(9) (a) The transportation enterprise is not intended to supplant or duplicate the services provided by any public mass transit operator, as defined in section 43-1-102 (5), railroad, public highway authority created pursuant to part 5 of this article, or regional transportation authority created pursuant to part 6 of this article except as described in detail in an intergovernmental agreement or other contractual agreement entered into by the transportation enterprise and the operator, railroad, or authority. The creation of and undertaking of surface transportation infrastructure projects by the transportation enterprise pursuant to this part 8 is not intended to discourage any combination of local governments from forming a public highway authority or a regional transportation authority.
(b) Moneys made available for any surface transportation infrastructure project pursuant to this part 8 shall not be used to supplant existing or budgeted department funding for any portion of the state highway system within the territory of any transportation planning region, as defined in section 43-1-1102 (8), that includes any portion of the project.
(10) (a) Notwithstanding section 24-1-136 (11)(a)(I), no later than February 15, 2010, no later than February 15 of each year thereafter through 2024, and no later than March 1 of each year thereafter, the transportation enterprise shall present a report to the committees of the house of representatives and the senate that have jurisdiction over transportation. The report must include a summary of the transportation enterprise's activities for the previous year, a summary of the status of any current surface transportation infrastructure projects, a statement of the enterprise's revenues and expenses, and any recommendations for statutory changes that the enterprise deems necessary or desirable. The committees shall review the report and may recommend legislation. The report shall be public and shall be available on the website of the department on or before January 15 of the year in which the report is presented.
(b) Beginning with the report due no later than February 15, 2021, the report shall also include for each of the transportation enterprise's executed or proposed public-private partnerships:
(I) A summary of the processes that the transportation enterprise has used leading up to or anticipates using to lead up to its entry into the public-private partnership, including the processes for obtaining and responding to public questions, concerns, and other comments or input, the processes for keeping the state legislators and local elected officials who represent any area in which a surface transportation infrastructure project of the public-private partnership will be located informed and updated about the project and the public-private partnership, and the processes for selecting each partner to the public-private partnership; and
(II) A summary of the actual, or to the extent available the anticipated, major financial, performance, and length-of-term provisions of the public-private partnership.
(c) Beginning with the report due no later than March 1, 2025, the report shall also detail the transportation enterprise's work to reduce traffic congestion and greenhouse gas emissions and support the expansion of public transit.
(11) (a) As used in this subsection (11), unless the context otherwise requires, peak period shoulder lane means:
(I) The eastbound managed toll lane on interstate 70 between mile marker 230 (Empire Junction) and the veterans memorial tunnel; or
(II) The westbound managed toll lane on interstate 70 between the veterans memorial tunnel and mile marker 230 (Empire Junction).
(b) (I) Unless a person is operating an authorized emergency vehicle, as defined in section 42-1-102 (6), or an authorized service vehicle, as defined in section 42-1-102 (7), or using a lane in the case of an emergency, a person shall not drive on the peak period shoulder lane when the posted signage indicates that the peak period shoulder lane is closed.
(II) A person shall not drive on a peak period shoulder lane at any time if the person is driving a motor vehicle with more than two axles or that is twenty-five feet in length or longer.
(c) The transportation enterprise shall enforce violations of subsection (11)(b) of this section and assess and remit civil penalties for the violations in accordance with section 43-4-808 (2).
Source: L. 2009: Entire part R&RE, (SB 09-108), ch. 5, p. 30, � 1, effective March 2. L. 2010: (7.5) added, (SB 10-184), ch. 334, p. 1536, � 1, effective May 27. L. 2015: (4) amended, (SB 15-187), ch. 102, p. 296, � 1, effective April 16. L. 2017: (10) amended, (SB 17-231), ch. 174, p. 635, � 6, effective August 9. L. 2020: (10) amended, (SB 20-017), ch. 27, p. 96, � 1, effective September 14. L. 2021: (7.5) amended, (HB 21-1316), ch. 325, p. 2069, � 84, effective July 1. L. 2022: (11) added, (HB 22-1074), ch. 20, p. 135, � 1, effective August 1; (2)(a)(III) amended, (SB 22-162), ch. 469, p. 3432, � 224, effective August 10. L. 2024: (1)(a), (2)(a)(III)(B), (2)(c)(I), (3)(a), (3)(c), (5), IP(6), (6)(p), (9)(a), and (10)(a) amended and (1.5), (6)(p.5), (7.6), (7.7), (7.8), and (10)(c) added, (SB 24-184), ch. 186, p. 1055, � 13, effective May 16. L. 2025: (3)(a) amended, (SB 25-275), ch. 377, p. 2107, � 330, effective August 6.
Editor's note: This section is similar to former �� 43-4-803, 43-4-804, 43-4-805, and 43-4-806 as they existed prior to 2009.
Cross references: (1) For the short title (the Debbie Haskins 'Administrative Organization Act of 1968' Modernization Act) in SB 22-162, see section 1 of chapter 469, Session Laws of Colorado 2022.
(2) For the legislative declaration in SB 24-184, see section 1 of chapter 186, Session Laws of Colorado 2024.
43-4-807. Bonds - investments - bonds eligible for investment and exempt from taxation. (1) (a) Both the bridge enterprise and the transportation enterprise may, from time to time, issue bonds for any of their corporate purposes. The bonds shall be issued pursuant to resolution of the bridge enterprise board or the transportation enterprise board and shall be payable solely out of all or a specified portion of the moneys in the bridge special fund or the transportation special fund as the case may be.
