(1)(Deleted by amendment, L. 2012.)
(2)(a) The division constitutes an enterprise for purposes of section 20 of
article X of the state constitution, as long as the division retains authority to issue
revenue bonds and the division receives less than ten percent of its total annual
revenues in grants, as defined in section 24-77-102 (7), C.R.S., from all Colorado
state and local governments combined. For as long as it constitutes an enterprise
pursuant to this section, the division is not subject to section 20 of article X of the
state constitution.
(b)(I) Except as provided in subsection (2)(b)(II) of this section, the enterprise
established pursuant to this subsection (2) has all the powers and duties authorized
by articles 70 to 82 of this title 8 pertaining to unemployment
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(1) (Deleted by amendment, L. 2012.)
(2) (a) The division constitutes an enterprise for purposes of section 20 of
article X of the state constitution, as long as the division retains authority to issue
revenue bonds and the division receives less than ten percent of its total annual
revenues in grants, as defined in section 24-77-102 (7), C.R.S., from all Colorado
state and local governments combined. For as long as it constitutes an enterprise
pursuant to this section, the division is not subject to section 20 of article X of the
state constitution.
(b) (I) Except as provided in subsection (2)(b)(II) of this section, the enterprise
established pursuant to this subsection (2) has all the powers and duties authorized
by articles 70 to 82 of this title 8 pertaining to unemployment insurance and
unemployment compensation. The unemployment compensation fund, created in
section 8-77-101, and the unemployment insurance program support fund, created
in section 8-77-109 (2)(a.9)(II)(A), constitute part of the enterprise established
pursuant to this subsection (2).
(II) The employment support fund established in section 8-77-109 (1) shall
not be included in or administered by the enterprise established pursuant to this
subsection (2).
(c) Nothing in this subsection (2) limits or restricts the authority of the
division to expend its revenues consistent with the provisions of articles 70 to 82 of
this title.
(d) (I) Upon receiving the certifications specified in subsections (2)(d)(III) and
(2)(d)(IV) of this section, the division may issue revenue bonds for the same
purposes and on the same terms, and levy and apply the proceeds of bond
assessments for the same purposes and in the same manner, as the Colorado
housing and finance authority may issue bonds and may levy and apply the
proceeds of bond assessments under section 29-4-710.7, substituting references to
the division for references to the authority under that section. The state treasurer
may advise the division in accordance with section 24-36-121. Bond assessments
levied by the division may be used to pay revenue bonds issued by the division
under this subsection (2)(d) or revenue bonds issued by the Colorado housing and
finance authority under section 29-4-710.7.
(II) Any bonds issued pursuant to this subsection (2)(d) must be executed and
delivered by the director of the division and may be in the form, may be sold, and
may have the same terms as provided in section 43-4-807 (1)(b) and (1)(c); may
contain the provisions permitted by section 43-4-807 (1)(d); shall be legal
investments for the entities described in, and subject to the terms set forth in,
section 43-4-807 (3); and shall be exempt from taxation and assessments in the
state as provided in section 43-4-807 (4). The division may invest or deposit any
proceeds and interest from the sale of such bonds as provided in section 43-4-807
(2). The division has the power to enter into all other contracts or agreements,
which contracts and agreements are not subject to the Procurement Code,
articles 101 to 112 of title 24, that are necessary or incidental to the exercise of its
powers and duties under this subsection (2)(d), including the power to engage the
services of consultants, financial advisors, underwriters, bond insurers, letter of
credit banks, rating agencies, and agents and other persons whose services may be
required or deemed advantageous by the division, and the power to enter into
interest rate exchange agreements for bonds that have been issued in accordance
with this subsection (2)(d). The amount of outstanding liability for bonds issued
pursuant to this subsection (2)(d) or section 29-4-710.7 is not taken into account for
purposes of rate setting under article 76 of this title 8. The amount of outstanding
liability for bonds issued pursuant to this subsection (2)(d) and financial obligations
under section 24-36-121 is not taken into account for purposes of rate setting under
article 76 of this title 8.
(III) The division may not issue its bonds pursuant to this paragraph (d) until
the monthly balance in the unemployment compensation fund is equal to or less
than nine-tenths of one percent of the total wages reported by ratable employers
for the calendar year, or for the most recent available four consecutive quarters
prior to the last computation date, and the governor, the state treasurer, and the
executive director of the department of labor and employment have each certified
in writing to the division:
(A) That other funding alternatives to the issuance of bonds by the division
under this paragraph (d) have been considered and that the issuance of such bonds
is the most cost-effective means for the division to maintain adequate balances in
the unemployment compensation fund or to repay moneys advanced to the state
pursuant to 42 U.S.C. sec. 1321;
(B) The amount of money required to maintain adequate balances in the
unemployment compensation fund or to repay moneys advanced to the state
pursuant to 42 U.S.C. sec. 1321, or both; and
(C) The amount of bonds to be issued.
(IV) In addition to the written certifications specified in subparagraph (III) of
this paragraph (d), the executive director of the department of labor and
employment shall certify in writing that the issuance of bonds as authorized by law
would not result in decertification of Colorado's unemployment insurance program,
impact any cap application, affect the receipt of emergency unemployment
compensation funds, create an ineligibility for receipt of federal funds, or result in
other penalties or sanctions under the federal Social Security Act, as amended, or
the Federal Unemployment Tax Act, as amended, 26 U.S.C. sec. 3301 et seq.