As used in this part 2, unless the context otherwise
requires:
(1) Advance payment contract means a contract entered into by the
authority, as defined in subsection (2) of this section, and a purchaser in connection
with the prepaid postsecondary education expense program as authorized in
section 23-3.1-206.7.
(2) Authority means collegeinvest, transferred to the department and
existing as a division of the department pursuant to section 23-3.1-203.
(3) Board means the board of directors of the authority.
(4) Bond means any bond, note, debenture, interim certificate, or other
evidence of indebtedness authorized to be issued by the authority pursuant to this
part 2, including refunding bonds.
(5) Bond resolution means the resolution authorizing the issuance of or
providing the terms and conditions related to bonds issued pursuant to this part 2
and includes any trust agreement or trust indenture providing terms and conditions
for such bonds.
(6) Collegeinvest means:
(a) The Colorado student obligation bond authority, as it existed prior to May
26, 2000, as an independent public body politic in accordance with section 23-3.1-203, as it existed prior to said date;
(b) On and after May 26, 2000, but prior to July 1, 2004, the Colorado student
obligation bond authority transferred to the department and existing as a division of
the department pursuant to section 23-3.1-203, as it existed prior to said date;
(c) On and after July 1, 2004, the successor to the Colorado student
obligation bond authority existing as a division of the department pursuant to
section 23-3.1-203, but designated and formally and legally known, as of July 1,
2004, as collegeinvest.
(7) Contract price means the aggregate of all payment amounts to be
remitted during the contract term by purchasers under the outstanding advance
payment contracts as provided on the respective dates of execution thereof.
(8) Director means the executive officer of collegeinvest, appointed in
accordance with section 23-3.1-203.
(9) Excess amount means the assets in the Colorado prepaid
postsecondary education expense trust fund that the actuarial calculation under
section 23-3.1-206.7 (5) demonstrates are in excess of the assets required to pay
the obligations of the prepaid expense trust fund with a likelihood of such
sufficiency of at least ninety-five percent.
(10) Executive director means the executive director of the department of
higher education.
(11) Executive officer means the director of collegeinvest, transferred to
the department and existing as a division of the department pursuant to section 23-3.1-203.
(12) Expected tuition units means the total tuition units paid for and not
distributed or refunded together with the portion of tuition units available for
purchase under outstanding advance payment contracts that, based on an actuarial
projection, are expected to be paid for and become obligations of the Colorado
prepaid postsecondary education expense trust fund.
(13) Institutional loan means a loan made by collegeinvest from bond
proceeds, or other available moneys, to one or more institutions of higher
education, to a nonprofit corporation acting on behalf of one or more institutions of
higher education, to the division, or to purchasers, and made for the purpose of
funding student obligations or payments to be made under advance payment
contracts.
(14) Investable assets means cash and cash equivalents on deposit in the
prepaid expense trust fund and investments of amounts deposited to the prepaid
expense trust fund.
(15) Prepaid expense program means the Colorado prepaid postsecondary
education expense program authorized in section 23-3.1-206.7.
(16) Prepaid expense trust fund means the Colorado prepaid
postsecondary education expense trust fund established by the authority in
accordance with section 23-3.1-206.7 (5) and transferred on May 26, 2000,
pursuant to section 23-3.1-206.7 (5).
(17) Purchaser means a person who makes or is obligated to make a
payment or payments in accordance with an advance payment contract on behalf of
a qualified beneficiary.
(18) Qualified beneficiary means a person identified in an advance payment
contract as the recipient of moneys or benefits to be disbursed in accordance with
an advance payment contract.
(19) State institution shall have the same meaning as provided in section
23-3.3-101 (4).
(20) Student means a student who, under rules promulgated by the
division, is enrolled or accepted for enrollment at an institution of higher education
and who is making suitable progress in his or her education toward obtaining a
degree or other appropriate certification in accordance with standards
promulgated by the division.
(21) Student obligations means student obligation notes and other debt
obligations evidencing loans made for higher education purposes, or to any person
for the purposes of consolidating or refinancing loans for higher education
purposes, which are either guaranteed student loans, educational loans, or loans
eligible for consolidation or refinancing under Part B of Title IV of the federal
Higher Education Act of 1965, as amended, which the authority may make,
acquire, buy, sell, or endorse pursuant to this part 2, or which one or more
institutions of higher education, or a nonprofit corporation acting on behalf of one
or more institutions of higher education, or the division may make from or in
anticipation of an institutional loan and which include a direct or indirect interest, in
whole or part, of the notes or obligations.
(22) Tuition means the quarter, semester, or term charges imposed by an
institution of higher education and such fees or charges as may be included in the
advance payment contract at the option of the authority.