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Second Regular Session
Seventy-fifth General Assembly
STATE OF COLORADO
INTRODUCED
LLS NO. 26-0820.01 Clare Haffner x6137 SENATE BILL 26-148
Senate Committees House Committees
Transportation & Energy
A BILL FOR AN ACT
CONCERNING FINANCING A UTILITY ON-BILL REPAYMENT PROGRAM TO101
SUPPORT CERTAIN ENERGY-RELATED UPGRADES.102
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 will be available at
http://leg.colorado.gov.)
The Colorado Clean Energy Fund (CCEF) is a nonprofit institution
with experience administering clean energy financing programs and is the
designated green bank for the federal environmental protection agency's
region 8. The CCEF administers an on-bill repayment program (program)
to help finance certain energy-related upgrades installed at a utility
customer's premises that are associated with the utility meter. Under the
SENATE SPONSORSHIP
Ball and Mullica,
HOUSE SPONSORSHIP
Joseph and Camacho,
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.
program, in partnership with Colorado-based utilities, the CCEF finances
energy-related upgrades that are then repaid through a customer's monthly
utility bill payments.
The bill directs the state treasurer to, on August 15, 2026, execute
a loan agreement with the CCEF for a low-interest loan of $50 million
from the unclaimed property trust fund.The purpose of the loan is to
capitalize and expand the CCEF's on-bill repayment program and to
accelerate utility adoption of the program.
The Colorado energy office is required to review the design of the
program before August 1, 2026. The bill specifies certain requirements
for the program and for a utility to access the funding for the program,
including requirements related to disclosures, notices, transfers of
responsibility for an on-bill repayment obligation, and interest rates.
The CCEF is required to submit annual reports to the joint budget
committee, the Colorado energy office, and the state treasurer detailing
the deployment of the program.
Be it enacted by the General Assembly of the State of Colorado:1
SECTION 1. Legislative declaration. (1) The general assembly2
finds and declares that:3
(a) The Colorado Clean Energy Fund was established as the result4
of a multiyear initiative led by the Colorado energy office in partnership5
with the United States department of energy to identify strategies for6
addressing clean energy financing gaps across the state. The effort7
concluded with a formal recommendation that Colorado create an8
independent, mission-driven financial institution capable of supporting9
state energy policy objectives and mobilizing private capital.10
(b) Acting on this recommendation, the Colorado energy office,11
