Colorado § 24-32-1705 - Allocations to state issuing authorities.

§ 24-32-1705. Allocations to state issuing authorities.

(1) (a) Within thirty days after May 20, 1987, and by January 15 of each year thereafter, fifty percent of the state ceiling shall be initially allocated among the following state issuing authorities in amounts established by the department:

(I) The Colorado agricultural development authority, created by section 35-75-104, C.R.S.;

(II) The Colorado health facilities authority, created by section 25-25-104, C.R.S.;

(III) The Colorado housing and finance authority, created by section 29-4-704, C.R.S.;

(IV) The Colorado educational and cultural facilities authority, created by section 23-15-104, C.R.S.; and

(V) Collegeinvest, created by section 23-3.1-203, C.R.S.

(b) Notwithstanding the provisions of paragraph (a) of this subsection (1), the department is not required to allocate any specific amount to any specific state issuing authority.

(2) State issuing authorities may assign amounts of their allocations to any issuing authority, and any assignment shall be effective upon receipt by the department of written notification of the assignment. The notification shall include the amounts assigned, the names of the assignor and the assignee, a representation by the assignor that the assignment was made by the assignor without receipt of monetary consideration, the date of the assignment, and a copy of the executed assignment. No assignee may elect to treat all or any portion of an assignment of an allocation from a state issuing authority as an allocation for a project with a carryforward purpose or make a mortgage credit certificate election with respect to all or any portion of such an assignment without the prior written consent of the assignor to the election. A record of each assignment shall be maintained by the assignee for each bond issued by the assignee for which the assignment applies.

(3) Any allocation of the state ceiling made or assigned to the Colorado agricultural development authority pursuant to this section is automatically relinquished to the statewide balance on November 15 of each year and any allocation of the state ceiling made or assigned to any other state issuing authority pursuant to this section is automatically relinquished to the statewide balance on September 15 of each year, except to the extent that:

(a) The Colorado agricultural development authority or its assignee issues bonds prior to November 15 of each year or any other state issuing authority or its assignee issues bonds prior to September 15 of each year; or

(b) A mortgage credit certificate election is made by the state issuing authority or its assignee prior to September 15 of each year; or

(c) The Colorado agricultural development authority or its assignee, prior to November 15 of each year, and any other state issuing authority or its assignee, prior to September 15 of each year, notifies the department, by written notice that contains the information and attachments set forth in section 24-32-1709, that the allocation has been made by the state issuing authority or its assignee to a project that has a carryforward purpose as the project is described in the inducement resolution attached and that the state issuing authority or its assignee desires to treat all or a portion of its initial allocation as an allocation to the project for such carryforward purpose.

(4) If the amount of an allocation of the state ceiling made to a state issuing authority pursuant to this section is in excess of the amount of bonds that the state issuing authority or its assignee issued or used for a carryforward purpose or the amount of qualified mortgage bonds that the state issuing authority or its assignee elected not to issue pursuant to a mortgage credit certificate election, the state issuing authority shall relinquish the excess to the statewide balance. The Colorado agricultural development authority shall relinquish the excess to the statewide balance on November 15 of each year and any other state issuing authority shall relinquish the excess to the statewide balance on September 15 of each year. Any state issuing authority may voluntarily relinquish all or any part of its allocation to the statewide balance at any time by so notifying the department in writing.

Source: L. 87: Entire part added, p. 990, § 1, effective May 20. L. 98: (1)(a)(IV) amended, p. 609, § 16, effective May 4. L. 2004: (1)(a)(V) amended, p. 575, § 31, effective July 1. L. 2009: IP(1)(a) amended, (SB 09-041), ch. 56, p. 198, § 2, effective March 25. L. 2026: IP(3), (3)(a), (3)(c), and (4) amended, (HB 26-1341), ch. 389, p. 2447, § 1, effective August 12.