(1)The
state qualified school construction bond volume cap shall be allocated to the public
school capital construction assistance board, which, subject to the provisions of
subsections (3) and (4) of this section, shall use the volume cap to enter into
financed purchase of an asset or certificate of participation agreements to assist
the financing or refinancing of projects pursuant to article 43.7 of title 22.
(2)Any portion of the school district qualified school construction bond
volume cap for a calendar year that is allocated to a school district that has not
been used on bonds issued or a financed purchase of an asset or certificate of
participation agreement entered into by the school district or for which a contract
to purchase bonds or instruments evidencing interests
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(1) The
state qualified school construction bond volume cap shall be allocated to the public
school capital construction assistance board, which, subject to the provisions of
subsections (3) and (4) of this section, shall use the volume cap to enter into
financed purchase of an asset or certificate of participation agreements to assist
the financing or refinancing of projects pursuant to article 43.7 of title 22.
(2) Any portion of the school district qualified school construction bond
volume cap for a calendar year that is allocated to a school district that has not
been used on bonds issued or a financed purchase of an asset or certificate of
participation agreement entered into by the school district or for which a contract
to purchase bonds or instruments evidencing interests in a financed purchase of an
asset or certificate of participation agreement has not been entered into on or
before November 10 of the calendar year shall, on November 11 of the calendar
year, automatically by law and without any action by the school district be
reallocated by the school district to the public school capital construction
assistance board. If a contract to purchase has been entered into on or before
November 10 of the calendar year but the related bonds or financed purchase of an
asset or certificate of participation agreement is not issued or entered into on or
before November 30 of the calendar year, the volume cap shall automatically revert
to the public school capital construction assistance board on December 1 of the
calendar year.
(3) If the public school capital construction assistance board determines that
it cannot use, or that a school district or a charter school bond issuer can make
better use of, any portion of the state qualified school construction bond volume
cap for a calendar year or any portion of the school district qualified school
construction bond volume cap for a calendar year that is reallocated to the board
pursuant to subsection (2) of this section, the board may allocate the portion of the
volume cap to the school district or charter school bond issuer for the purpose of
financing or refinancing a project approved by the board. Any volume cap allocated
to a school district or charter school bond issuer pursuant to this subsection (3) that
has not been used on bonds issued or a financed purchase of an asset or certificate
of participation agreement entered into or for which a contract to purchase bonds
or instruments evidencing interests in a financed purchase of an asset or certificate
of participation agreement has not been entered into on or before November 10 of
any calendar year shall, on November 11 of the calendar year, automatically revert
to the public school capital construction assistance board. If a contract to purchase
has been entered into on or before November 10 of the calendar year but the
related bonds or financed purchase of an asset or certificate of participation
agreement is not issued or entered into on or before November 30 of the calendar
year, the volume cap shall automatically revert to the public school capital
construction assistance board on December 1 of the calendar year. The public
school capital construction assistance board may use or reallocate to any school
district or charter school bond issuer, for the purpose of financing or refinancing a
project approved by the board, any volume cap that reverts to the board pursuant to
this subsection (3) or may carry the volume cap forward pursuant to subsection (4)
of this section. Any volume cap that is reallocated to a school district or charter
school bond issuer pursuant to this subsection (3) that has not been used on bonds
issued or a financed purchase of an asset or certificate of participation agreement
entered into by noon, prevailing Denver time, on December 31 of a calendar year
shall, at 12:01 p.m., prevailing Denver time, on December 31 of the calendar year,
automatically revert to the public school capital construction assistance board.
(4) The public school capital construction assistance board shall carry
forward to the next calendar year any portion of the qualified school construction
bond volume cap that has not been used on bonds issued or a financed purchase of
an asset or certificate of participation agreement entered into by the end of a
calendar year. In selecting projects to assist the financing or refinancing of
pursuant to article 43.7 of title 22, and in selecting projects of school districts for
the purpose of allocating the qualified school construction bond volume cap
pursuant to this section, the public school capital construction assistance board
shall prioritize projects that are ready to be financed or refinanced and that are
most consistent with the purpose of this article 59.7 described in section 11-59.7-102 (1)(b). The public school capital construction assistance board shall use or
allocate the qualified school construction bond volume cap in a manner consistent
with federal law and the purpose of this article 59.7 described in section 11-59.7-102 (1)(b) to minimize the qualified school construction bond volume cap that has
not been used on bonds issued or one or more financed purchase of an asset or
certificate of participation agreements entered into on or before the expiration of
the qualified school construction bond program. A school district to which the
school district qualified school construction bond volume cap has been allocated
under federal law or a school district or charter school bond issuer to which the
qualified school construction bond volume cap has been allocated pursuant to this
section may, at any time, relinquish the volume cap to the public school capital
construction assistance board. Any volume cap relinquished may be used by the
public school capital construction assistance board to enter into financed purchase
of an asset or certificate of participation agreements to assist the financing or
refinancing of projects pursuant to article 43.7 of title 22 may be reallocated by the
board to a school district or charter school bond issuer for the purpose of financing
or refinancing a project approved by the board, or may be carried forward to the
next calendar year. The public school capital construction assistance board may
promulgate rules in accordance with article 4 of title 24 regarding the manner in
which the qualified school construction bond volume cap will be allocated.