working closely with th e governor's offi ce, incorporated and publicly12
announced the Colorado Clean Energy Fund in December 2018 as13
Colorado's designated "green bank". From its inception, the Colorado14
Clean Energy Fund has been structured to advance state priorities while15
operating independently as a nonprofit lender, consistent with national16
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green bank models.1
(c) The general assembly subsequently provided direct2
capitalization through Senate Bill 21-230, enacted in 2021, reinforcing3
the state's commitment to a green bank model and its role in advancing4
statutory clean energy, decarbonization, and economic development5
goals. The Colorado Clean Energy Fund continues to maintain a formal6
connection to the state through its board of directors, which includes an7
ex officio seat held by the director of the Colorado energy office.8
SECTION 2. In Colorado Revised Statutes, add part 6 to article9
38.5 of title 24 as follows:10
PART 611
UTILITY ON-BILL REPAYMENT PROGRAM12
24-38.5-601. Legislative declaration.13
(1) THE GENERAL ASSEMBLY FINDS AND DECLARES THAT:14
(a) THE COLORADO CLEAN ENERGY FUND IS A COLORADO-BASED15
NONPROFIT FINANCIAL INSTITUTION THAT SERVES AS THE STATE'S GREEN16
BANK. THE MISSION OF THE COLORADO CLEAN ENERGY FUND IS TO17
ACCELERATE AFFORDABLE ACCESS TO CLEAN ENERGY AND ENERGY18
EFFICIENCY MEASURES THROUGH INNOVATIVE FINANCING MECHANISMS.19
(b) THE UTILITY ON-BILL REPAYMENT PROGRAM ADMINISTERED BY20
THE COLORADO CLEAN ENERGY FUND ENABLES HOUSEHOLDS AND SMALL21
BUSINESSES TO INVEST IN ENERGY EFFICIENCY MEASURES ,22
ELECTRIFICATION MEASURES, AND ENERGY UPGRADES WITH NO UPFRONT23
COSTS, WITH COSTS THAT ARE INSTEAD REPAID THROUGH UTILITY BILLS,24
THEREBY REDUCING ENERGY COST BURDENS, REDUCING POLLUTION, AND25
IMPROVING HOUSING RESILIENCE;26
(c) THE PROGRAM EMPLOYS INDUSTRY-LEADING BEST PRACTICES27
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AND HAS DEMONSTRATED MEASURABLE SUCCESS IN REDUCING ENERGY1
CONSUMPTION, IMPROVING AFFORDABILITY, AND LEVERAGING PRIVATE2
CAPITAL FOR PUBLIC BENEFIT;3
(d) EXPANDING ACCESS TO THE PROGRAM ADVANCES THE PUBLIC4
INTEREST BY REDUCING ENERGY COST BURDENS , IMPROVING HOUSING5
RESILIENCE, REDUCING POLLUTION , AND SUPPORTING COLORADO'S6
CLIMATE GOALS;7
(e) THE PROGRAM SERVES A PUBLIC PURPOSE AND IS ELIGIBLE TO8
RECEIVE FINANCIAL SUPPORT FROM THE UNCLAIMED PROPERTY TRUST9
FUND PURSUANT TO SECTION 38-13-801 IF THIS FINANCIAL SUPPORT DOES10
NOT IMPAIR THE ABILITY OF THE ADMINISTRATOR OF THE UNCLAIMED11
PROPERTY TRUST FUND TO PAY RIGHTFUL CLAIMS;12
(f) A LOW-INTEREST LOAN TO THE COLORADO CLEAN ENERGY13
FUND, SERVING AS A MISSION -ALIGNED GREEN BANK , WILL CATALYZE14
PRIVATE INVESTMENT, ACCELERATE UTILITY ADOPTION OF THE PROGRAM,15
