§ 24-32-1705 — Allocations to state issuing authorities

Colorado § 24-32-1705

• Jurisdiction: Colorado
• Title 24: Government
• Art.: Department of Local Affairs

Text

(1) (a) Within thirty
days after May 20, 1987, and by January 15 of each year thereafter, fifty percent of
the state ceiling shall be initially allocated among the following state issuing
authorities in amounts established by the department:

(I) The Colorado agricultural development authority, created by section 35-75-104, C.R.S.;

(II) The Colorado health facilities authority, created by section 25-25-104,
C.R.S.;

(III) The Colorado housing and finance authority, created by section 29-4-704, C.R.S.;

(IV) The Colorado educational and cultural facilities authority, created by
section 23-15-104, C.R.S.; and

(V) Collegeinvest, created by section 23-3.1-203, C.R.S.

(b) Notwithstanding the provisions of paragraph (a) of this subsection (1), the
department is not required to allocate any specific amount to any specific state
issuing authority.

(2) State issuing authorities may assign amounts of their allocations to any
issuing authority, and any assignment shall be effective upon receipt by the
department of written notification of the assignment. The notification shall include
the amounts assigned, the names of the assignor and the assignee, a
representation by the assignor that the assignment was made by the assignor
without receipt of monetary consideration, the date of the assignment, and a copy
of the executed assignment. No assignee may elect to treat all or any portion of an
assignment of an allocation from a state issuing authority as an allocation for a
project with a carryforward purpose or make a mortgage credit certificate election
with respect to all or any portion of such an assignment without the prior written
consent of the assignor to the election. A record of each assignment shall be
maintained by the assignee for each bond issued by the assignee for which the
assignment applies.

(3) Any allocation of the state ceiling made or assigned pursuant to this
section shall automatically be relinquished to the statewide balance on September
15 of each year, except to the extent that:

(a) Bonds are issued by the state issuing authority or its assigns prior to
September 15 of each year; or

(b) A mortgage credit certificate election is made by the state issuing
authority or its assignee prior to September 15 of each year; or

(c) The state issuing authority or its assignee notifies the department, by
written notice which contains the information and attachments set forth in section
24-32-1709, prior to September 15 of each year, that the allocation has been made
by the state issuing authority or its assignee to a project which has a carryforward
purpose as such project is described in the inducement resolution attached and
that the state issuing authority or its assignee desires to treat all or a portion of its
initial allocation as an allocation to such project for such carryforward purpose.

(4) If the amount of an allocation of the state ceiling made to a state issuing
authority pursuant to this section is in excess of the amount of bonds that the state
issuing authority or its assignee issued or used for a carryforward purpose or the
amount of qualified mortgage bonds that the state issuing authority or its assignee
elected not to issue pursuant to a mortgage credit certificate election, the excess
shall be relinquished to the statewide balance on September 15 each year. Any
state issuing authority may voluntarily relinquish all or any part of its allocation to
the statewide balance at any time by so notifying the department in writing.

Legislative History

Source: L. 87: Entire part added, p. 990, � 1, effective May 20. L. 98: (1)(a)(IV) amended, p. 609, � 16, effective May 4. L. 2004: (1)(a)(V) amended, p. 575, � 31, effective July 1. L. 2009: IP(1)(a) amended, (SB 09-041), ch. 56, p. 198, � 2, effective March 25.