This text of Colorado § 11-59.7-109 (Qualified zone academy bond volume cap - rules) is published on Counsel Stack Legal Research, covering Colorado primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
(1)The
qualified zone academy bond volume cap shall be administered by the public school
capital construction assistance board pursuant to this section. The qualified zone
academy bond volume cap shall be allocated to school districts to finance or
refinance projects approved by the public school capital construction assistance
board.
(2)Any portion of the qualified zone academy bond volume cap for a
calendar year that is allocated to a school district pursuant to subsection (1) of this
section and 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
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(1) The
qualified zone academy bond volume cap shall be administered by the public school
capital construction assistance board pursuant to this section. The qualified zone
academy bond volume cap shall be allocated to school districts to finance or
refinance projects approved by the public school capital construction assistance
board.
(2) Any portion of the qualified zone academy bond volume cap for a
calendar year that is allocated to a school district pursuant to subsection (1) of this
section and 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 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 reallocate to any
school district 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 (2) or
may carry the volume cap forward pursuant to subsection (3) of this section. Any
volume cap that is reallocated to a school district pursuant to this subsection (2)
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.
(3) The public school capital construction assistance board shall carry
forward to the next calendar year any portion of the qualified zone academy 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.
(4) In selecting projects for the purpose of allocating the qualified zone
academy bond volume cap, 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 allocate the
qualified zone academy 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 zone academy bond volume cap that has not been used on
bonds issued or financed purchase of an asset or certificate of participation
agreements entered into by the expiration of the qualified zone academy bond
program. Any school district to which the qualified zone academy 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 reallocated by the public school capital construction
assistance board to a school district to finance or refinance 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 zone academy bond
volume cap will be allocated.