AND ENSURE FISCAL STEWARDSHIP THR OUGH REPAYMENT AND16
REINVESTMENT; AND17
(g) E XPANDING ACCESS TO THE PROGRAM IS EXPECTED TO18
GENERATE ECONOMIC BENEFITS THROUGHOUT COLORADO BY SUPPORTING19
LOCAL CONTRACTORS AND SMALL BUSINESSES, REDUCING ENERGY COSTS20
FOR HOUSEHOLDS AND BUSINESSES, AND KEEPING MORE ENERGY DOLLARS21
IN LOCAL COMMUNITIES . INVESTMENTS IN ENERGY EFFICIENCY ,22
ELECTRIFICATION, AND RELATED IMPROVEMENTS CAN STIMULATE PRIVATE23
CAPITAL, CREATE WELL -PAYING JOBS IN CONSTRUCTION AND ENERGY24
SERVICES, AND IMPROVE THE COMPETITIVENESS OF COLORADO25
BUSINESSES.26
(2) THE GENERAL ASSEMBLY FURTHER DECLARES THAT THE LOAN27
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AUTHORIZED IN SECTION 38-13-801 (7)(a) IS CONSIDERED A STRATEGIC1
INVESTMENT IN COLORADO'S CLEAN ENERGY INFRASTRUCTURE, ECONOMIC2
RESILIENCE, AND REDUCTION OF ENERGY BURDENS.3
24-38.5-602. Definitions.4
AS USED IN THIS PART 6, UNLESS THE CONTEXT OTHERWISE5
REQUIRES:6
(1) "C OMMISSION" MEANS THE PUBLIC UTILITIES COMMISSION7
CREATED IN SECTION 40-2-101.8
(2) "INCOME-QUALIFIED UTILITY CUSTOMER" HAS THE MEANING9
SET FORTH IN SECTION 40-3-106 (1)(d)(II).10
(3) "OFFICE" MEANS THE COLORADO ENERGY OFFICE CREATED IN11
SECTION 24-38.5-101 (1).12
(4) "PARTICIPATING UTILITY" MEANS A UTILITY THAT ELECTS TO13
PARTICIPATE IN THE PROGRAM AND CONTRACTS WITH THE COLORADO14
CLEAN ENERGY FUND TO RECEIVE MONEY THROUGH THE PROGRAM.15
(5) "PROGRAM" MEANS THE TARIFF-BASED ON-BILL REPAYMENT16
PROGRAM ADMINISTERED BY THE COLORADO CLEAN ENERGY FUND AND17
REVIEWED BY THE OFFICE PURSUANT TO SECTION 24-38.5-603 (2).18
(6) "PROGRAM PARTICIPANT" MEANS A UTILITY CUSTOMER THAT19
REQUESTS TO PARTICIPATE IN THE PROGRAM AND THAT THE RELEVANT20
PARTICIPATING UTILITY, IN COLLABORATION WITH THE COLORADO CLEAN21
ENERGY FUND, DETERMINES IS ELIGIBLE FOR PROGRAM PARTICIPATION.22
(7) "UTILITY" MEANS AN ELECTRIC UTILITY, A GAS UTILITY, OR A23
COMBINED FUEL UTILITY AND INCLUDES:24
(a) AN INVESTOR-OWNED UTILITY;25
(b) A COOPERATIVE ELECTRIC ASSOCIATION; AND26
(c) A MUNICIPALLY OWNED UTILITY.27
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24-38.5-603. On-bill repayment program - tariff-based1
programs - required disclosures - transfers of financial responsibility2
- utility loss reserve - interest rates - income-qualified pathway -3
shutoff for nonpayment.4
(1) On-bill repayment obligations. T HE COLORADO CLEAN5
ENERGY FUND'S ON-BILL REPAYMENT PROGRAM MUST REQUIRE THAT A6
REPAYMENT OBLIGATION MUST:7
(a) BE ASSIGNED TO THE METERED UTILITY SERVICE AND NOT TO8
AN INDIVIDUAL CUSTOMER;9
(b) B E ATTACHED TO THE METERED UTILITY SERVICE AND NOT10
CONSTITUTE A LIEN ON REAL PROPERTY; AND11
(c) T RANSFER WITH THE METERED UTILITY SERVICE UPON12
