Colorado § 23-20-129.5 - Enterprise auxiliary facility bonds.

§ 23-20-129.5. Enterprise auxiliary facility bonds.

(1) The board of regents shall establish policies and procedures to determine and monitor the ability of the university of Colorado:

(a) To pay principal, interest, and any other costs due in connection with any revenue bonds issued pursuant to section 23-5-102;

(b) To establish and maintain the necessary reserves required to pay the principal, interest, and other costs due in connection with any revenue bonds issued pursuant to section 23-5-102;

(c) To pay costs of operation and maintenance of the auxiliary facility or group of auxiliary facilities on behalf of which revenue bonds are issued pursuant to section 23-5-102; and

(d) To satisfy all covenants and agreements set forth in any resolution, indenture, or other document authorizing or executed in connection with the issuance of revenue bonds pursuant to section 23-5-102.

(2) The policies and procedures adopted pursuant to subsection (1) of this section must include the following requirements:

(a) That, upon issuance of revenue bonds pursuant to section 23-5-102, the university shall identify the primary revenue sources for payment of principal and interest on the bonds from among those revenues and other money pledged for payment of principal and interest on the revenue bonds;

(b) That, upon issuance of revenue bonds pursuant to section 23-5-102, the university shall perform a financial analysis that demonstrates that revenues expected to be annually available from the sources identified under subsection (2)(a) of this section will be sufficient to pay the annual principal and interest on the revenue bonds; and

(c) That the university shall annually review the revenue sources identified under subsection (2)(a) of this section to determine if the financial analysis required in subsection (2)(b) of this section shows sufficient revenues for payment of principal and interest on the revenue bonds and, if the revenues are not sufficient, take such action as the board of regents requires to assure that adequate revenues are available to pay the principal and interest on the revenue bonds.

(d) to (f) (Deleted by amendment, L. 2026.)

(3) The policies and procedures required under this section shall be established no later than January 1, 1995, and shall apply to any revenue bonds issued pursuant to section 23-5-102 on or after such date.

Source: L. 94: Entire section added, p. 1679, § 5, effective May 31. L. 2004: (2)(d) amended, p. 1936, § 6, effective July 1. L. 2026: (2) amended, (SB 26-078), ch. 144, p. 814, § 9, effective May 26.

Cross references: For the legislative declaration contained in the 2004 act amending subsection (2)(d), see section 1 of chapter 391, Session Laws of Colorado 2004.