Colorado § 24-33.5-1107 Community loans

Colorado Statutes

§ 24-33.5-1107 — Community loans

Colorado § 24-33.5-1107

Title 24Government

Art.Public Safety

This text of Colorado § 24-33.5-1107 (Community loans) 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.

Bluebook

Colo. Rev. Stat. § 24-33.5-1107 (2026).

Text

(1)Whenever, at the request of the governor, the president of the United States has declared a major disaster to exist in this state, the governor is authorized:

(a)Upon the governor's determination that a local government of the state will suffer a substantial loss of tax and other revenues from a major disaster and has demonstrated a need for financial assistance to perform its governmental functions, to apply to the federal government, on behalf of the local government, for a loan and to receive and disburse the proceeds of any approved loan to any local government making application therefor;

(b)To determine the amount needed by any local government making application therefor to restore or resume its governmental functions and to certify the same to the federal governmen

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(1) Whenever, at the request of the
governor, the president of the United States has declared a major disaster to exist
in this state, the governor is authorized:

(a) Upon the governor's determination that a local government of the state
will suffer a substantial loss of tax and other revenues from a major disaster and
has demonstrated a need for financial assistance to perform its governmental
functions, to apply to the federal government, on behalf of the local government,
for a loan and to receive and disburse the proceeds of any approved loan to any
local government making application therefor;

(b) To determine the amount needed by any local government making
application therefor to restore or resume its governmental functions and to certify
the same to the federal government; except that no application shall exceed
twenty-five percent of the annual operating budget of the applicant for the fiscal
year in which the major disaster occurs;

(c) To recommend to the federal government, based upon the governor's
review, the cancellation of all or any part of repayment when, in the first period of
three full fiscal years following the major disaster, the revenues of the local
government are insufficient to meet its operating expenses, including additional
disaster-related expenses of a municipal character; and

(d) To determine the percentage at which the state and a local government
will contribute moneys to cover the nonfederal cost share required by the federal
Robert T. Stafford Disaster Relief and Emergency Assistance Act, as amended, 42
U.S.C. sec. 5121 et seq., required by the federal highway administration pursuant to
23 U.S.C. sec. 125, or required by any other federal law in order to receive federal
disaster relief funds. After making such a determination, the governor may amend
the percentage at which the state and local government will contribute moneys to
the nonfederal cost share based on the needs of the individual local governments.
As soon as practicable after making or amending such a determination, the
governor shall notify the joint budget committee of the source and amount of state
moneys that will be contributed to cover a nonfederal cost share pursuant to this
paragraph (d).

Legislative History

Source: L. 2012: Entire part RC&RE with relocations, (HB 12-1283), ch. 240, p. 1103, � 10, effective July 1. L. 2014: (1)(d) added, (SB 14-121), ch. 54, p. 251, � 2, effective March 21.