TRANSFER OF REAL PROPERTY OWNERSHIP OR OCCUPANCY , UNLESS THE13
ON-BILL REPAYMENT OBLIGATION IS SATISFIED IN FULL AT OR PRIOR TO14
THE TIME OF TRANSFER.15
(2) On-bill repayment program design and review.16
(a) ON OR BEFORE AUGUST 1, 2026, THE OFFICE SHALL REVIEW THE17
INITIAL DESIGN OF THE COLORADO CLEAN ENERGY FUND'S ON -BILL18
REPAYMENT PROGRAM AND ANY MATERIAL MODIFICATIONS TO THE19
PROGRAM DEVELOPED BY THE COLORADO CLEAN ENERGY FUND AND20
NOTIFY THE STATE TREASURER AS TO WHETHER THE PROGRAM GUIDANCE21
ALIGNS WITH THE STATEWIDE EMISSION REDUCTION GOALS DESCRIBED IN22
SECTION 25-7-102 (2)(g).23
(b) THE OFFICE MAY, PERIODICALLY THROUGHOUT THE DURATION24
OF THE PROGRAM AND IN CONSULTATION WITH THE COLORADO CLEAN25
ENERGY FUND, REQUEST THAT THE COLORADO CLEAN ENERGY FUND26
MAKE REASONABLE MODIFICATIONS TO THE PROGRAM DESIGN AS27
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NECESSARY TO ENSURE CONSISTENCY WITH THIS PART 6, ALIGNMENT WITH1
THE STATEWIDE EMISSION REDUCTION GOALS DESCRIBED IN SECTION2
25-7-102 (2)(g), AND THE PRACTICAL FEASIBILITY OF PROGRAM3
ADMINISTRATION AND MARKET PARTICIPATION.4
(c) S UBSECTION (2)(b) OF THIS SECTION DOES NOT WAIVE OR5
ALTER THE AUTHORITY OF THE COMMISSION TO REGULATE A6
PARTICIPATING UTILITY THAT IS SUBJECT TO REGULATION BY THE7
COMMISSION PURSUANT TO TITLE 40.8
(3) Required disclosures.9
(a) T HE COLORADO CLEAN ENERGY FUND, ACTING AS THE10
PROGRAM ADMINISTRATOR , AND PARTICIPATING UTILITIES SHALL11
DISCLOSE TO PROGRAM PARTICIPANTS THE RIGHTS AND RESPONSIBILITIES12
OF PROGRAM PARTICIPANTS, INCLUDING DISCLOSURE OF:13
(I) THE TARIFF STRUCTURE, ESTIMATED MONTHLY CHARGES, AND14
ESTIMATED TERM OF THE REPAYMENT OBLIGATION;15
(II) THE TRANSFERABILITY OF THE REPAYMENT OBLIGATION; AND16
(III) C USTOMER RIGHTS RELATED TO DISPUTES , HARDSHIP17
ACCOMMODATIONS, AND SERVICE INTERRUPTION POLICIES.18
(b) (I) I F A RESIDENTIAL PROPERTY SUBJECT TO AN ON -BILL19
REPAYMENT OBLIGATION IS LEASED TO A TENANT, THE LEASE AGREEMENT20
MUST INCLUDE A WRITTEN DISCLOSURE STATING THAT THE RESIDENTIAL21
PROPERTY IS SUBJECT TO AN ON -BILL REPAYMENT OBLIGATION22
ASSOCIATED WITH THE METERED UTILITY SERVICE.23
(II) A T THE TIME THE LEASE AGREEMENT IS EXECUTED , THE24
DISCLOSURE REQUIRED BY THIS SUBSECTION (3)(b) MUST INCLUDE:25
(A) A STATEMENT THAT THE ON-BILL REPAYMENT OBLIGATION IS26
ASSOCIATED WITH THE UTILITY METER SERVING THE RESIDENTIAL27
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PROPERTY AND IS REPAID THROUGH CHARGES ON THE UTILITY BILL;1
(B) T HE ESTIMATED AMOUNT OF THE ON -BILL REPAYMENT2
OBLIGATION; AND3
(C) T HE EXPECTED TERM OR REMAINING DURATION OF THE4
ON-BILL REPAYMENT OBLIGATION.5
(III) N OTHING IN THIS SUBSECTION (3)(b) AFFECTS THE6
ALLOCATION OF UTILITY COSTS BETWEEN A RESIDENTIAL PROPERTY7
