Colorado Agricultural Development Authority Bond Allocation Service Period

Second Regular Session
Seventy-fifth General Assembly
STATE OF COLORADO
INTRODUCED

LLS NO. 26-0918.01 Nicole Myers x4326 HOUSE BILL 26-1341
House Committees Senate Committees
Agriculture, Water & Natural Resources
Finance
A BILL FOR AN ACT
CONCERNING A MODIFICATION TO THE SERVICE PERIOD DURING101
WHICH THE COLORADO AGRICULTURAL DEVELOPMENT102
AUTHORITY MAY ALLOCATE ITS PORTION OF THE PRIVATE103
ACTIVITY BOND STATE CEILING ALLOCATION.104
Bill Summary
(Note: This summary applies to this bill as introduced and does
not reflect any amendments that may be subsequently adopted. If this bill
passes third reading in the house of introduction, a bill summary that
applies to the reengrossed version of this bill w ill be av ailable at
http://leg.colorado.gov.)
The state private activity bond program funds privately developed
projects by allowing the state and its political subdivisions to issue
tax-exempt private activity bonds. The federal internal revenue code
HOUSE SPONSORSHIP
Johnson, Winter T.
SENATE SPONSORSHIP
Pelton R.,
Shading denotes HOUSE amendment. Double underlining denotes SENATE amendment.
Capital letters or bold & italic numbers indicate new material to be added to existing law.
Dashes through the words or numbers indicate deletions from existing law.
limits the total amount of tax-exempt private activity bonds that a state
and its political subdivisions may issue each year by imposing a private
activity bond ceiling (state ceiling). Current law specifies a formula to
allocate the ability to issue tax-exem pt private activity bonds up to the
state ceiling and initially allocates 50% of these bonds among several
state issuing authorities through direct allocations as determined by the
department of local affairs (department). On September 15 each year,
with a few exceptions, each state issuing authority is required to
relinquish unused portions of its direct allocation which is then further
allocated pursuant to law.
The Colorado agricultural development authority is one of the state
issuing authorities to which the department may allocate a portion of the
state ceiling. The bill changes the date on which the Colorado agricultural
development authority is required to relinquish the unused portion of its
direct allocation to November 15 each year.
Be it enacted by the General Assembly of the State of Colorado:1
SECTION 1. In Colorado Revised Statutes, 24-32-1705, amend2
(3) introductory portion, (3)(a), (3)(c), and (4) as follows:3
24-32-1705. Allocations to state issuing authorities.4
(3) Any allocation of the state ceiling made or assigned TO THE5
COLORADO AGRICULTURAL DEVELOPMENT AUTHORITY pursuant to this6
section shall IS automatically be relinquished to the statewide balance ON7
NOVEMBER 15 OF EACH YEAR AND ANY ALLOCATION OF THE STATE8
CEILING MADE OR ASSIGNED TO ANY OTHER STATE ISSUING AUTHORITY9
PURSUANT TO THIS SECTION IS AUTOMATICALLY RELINQUISHED TO THE10
STATEWIDE BALANCE on September 15 of each year, except to the extent11
that:12
(a) Bonds are issued by The C OLORADO AGRICULTURAL13
DEVELOPMENT AUTHORITY OR ITS ASSIGNEE ISSUES BONDS PRIOR TO14
NOVEMBER 15 OF EACH YEAR OR ANY OTHER state issuing authority or its15
assigns ASSIGNEE ISSUES BONDS prior to September 15 of each year; or16
(c) The COLORADO AGRICULTURAL DEVELOPMENT AUTHORITY OR17
HB26-1341-2-
ITS ASSIGNEE, PRIOR TO NOVEMBER 15 OF EACH YEAR, AND ANY OTHER1
state issuing authority or its assignee, PRIOR TO SEPTEMBER 15 OF EACH2
YEAR, notifies the department, by written notice which THAT contains the3
information and attachments set forth in section 24-32-1709, prior to4
September 15 of each year, that the allocation has been made by the state5
issuing authority or its assignee to a project which THAT has a6
carryforward purpose as such THE project is described in the inducement7
resolution attached and that the state issuing authority or its assignee8
desires to treat all or a portion of its initial allocation as an allocation to9
such THE project for such carryforward purpose.10
(4) If the amount of an allocation of the state ceiling made to a11
state issuing authority pursuant to this section is in excess of the amount12
of bonds that the state issuing authority or its assignee issued or used for13
a carryforward purpose or the amount of qualified mortgage bonds that14
the state issuing authority or its assignee elected not to issue pursuant to15
a mortgage credit certificate election, the STATE ISSUING AUTHORITY16
SHALL RELINQUISH THE excess shall be relinquished to the statewide17
balance. T HE COLORADO AGRICULTURAL DEVELOPMENT AUTHORITY18
SHALL RELINQUISH THE EXCESS TO THE STATEWIDE BALANCE ON19
NOVEMBER 15 OF EACH YEAR AND ANY OTHER STATE ISSUING AUTHORITY20
SHALL RELINQUISH THE EXCESS TO THE STATEWIDE BALANCE on21
September 15 OF each year. Any state issuing authority may voluntarily22
relinquish all or any part of its allocation to the statewide balance at any23
time by so notifying the department in writing.24
SECTION 2. Act subject to petition - effective date. This act25
takes effect at 12:01 a.m. on the day following the expiration of the26
ninety-day period after final adjournment of the general assembly (August27
HB26-1341-3-
12, 2026, if adj ournment sine die is on May 13, 2026); except that, if a1
referendum petition is filed pursuant to section 1 (3) of article V of the2
state constitution against this act or an item, section, or part of this act3
within such period, then the act, item, section, or part will not take effect4
unless approved by the people at the general election to be held in5
November 2026 a nd, in such case, will take effect on the date of the6
official declaration of the vote thereon by the governor.7
HB26-1341-4-