(1)The
qualified energy conservation bond volume cap shall be administered by the
Colorado energy office pursuant to this section. The Colorado energy office shall
allocate the qualified energy conservation bond volume cap to the state and large
local governments in accordance with federal law for the purpose of financing or
refinancing projects approved by the Colorado energy office. The qualified energy
conservation bond volume cap for calendar year 2009 shall be allocated by the
thirtieth day following June 2, 2009. The qualified energy conservation bond volume
cap for each subsequent calendar year shall be allocated on or before February 15
of the calendar year.
(2)The state may reallocate any portion of the qualified energy conservation
bond volume cap allocated or reallo
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(1) The
qualified energy conservation bond volume cap shall be administered by the
Colorado energy office pursuant to this section. The Colorado energy office shall
allocate the qualified energy conservation bond volume cap to the state and large
local governments in accordance with federal law for the purpose of financing or
refinancing projects approved by the Colorado energy office. The qualified energy
conservation bond volume cap for calendar year 2009 shall be allocated by the
thirtieth day following June 2, 2009. The qualified energy conservation bond volume
cap for each subsequent calendar year shall be allocated on or before February 15
of the calendar year.
(2) The state may reallocate any portion of the qualified energy conservation
bond volume cap allocated or reallocated to the state pursuant to this section to
any public entity for the purpose of financing or refinancing projects approved by
the Colorado energy office.
(3) Any portion of the qualified energy conservation bond volume cap for a
calendar year that is allocated to a large local government pursuant to subsection
(1) of this section 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 the calendar year shall, on November 11 of the
calendar year, automatically revert to the Colorado energy office. 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 Colorado energy office on
December 1 of the calendar year. The Colorado energy office may reallocate to any
public entity for the purpose of financing or refinancing a project approved by the
office, or carry forward pursuant to subsection (4) of this section, any volume cap
that reverts to the office pursuant to this subsection (3). Any volume cap that is
reallocated to a public entity 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 Colorado energy office.
(4) The Colorado energy office shall carry forward to the next calendar year
any portion of the qualified energy conservation 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 for the purpose of allocating the qualified energy conservation bond
volume cap, the Colorado energy office 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 Colorado energy office shall
allocate the qualified energy conservation 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 energy conservation 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 on or before the expiration of the qualified
energy conservation bond program. The Colorado energy office may allocate the
qualified energy conservation bond volume cap to the state pursuant to this section
in anticipation of the enactment by the general assembly of legislation authorizing
a financed purchase of an asset or certificate of participation agreement. The state,
any large local government, or any other public entity to which the qualified energy
conservation bond volume cap has been allocated pursuant to this section may, at
any time, relinquish the volume cap to the Colorado energy office. Any volume cap
relinquished may be reallocated by the Colorado energy office to any public entity
to finance or refinance a project approved by the office or may be carried forward
to the next calendar year. The department of local affairs, in consultation with the
Colorado energy office, may promulgate rules in accordance with article 4 of title
24 regarding the manner in which the qualified energy conservation bond volume
cap will be allocated.