(1)As
used in this section, unless the context otherwise requires, institution of higher
education or institution means the Colorado state university - Pueblo, Adams
state university, Colorado Mesa university, Metropolitan state university of Denver,
Fort Lewis college, Western Colorado university, the university of northern
Colorado, Colorado school of mines, the university of Colorado, Colorado state
university, and all community colleges governed by the state board for community
colleges and occupational education.
(2)An institution of higher education, or a group of institutions of higher
education that is managed by a single governing board, may be designated as an
enterprise for the purposes of section 20 of article X of the state constitution so
long as the governing bo
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(1) As
used in this section, unless the context otherwise requires, institution of higher
education or institution means the Colorado state university - Pueblo, Adams
state university, Colorado Mesa university, Metropolitan state university of Denver,
Fort Lewis college, Western Colorado university, the university of northern
Colorado, Colorado school of mines, the university of Colorado, Colorado state
university, and all community colleges governed by the state board for community
colleges and occupational education.
(2) An institution of higher education, or a group of institutions of higher
education that is managed by a single governing board, may be designated as an
enterprise for the purposes of section 20 of article X of the state constitution so
long as the governing board of the institution or group of institutions retains
authority to issue revenue bonds on behalf of the institution or group of institutions
and the institution or group of institutions receives less than ten percent of its total
annual revenues in grants from all Colorado state and local governments combined.
So long as it is designated as an enterprise pursuant to the provisions of this
section, an institution or group of institutions shall not be subject to any of the
provisions of section 20 of article X of the state constitution.
(3) In pledging revenues for the repayment of revenue bonds issued on
behalf of an institution of higher education or group of institutions of higher
education that is designated as an enterprise, the institution or group of institutions
may pledge internal revenues only if the institution or group of institutions:
(a) Is accounted for separately in institutional financial records; and
(b) Engages in the type of activities that are commonly carried on for profit
outside the public sector.
(4) (a) The governing board of an institution of higher education may, by
resolution, designate an institution of higher education or group of institutions of
higher education managed by the governing board as an enterprise so long as the
institution or group of institutions meets the requirements for an enterprise stated
in subsection (2) of this section. Except as provided in paragraph (b) of this
subsection (4), any such enterprise designation shall not terminate, expire, or be
rescinded as long as the institution or group of institutions meets the requirements
for an enterprise.
(b) All resolutions adopted pursuant to paragraph (a) of this subsection (4)
shall be submitted by the adopting governing board to the office of the state
auditor in the form and manner prescribed by the legislative audit committee. The
designations shall be reviewed by the office of the state auditor to determine
whether the designations are within the authority of the adopting governing board
pursuant to the provisions of this section. The legislative audit committee shall also
review the designations to determine whether the designations conform with the
provisions of this section. The official certificate of the state auditor as to the fact
of submission or the date of submission of a designation as shown by the records of
the office of the state auditor, as well as to the fact of nonsubmission as shown by
the nonexistence of such records, shall be received and held in all civil cases as
competent evidence of the facts contained therein. A designation adopted by a
governing board of an institution or group of institutions of higher education
without being submitted within twenty days after adoption to the office of the state
auditor for review by the office and by the legislative audit committee shall be void.
(5) Repealed.
(6) Notwithstanding section 24-77-108, an institution of higher education, or
a group of institutions of higher education that is managed by a single governing
board, that was designated as an enterprise as of January 1, 2021, and that
subsequently disqualifies as an enterprise does not require voter approval in order
to qualify and be redesignated as an enterprise.
Source: L. 2004: Entire section added, p. 719, � 8, effective July 1; (5)
repealed, p. 1936, � 5, effective July 1. L. 2011: (1) amended, (SB 11-265), ch. 292, p.
1366, � 19, effective August 10. L. 2012: (1) amended, (HB 12-1080), ch. 189, p. 758, �
14, effective May 19; (1) amended, (SB 12-148), ch. 125, p. 426, � 10, effective July 1;
(1) amended, (HB 12-1331), ch. 254, p. 1270, � 12, effective August 1. L. 2019: (1)
amended, (HB 19-1178), ch. 400, p. 3545, � 12, effective July 1. L. 2022: (6) added,
(HB 22-1400), ch. 414, p. 2923, � 3, effective June 7.