OWNER AND A TENANT OR AUTHORIZES OR PROHIBITS THE RECOVERY OF8
COSTS THROUGH RENT, UTILITY CHARGES, OR OTHER LEASE AGREEMENT9
TERMS.10
(IV) F AILURE TO PROVIDE THE DISCLOSURE REQUIRED BY THIS11
SUBSECTION (3)(b) MAY BE CONSIDERED IN AN ACTION BROUGHT UNDER12
APPLICABLE LAW CONCERNING LANDLORDS AND TENANTS.13
(4) Transfers of financial responsibility - notification required14
- program administrator's obligation.15
(a) IN A CONTRACT THAT THE COLORADO CLEAN ENERGY FUND16
ENTERS INTO WITH A PARTICIPATING UTILITY REGARDING THE USE OF17
MONEY LOANED TO THE COLORADO CLEAN ENERGY FUND PURSUANT TO18
SECTION 38-13-801 (7)(a), THE COLORADO CLEAN ENERGY FUND SHALL19
INCLUDE:20
(I) A REQUIREMENT THAT THE COLORADO CLEAN ENERGY FUND,21
ACTING AS THE PROGRAM ADMINISTRATOR , RECORD A NOTICE OF THE22
ON-BILL REPAYMENT OBLIGATION WITH THE COUNTY CLERK AND23
RECORDER FOR INCLUSION IN THE PUBLIC RECORDS OF THE COUNTY IN24
WHICH A PROGRAM PARTICIPANT 'S PROPERTY IS LOCATED AGAINST THE25
REAL PROPERTY TITLE . THE COLORADO CLEAN ENERGY FUND SHALL26
RECORD THE NOTICE WITHIN THIRTY DAYS AFTER THE PROVISION OF27
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FINANCING TO A PROGRAM PARTICIPANT AND INCLUDE IN THE NOTICE:1
(A) A LEGAL DESCRIPTION OF THE REAL PROPERTY SUBJECT TO THE2
FINANCING;3
(B) A STATEMENT THAT THE FINANCING IS ATTACHED TO THE4
METERED UTILITY SERVICE;5
(C) THE NAME AND ADDRESS OF THE PROGRAM PARTICIPANT;6
(D) THE PRINCIPAL AMOUNT FINANCED;7
(E) THE TERMS OF THE REPAYMENT OBLIGATION; AND8
(F) A STATEMENT THAT THE REPAYMENT OBLIGATION DOES NOT9
CONSTITUTE A LIEN ON THE REAL PROPERTY BUT IS INTENDED TO GIVE A10
PURCHASER OF THE REAL PROPERTY NOTICE THAT THE REAL PROPERTY IS11
SUBJECT TO AN ON-BILL REPAYMENT OBLIGATION; AND12
(II) A REQUIREMENT THAT THE COLORADO CLEAN ENERGY FUND13
SHALL, WITHIN THIRTY DAYS AFTER THE FINANCING HAS BEEN14
COMPLETELY REPAID , FILE A NOTICE WITH THE COUNTY CLERK AND15
RECORDER FOR INCLUSION IN THE PUBLIC RECORDS OF THE COUNTY IN16
WHICH THE REAL PROPERTY IS LOCATED, INDICATING THAT THE FINANCING17
REPAYMENT IS COMPLETE AND THAT THERE ARE NO FURTHER ON -BILL18
REPAYMENT OBLIGATIONS ASSOCIATED WITH THE REAL PROPERTY.19
(b) AT THE POINT OF SALE OR TRANSFER OF OCCUPANCY OF REAL20
PROPERTY SUBJECT TO AN ON-BILL REPAYMENT OBLIGATION, THE ON-BILL21
REPAYMENT OBLIGATION MUST TRANSFER WITH THE METERED UTILITY22
SERVICE UNLESS THE ON -BILL REPAYMENT OBLIGATION IS SATISFIED IN23
FULL AT OR PRIOR TO THE TIME OF TRANSFER.24
(c) A COUNTY CLERK AND RECORDER SHALL RECORD A NOTICE25
FILED BY THE COLORADO CLEAN ENERGY FUND PURSUANT TO THIS26
SUBSECTION (4) IN A MANNER THAT ENSURES THE NOTICE APPEARS IN A27
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TITLE SEARCH OF THE REAL PROPERTY.1
