Title 23, Postsecondary Education
0 chapters · 918 sections in this title.
Colo. Rev. Stat. § 23-15-101 Short title
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This article shall be known and may be cited as the Colorado Educational and Cultural Facilities Authority Act. Source: L. 81: Entire article added, p. 1096, � 1, effective July 1. L. 98: Entire section amended, p. 601, � 1, effective May 4.
Colo. Rev. Stat. § 23-15-102 Legislative declaration
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(1) The general assembly hereby finds and declares that: (a) It is the intent of the general assembly to create the Colorado educational and cultural facilities authority to lend money to educational institutions and cultural institutions; to authorize the authority to acquire, c…
Colo. Rev. Stat. § 23-15-103 Definitions
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As used in this article, unless the context otherwise requires: (1) Authority means the Colorado educational and cultural facilities authority created by this article. (2) Board means the board of directors of the authority. (3) Bond, note, bond anticipation note, certificate of …
Colo. Rev. Stat. § 23-15-104 Authority - creation - board - organization
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(1) (a) There is created an independent public body politic and corporate to be known as the Colorado educational and cultural facilities authority. The authority is constituted a public instrumentality, and its exercise of the powers conferred by this article 15 is deemed and he…
Colo. Rev. Stat. § 23-15-105 Organizational meeting - chairman - executive director - surety bond - conflict of interest
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(1) A member of the board, designated by the governor, shall call and convene the initial organizational meeting of the board and shall serve as its chairman pro tempore. At such meeting, appropriate bylaws shall be presented for adoption. The bylaws may provide for the election …
Colo. Rev. Stat. § 23-15-106 Meetings of board - quorum - expenses
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(1) Four members of the board shall constitute a quorum for the purpose of conducting business and exercising its powers. Action may be taken by the board upon the affirmative vote of at least four of its members. No vacancy in the membership of the board shall impair the right o…
Colo. Rev. Stat. § 23-15-107 General powers of the authority
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(1) In addition to any other powers granted to the authority by this article 15, the authority has the following powers: (a) To have perpetual existence and succession as a body politic and corporate; (b) To adopt and from time to time amend or repeal bylaws for the regulation of…
Colo. Rev. Stat. § 23-15-108 Acquisition of property
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The authority, directly or by or through a participating educational institution or cultural institution as its agent, may acquire by purchase, lease, gift, devise, or other means such lands, structures, real or personal property, rights-of-way, franchises, easements, and other i…
Colo. Rev. Stat. § 23-15-109 Notes
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The authority may issue from time to time its negotiable notes for any corporate purpose, including the payment of all or any part of the cost of any facility, and may renew from time to time any notes by the issuance of new notes, whether the notes to be renewed have or have not…
Colo. Rev. Stat. § 23-15-110 Bonds
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(1) The authority may issue from time to time its bonds in such principal amounts as the authority shall determine for the purpose of financing all or a part of the cost of any facilities authorized by this article or for the refinancing of outstanding obligations. In anticipatio…
Colo. Rev. Stat. § 23-15-110.5 Colorado education savings program
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(1) There is hereby established the Colorado education savings program which shall be administered by the authority and which shall include, but need not be limited to, components concerning bonds and certificates, education, financial incentives, and alternative payment plans. I…
Colo. Rev. Stat. § 23-15-111 Negotiability of bonds
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All bonds and the interest coupons applicable thereto are hereby declared and shall be construed to be negotiable instruments. Source: L. 81: Entire article added, p. 1105, � 1, effective July 1.
