Title 24, Government - State
0 chapters · 2,521 sections in this title.
Colo. Rev. Stat. § 24-115-101 Short title
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This article shall be known and may be cited as the Critical State Needs Financing Act. Source: L. 2005: Entire article added, p. 745, � 1, effective June 1.
Colo. Rev. Stat. § 24-115-102 Legislative declaration
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(1) The general assembly hereby finds and declares that: (a) The population of the state has grown rapidly in recent years, and that growth has increased the burdens placed upon state and local governments. (b) The state and local governments have found it difficult to maintain e…
Colo. Rev. Stat. § 24-115-103 Definitions
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As used in this article, unless the context otherwise requires: (1) Board means the board of directors of the critical needs financing corporation. (2) Commission means the transportation commission created in section 43-1-106 (1), C.R.S. (3) Corporation means the critical needs …
Colo. Rev. Stat. § 24-115-104 Critical needs financing corporation - creation - composition of board of directors - powers
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(1) There is hereby created an independent public body politic and corporate to be known as the critical needs financing corporation. The corporation shall be a body corporate and an instrumentality of the state and shall not be an agency of state government and shall not be subj…
Colo. Rev. Stat. § 24-115-105 Organizational meeting - chair - personnel - surety note - conflict of interest
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(1) (a) The director of the office of state planning and budgeting shall call and convene the initial organizational meeting of the board and shall serve as its chair pro tempore. At the meeting, appropriate bylaws shall be presented for adoption. The bylaws may provide for the e…
Colo. Rev. Stat. § 24-115-106 Meetings of board - quorum - expenses
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(1) Three members of the board shall constitute a quorum for the purpose of conducting business and exercising the board's powers. Action may be taken by the board upon the affirmative vote of three members of the board. A vacancy in the membership of the board shall not impair t…
Colo. Rev. Stat. § 24-115-107 General powers of corporation
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(1) In addition to any other powers specifically granted to the corporation in this article, the corporation has the following powers: (a) To have perpetual existence and succession as a body politic and corporate; (b) To adopt, amend, or repeal bylaws for the regulation of its a…
Colo. Rev. Stat. § 24-115-108 Corporate fiscal year - account of activities and receipts for expenditures - report - audit
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The fiscal and budget year for the corporation shall commence on July 1 and end on June 30 of each year. The corporation shall keep an accurate account of all its activities and of all its receipts and expenditures and shall submit an annual report that sets forth a complete and …
Colo. Rev. Stat. § 24-115-109 Limitation on power of corporation to declare bankruptcy
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Notwithstanding any other provision of law, the corporation is not authorized to be, and no public officer, organization, entity, or other person shall authorize the corporation to be, a debtor in a case under the United States bankruptcy code, title 11 of the United States Code,…
Colo. Rev. Stat. § 24-115-110 Critical needs notes - issuance schedule - distribution of note proceeds
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(1) (a) Except as otherwise provided in paragraphs (b) and (c) of this subsection (1), if the general assembly passes and the governor signs a joint resolution that requires the submission of a ballot issue to voters statewide that seeks authorization for the state to incur multi…
Colo. Rev. Stat. § 24-115-111 Critical needs fund - creation - appropriations to fund - repayment of notes from fund
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(1) The critical needs fund is hereby created in the state treasury. The fund shall consist of moneys appropriated to the fund by the general assembly and all interest and income earned on the deposit and investment of moneys in the fund. The board or the executive director may e…
Colo. Rev. Stat. § 24-115-112 Notes legal investments
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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 notes issued in accordance with this article. Public entities, as define…
Colo. Rev. Stat. § 24-115-113 Exemption from taxation
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Except as otherwise provided in this section, the income from notes issued pursuant to this article is exempt from all taxation and assessments in the state. In the certificate, indenture of trust, or other instrument authorizing the issuance of notes, the board or the executive …
Colo. Rev. Stat. § 24-115-114 No action maintainable
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An action or proceeding at law or in equity to review any act or proceeding or to question the validity or enjoin the performance of any act or proceeding or the issuance of any notes or for any other relief against or from any act or proceeding done under this article, whether b…
Colo. Rev. Stat. § 24-115-115 Annual reports
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(1) No later than January 15 of any year in which notes issued pursuant to this article are outstanding or any moneys are in the critical needs fund, each issuing authority shall submit a report to the members of the joint budget committee of the general assembly and the members …
Colo. Rev. Stat. § 24-115-116 Investments
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(1) Except as otherwise provided in subsection (2) of this section, proceeds from the issuance of notes may be invested in any manner in which public moneys generally may be invested as provided by section 24-75-601.1 or any other applicable law. (2) An issuing authority, in cons…
Colo. Rev. Stat. § 24-115-117 Construction of article
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The powers conferred by this article shall be in addition and supplemental to, and not in substitution for, and the limitations imposed by this article shall not directly or indirectly modify, limit, or affect, the powers conferred to the department, the executive director, or th…
Colo. Rev. Stat. § 24-115-118 Voter approval required
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Notwithstanding any other provision of this article, the corporation, the department, the board, and the executive director shall have the authority to issue notes and otherwise exercise the powers specified in this article only if voters statewide approve House Bill 05-1194, ena…