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Legislative Year: 2024 Change
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Bill Detail: HB24-1231

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Title State Funding for Higher Education Projects
Status House Third Reading Laid Over Daily - No Amendments (04/16/2024)
Bill Subjects
  • Capital Construction
  • Fiscal Policy & Taxes
  • Higher Education
  • State Government
  • State Revenue & Budget
House Sponsors M. Young (D)
L. Daugherty (D)
Senate Sponsors K. Mullica (D)
B. Kirkmeyer (R)
House Committee Health and Human Services
Senate Committee
Date Introduced 02/12/2024
Summary

The bill requires the state treasurer, on behalf of the state, to
execute, no later than October 31, 2024, financed purchase of an asset or
certificate of participation agreements (financing agreements) to finance
capital costs related to the construction of facilities for 4 state institutions
of higher education. The financing agreements are to be issued in the
aggregate principal amount of $246,936,092 plus reasonable and
necessary administrative, monitoring, and closing costs and interest,
including capitalized interest. The anticipated annual state-funded
payments for the principal and interest components due under the
financing agreements must not exceed $17,500,000 with principal
amortization not occurring before July 1, 2027.
The proceeds from the financing agreements will be used for the
following 4 capital projects:
  • Construction of facilities for the university of northern
Colorado's college of osteopathic medicine;
  • Construction of a health institute tower by metropolitan
state university of Denver;
  • Construction of a veterinary health education complex by
Colorado state university; and
  • Renovation of Trinidad state college's valley campus main
building to move nursing and allied health programs into
the building, address deferred maintenance issues, and
create an assembly room that will serve both the college
and the community and a one-stop student services center
to support career and technical education and allied health
students.
The bill also provides for a general fund transfer of $41,250,000
to the university of northern Colorado for deposit into an escrow account
to be held in escrow in accordance with the requirements of the
accrediting body of the college of osteopathic medicine.
If the money in escrow, including interest, is released to the
university of northern Colorado upon graduation of the first cohort from
the college of osteopathic medicine, then the university shall provide
notice of the release of escrow to the joint budget committee of the
general assembly, to the state treasurer, and to the office of state planning
and budgeting. Additionally, for the state fiscal year in which the escrow
money is released, the amount that is to be paid to the university pursuant
to its fee-for-service contract for that state fiscal year is reduced by the
lesser of an amount equal to the amount of the escrow money or an
amount equal to the amount of a portion of the escrow money that reduces
the amount to be paid pursuant to the fee-for-service agreement to zero.
If the amount of the escrow money exceeds the amount due under such
fee-for-service contract, then the amount the university of northern
Colorado would otherwise receive from the college opportunity fund is
reduced by an amount equal to the excess. If, after both reductions, there
remains excess escrow money, then in the next state fiscal year the
amount that is to be paid to the university of northern Colorado pursuant
to its fee-for-service contract for that state fiscal year is reduced by an
amount equal to the amount of the remaining escrow money. The
university of northern Colorado must use the escrow money, or a portion
of it, as applicable, for each applicable reduction as an offset for the
reduction.
If the escrow money is released for failure of the college of
osteopathic medicine to complete accreditation, then the university of
northern Colorado shall provide a report of this to the joint budget
committee of the general assembly, to the state treasurer, and to the office
of state planning and budgeting. For the period that the escrow money is
held in escrow, the amount of unrestricted general fund year-end balances
that must be retained as a reserve is reduced by $41,250,000.

Committee Reports
with Amendments
Full Text
Full Text of Bill (pdf) (most recent)
Fiscal Notes Fiscal Notes (02/27/2024) (most recent)  
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