§ 29-4-702 — Legislative declaration

Colorado § 29-4-702

• Jurisdiction: Colorado
• Title 29: Government
• Art.: Housing

Text

(1) The general assembly finds and
declares that there is a shortage in Colorado of decent, safe, and sanitary housing
which is within the financial capabilities of low- and moderate-income families. In
order to alleviate the high cost of construction loans and home mortgage interest
costs for such families, the general assembly believes that it is essential that
additional public moneys be made available, through the issuance of revenue
bonds, to assist both private enterprise and governmental entities in meeting
critical housing needs. The general assembly also finds and declares that the
compelling need within the state for such assistance can best be met by the
establishment of a quasi-governmental and corporate entity vested with the powers
and duties specified in this part 7.

(2) The general assembly further finds and declares that many housing
facilities occupied by low- and moderate-income families use excessive and
unnecessary amounts of energy for heating and other home uses due to inadequate
insulation or to the absence of other design features or materials which reduce
total home energy requirements; that high costs impair the ability of such families
to afford decent, safe, and sanitary housing facilities; that many such facilities do
not conform to building, housing maintenance, fire, health, or other state, county, or
municipal codes or standards applicable to housing; that many such facilities are
located in, and by their condition contribute to, deteriorating neighborhoods; that
many such facilities are inadequate for the number of persons occupying them; that
many such facilities cannot be repaired or improved within the financial capabilities
of the low- or moderate-income owners or occupants; and that existing private and
public means of enterprise and investment cannot provide financing or assistance
on terms and conditions within the means of many such low- or moderate-income
families. These conditions are adverse to the safety, health, and welfare of the
citizens of this state and are contrary to the public policies of promoting the
conservation of scarce energy resources, of minimizing the impact of higher costs
on the ability of low- and moderate-income families to afford decent, safe, and
sanitary housing facilities, and of preventing and eliminating blight in urban and
rural areas. The general assembly therefore further finds and declares that it is a
valid public purpose to preserve and promote the safety, health, and welfare of the
citizens of this state by the exercise of the powers specified in this part 7.

(3) The general assembly further finds and declares that there exists in this
state a need to promote sound economic development, to maintain employment,
and to encourage job opportunities in areas of unemployment and
underemployment by assisting in the provision of facilities for business enterprises,
including profit and nonprofit enterprises and particularly enterprises of small and
moderate size, by assisting in the provision of capital to such business enterprises,
and by otherwise supporting such business enterprises. The general assembly
therefore finds and declares that it is a valid public purpose to preserve and
promote the safety, health, and welfare of this state and its inhabitants by the
exercise of the powers specified in this part 7 to finance the acquisition,
construction, reconstruction, rehabilitation, improvement, and equipping of
facilities for business enterprises, including profit and nonprofit enterprises and
particularly enterprises of small and moderate size, by private persons and political
subdivisions of this state, to finance loans to and to make equity investments in
such business enterprises for capital purposes, and to otherwise support such
business enterprises.

(4) The general assembly further finds and declares that the purpose of this
part 7 is to create the Colorado strategic seed fund to meet the special needs of
entrepreneurs and small business operators in Colorado who would not otherwise
be able to obtain funding for the development of ideas into viable and marketable
products and services which would enhance the economic growth and development
of Colorado, that this fund will be used to establish operating seed funds for
investment in small businesses, and that this investment will, in turn, lead to further
growth, diversification, and improvement of the Colorado economy.

(5) The general assembly further finds and declares:

(a) That there exists a need to leverage private sector investment in new and
innovative products, in entrepreneurial activity, and in economic development
finance and that, therefore, state assistance for development finance should reflect
a leveraging investment strategy; and

(b) That the lending and investment of moneys to develop and improve the
economy of the state requires specialized and unique knowledge, skill, and
experience.

(6) The general assembly further finds and declares that the investment
strategy of the managers of the operating seed funds should be:

(a) To invest in companies in the earliest stages of their development;

(b) To invest in companies which have exceptional merit and which will be
located within the state of Colorado;

(c) To invest in companies in which the founding entrepreneurs have made
significant individual investments;

(d) To invest in companies whose success will result in the creation of jobs in
Colorado;

(e) To invest in companies which will attract other sources of venture capital
for long-term development;

(f) To invest in attractive growth companies which are coupled with the
state's business incubators;

(g) To assist companies with direct and ongoing business consultation to
establish a viable management structure and strategic plan;

(h) To provide an opportunity for subsequent financing for follow-up
operations of successful companies;

(i) To limit the amount invested by a manager in investments outside of
Colorado to not more than fifty percent of the capital of an operating seed fund.

Legislative History

Source: L. 73: p. 805, � 1. C.R.S. 1963: � 69-11-1. L. 76: Entire section amended, p. 688, � 1, effective April 19. L. 77: (2) amended, p. 1412, � 1, effective June 19. L. 82: (3) added, p. 461, � 1, effective April 23. L. 87: (3) amended, p. 1190, � 2, effective May 20. L. 88: (4) to (6) added, p. 1101, � 1, effective May 29.