(b) Bonds may be executed and delivered by the issuing enterprise at such times; may be in such form and denominations and include such terms and maturities; may be subject to optional or mandatory redemption prior to maturity with or without a premium; may be in fully registered form or bearer form registrable as to principal or interest or both; may bear such conversion privileges; may be payable in such installments and at such times not exceeding forty-five years from the date thereof; may be payable at such place or places whether within or without the state; may bear interest at such rate or rates per annum, which may be fixed or vary according to index, procedure, or formula or as determined by the issuing enterprise or its agents, without regard to any interest rate limitation appearing in any other law of the state; may be subject to purchase at the option of the holder or the issuing enterprise; may be evidenced in such manner; may be executed by such officers of the issuing enterprise, including the use of one or more facsimile signatures so long as at least one manual signature appears on the bonds, which may be either of an officer of the issuing enterprise or of an agent authenticating the same; may be in the form of coupon bonds that have attached interest coupons bearing a manual or facsimile signature of an officer of the issuing enterprise; and may contain such provisions not inconsistent with this part 8, all as provided in the resolution of the issuing enterprise under which the bonds are authorized to be issued or as provided in a trust indenture between the issuing enterprise and any commercial bank or trust company having full trust powers.
(c) Bonds of the issuing enterprise may be sold at public or private sale at such price or prices, in such manner, and at such times as determined by the board of the issuing enterprise, and the board may pay all fees, expenses, and commissions that it deems necessary or advantageous in connection with the sale of the bonds. The power to fix the date of sale of the bonds, to receive bids or proposals, to award and sell bonds, to fix interest rates, and to take all other action necessary to sell and deliver the bonds may be delegated to an officer or agent of the issuing enterprise. Any outstanding bonds may be refunded by the issuing enterprise pursuant to article 56 of title 11, C.R.S. All bonds and any interest coupons applicable thereto are declared to be negotiable instruments.
(d) The resolution or trust indenture authorizing the issuance of the bonds may pledge all or a portion of the bridge special fund or the transportation special fund, as the case may be; may, respectively, pledge all or a portion of the rights of the bridge enterprise to impose, and receive the revenues generated by, a bridge safety surcharge authorized by section 43-4-805 (5)(g) or all or a portion of the rights of the transportation enterprise to impose, and receive the revenues generated by, any user fee or other charge authorized by section 43-4-806; may contain such provisions for protecting and enforcing the rights and remedies of holders of any of the bonds as the issuing enterprise deems appropriate; may set forth the rights and remedies of the holders of any of the bonds; and may contain provisions that the issuing enterprise deems appropriate for the security of the holders of the bonds, including, but not limited to, provisions for letters of credit, insurance, standby credit agreements, or other forms of credit ensuring timely payment of the bonds, including the redemption price or the purchase price.
(e) Any pledge of the bridge special fund, the transportation special fund, or other property made by an issuing enterprise or by any person or governmental unit with which an issuing enterprise contracts shall be valid and binding from the time the pledge is made. The pledged special fund or other pledged property shall immediately be subject to the lien of the pledge without any physical delivery or further act, and the lien of the pledge shall be valid and binding against all parties having claims of any kind in tort, contract, or otherwise against the pledging party regardless of whether the claiming party has notice of the lien. The instrument by which the pledge is created need not be recorded or filed.
(f) Neither the members of the board of an issuing enterprise, employees of the issuing enterprise, nor any person executing the bonds shall be liable personally on the bonds or subject to any personal liability by reason of the issuance thereof.
(g) An issuing enterprise may purchase its bonds out of any available moneys and may hold, pledge, cancel, or resell such bonds subject to and in accordance with agreements with the holders thereof.
(2) An issuing enterprise may invest or deposit any proceeds and any interest from the sale of bonds in the manner provided by part 6 of article 75 of title 24, C.R.S. In addition, an issuing enterprise may direct a corporate trustee that holds such proceeds and any interest to invest or deposit such proceeds and any interest in investments or deposits other than those specified by said part 6 if the board of the issuing enterprise determines, by resolution, that the investment or deposit meets the standard established in section 15-1-304, C.R.S., the income is at least comparable to income available on investments or deposits specified by said part 6, and the investment will assist the issuing enterprise in the completion of a designated bridge project or other authorized surface transportation infrastructure project.
(3) All banks, trust companies, savings and loan associations, insurance companies, executors, administrators, guardians, trustees, and other fiduciaries may legally invest any moneys within their control in any bonds issued under this part 8. Public entities, as defined in section 24-75-601 (1), C.R.S., may invest public moneys in such bonds only if the bonds satisfy the investment requirements established in part 6 of article 75 of title 24, C.R.S.
(4) The income or other revenues of the bridge enterprise and the transportation enterprise, all properties at any time owned by either enterprise, bonds issued by either enterprise, and the transfer of and the income from any bonds issued by either enterprise shall be exempt from all taxation and assessments in the state. In the resolution or indenture authorizing the bonds, the issuing enterprise may waive the exemption from federal income taxation for interest on the bonds. Bonds issued by an issuing enterprise shall be exempt from the provisions of article 51 of title 11, C.R.S.
Source: L. 2009: Entire part R&RE, (SB 09-108), ch. 5, p. 38, � 1, effective March 2.
Editor's note: This section is similar to former �� 43-4-807, 43-4-808, 43-4-809, and 43-4-810 as they existed prior to 2009.