Colo. Rev. Stat. § 23-15-112 Security for bonds and notes
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(1) The principal of and interest on any bonds or notes issued by the authority may be secured by a pledge of or security interest in the revenues, rentals, and receipts out of which the same may be made payable or from other moneys available therefor and not otherwise pledged or…
Colo. Rev. Stat. § 23-15-113 Personal liability
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Neither the members of the authority nor any person executing the bonds or notes shall be liable personally on bonds or notes or be subject to any personal liability or accountability by reason of the issuance thereof. Source: L. 81: Entire article added, p. 1107, � 1, effective …
Colo. Rev. Stat. § 23-15-114 Purchase
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The authority may purchase its bonds or notes out of any funds available therefor. The authority may hold, pledge, cancel, or resell such bonds or notes, subject to and in accordance with agreements with bondholders or noteholders. Source: L. 81: Entire article added, p. 1107, � …
Colo. Rev. Stat. § 23-15-115 Procedure before expenditure of proceeds
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(1) Notwithstanding any other provisions of this article, the authority may not undertake any facility authorized by this article unless, prior to the expenditure of proceeds, the board finds that: (a) Such facility will enable or assist an educational institution or a cultural i…
Colo. Rev. Stat. § 23-15-116 Trust agreement to secure bonds
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In the discretion of the authority, any bonds issued pursuant to this article may be secured by a trust agreement between the authority and a corporate trustee or trustees, which may be any trust company or bank having the powers of a trust company in Colorado. Such trust agreeme…
Colo. Rev. Stat. § 23-15-117 Payment of bonds - nonliability of state
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Bonds and notes issued by the authority shall not constitute or become an indebtedness, a debt, or a liability of the state, the general assembly, or any county, city, city and county, town, school district, or other political subdivision of the state or of any other political su…
Colo. Rev. Stat. § 23-15-118 Exemption from taxation and securities law
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The authority is hereby declared to be a public instrumentality of the state, performing a public function for the benefit of the people of the state for the improvement of their welfare and educational and cultural opportunities. Accordingly, the income or other revenues of the …
Colo. Rev. Stat. § 23-15-119 Rents and charges
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A sufficient amount of the revenues derived with respect to a facility, except such part of such revenues as may be necessary to pay the cost of maintenance, repair, and operation and to provide reserves and for renewals, replacements, extensions, enlargements, and improvements p…
Colo. Rev. Stat. § 23-15-120 Fees
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(1) All expenses of the authority incurred in carrying out the provisions of this article shall be payable solely from funds provided pursuant to this article, and no liability shall be incurred by the authority beyond the moneys which are provided pursuant to this article; excep…
Colo. Rev. Stat. § 23-15-121 Conveyance of title - release of lien
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When the principal of and interest on bonds issued by the authority to finance the cost of facilities or to refinance the outstanding indebtedness of one or more participating educational institutions or cultural institutions, including any refunding bonds issued to refund and re…
Colo. Rev. Stat. § 23-15-122 Investment of funds
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The authority may invest the proceeds from the sale of a series of bonds or any funds related to the series in such securities and other investments, whether or not any such investment or reinvestment is authorized under any other law of this state, as may be provided in the proc…
Colo. Rev. Stat. § 23-15-123 Proceeds as trust funds
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All moneys received pursuant to this article, whether as proceeds from the sale of bonds, notes, or other obligations or as revenues or receipts, shall be deemed to be trust funds to be held and applied solely as provided in this article. Any officer, bank, or trust company with …
Colo. Rev. Stat. § 23-15-124 Agreement of the state not to limit or alter rights of obligees
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The state hereby pledges to and agrees with the holders of any bonds, notes, or other obligations issued pursuant to this article and with those parties who may enter into contracts with the authority pursuant to the provisions of this article that the state will not limit, alter…
Colo. Rev. Stat. § 23-15-125 Enforcement of rights of bondholders
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Any holder of bonds issued pursuant to this article or a trustee under a trust agreement, trust indenture, indenture of mortgage, or deed of trust entered into pursuant to this article, except to the extent that his rights are restricted by any bond resolution, may protect and en…
Colo. Rev. Stat. § 23-15-126 Bonds eligible for investment
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All banks, bankers, trust companies, savings and loan associations, investment companies, and insurance companies and associations and all executors, administrators, guardians, trustees, and other fiduciaries may legally invest any sinking funds, moneys, or other funds belonging …
Colo. Rev. Stat. § 23-15-127 Account of activities and receipts for expenditures - report - audit
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The authority shall keep an accurate account of all its activities and of all its receipts and expenditures and shall annually, in the month of January, make a report thereof to its members and to the state auditor, such reports to be in a form prescribed by the state auditor. Al…
Colo. Rev. Stat. § 23-15-128 Federal social security act
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The authority may take such action as it deems appropriate to enable its employees to come within the provisions and obtain the benefits of the federal Social Security Act, as amended. Source: L. 81: Entire article added, p. 1112, � 1, effective July 1.
Colo. Rev. Stat. § 23-15-129 Powers of authority not restricted - law complete in itself
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This article shall not be construed as a restriction or limitation upon any powers which the authority might otherwise have under any laws of this state but shall be construed as cumulative of any such powers. No proceedings, referendum, notice, or approval shall be required for …
Colo. Rev. Stat. § 23-15-130 Powers in addition to those granted by other laws
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The powers conferred by this article are in addition and supplementary to, and the limitations imposed by this article do not affect the powers conferred by, any other law, except as provided in this article. Facilities may be acquired, purchased, constructed, reconstructed, impr…
Colo. Rev. Stat. § 23-15-131 Annual report. (Repealed)
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Source: L. 81: Entire article added, p. 1113, � 1, effective July 1. L. 83: Entire section repealed, p. 806, � 7, effective May 25.