(5) Utility loss reserve requirement.2
(a) AS A CONDITION OF PARTICIPATING IN THE COLORADO CLEAN3
ENERGY FUND'S ON-BILL REPAYMENT PROGRAM AND RECEIVING MONEY4
THROUGH THE PROGRAM, A PARTICIPATING UTILITY SHALL ESTABLISH OR5
CAUSE TO BE ESTABLISHED A LOSS RESERVE OR OTHER CREDIT6
ENHANCEMENT IN AN AMOUNT OF AT LEAST FIVE PERCENT OF THE7
OUTSTANDING ON-BILL REPAYMENT OBLIGATIONS ASSOCIATED WITH THE8
UTILITY'S ON-BILL REPAYMENT PROGRAM.9
(b) FOR A PARTICIPATING UTILITY SUBJECT TO REGULATION BY THE10
COMMISSION, THE ESTABLISHMENT OF A LOSS RESERVE OR OTHER CREDIT11
ENHANCEMENT IS SUBJECT TO APPROVAL BY THE COMMISSION . AN12
APPROVED REGULATORY ASSET FOR LOSSES ATTRIBUTABLE TO13
NONPAYMENT OF ON-BILL REPAYMENT OBLIGATIONS MAY SATISFY ALL OR14
A PORTION OF THE LOSS RESERVE , SUBJECT TO COMMISSION APPROVAL .15
THE COMMISSION MAY APPROVE COST RECOVERY ASSOCIATED WITH AN16
APPROVED LOSS RESERVE OR OTHER CREDIT ENHANCEMENT, CONSISTENT17
WITH APPLICABLE LAW.18
(c) F OR A MUNICIPALLY OWNED UTILITY OR COOPERATIVE19
ELECTRIC ASSOCIATION THAT HAS VOTED TO EXEMPT ITSELF FROM20
REGULATION BY THE COMMISSION PURSUANT TO ARTICLE 9.5 OF TITLE 40,21
THE ESTABLISHMENT OF A LOSS RESERVE OR OTHER CREDIT ENHANCEMENT22
IS SUBJECT TO APPROVAL BY THE MUNICIPALLY OWNED UTILITY 'S OR23
COOPERATIVE ELECTRIC ASSOCIATION'S GOVERNING BODY , CONSISTENT24
WITH APPLICABLE LAW AND GOVERNING DOCUMENTS.25
(6) Interest rates - cost-reduction authority.26
(a) T HE COLORADO CLEAN ENERGY FUND, ACTING AS THE27
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PROGRAM ADMINISTRATOR , SHALL ESTABLISH INTEREST RATES FOR1
ON-BILL REPAYMENT OBLIGATIONS BASED ON PREVAILING MARKET2
CONDITIONS AND PROGRAM OBJECTIVES AND SHALL DESIGN INTEREST3
RATES TO BE MORE FAVORABLE THAN GENERALLY AVAILABLE MARKET4
FINANCING FOR COMPARABLE FINANCING ARRANGEMENTS.5
(b) A PARTICIPATING UTILITY MAY DEVELOP AND IMPLEMENT A6
MECHANISM TO REDUCE INTEREST RATES IF THE MECHANISM IS7
AUTHORIZED BY THE COMMISSION OR GOVERNING BODY OF A8
MUNICIPALLY OWNED UTILITY OR COOPERATIVE ELECTRIC ASSOCIATION9
THAT HAS VOTED TO EXEMPT ITSELF FROM REGULATION BY THE10
COMMISSION PURSUANT TO ARTICLE 9.5 OF TITLE 40, AS APPLICABLE.11
(7) Income-qualified pathway.12
(a) T HE COLORADO CLEAN ENERGY FUND, ACTING AS THE13
PROGRAM ADMINISTRATOR, SHALL DEVELOP AND MAINTAIN A PATHWAY14
FOR PARTICIPATION IN THE PROGRAM FOR INCOME -QUALIFIED UTILITY15
CUSTOMERS. THE COLORADO CLEAN ENERGY FUND SHALL REFER16
INCOME-QUALIFIED UTILITY CUSTOMERS TO EXISTING STATE OR FEDERAL17
ENERGY-ASSISTANCE PROGRAMS WHEN APPROPRIATE.18
(b) THIS SECTION DOES NOT REQUIRE DUPLICATION OF EXISTING19
INCOME-QUALIFIED SERVICES OR ELIGIBILITY PROCESSES.20
(8) Shutoff for nonpayment.21
(a) NOTHING IN THIS SECTION ALTERS THE APPLICATION OF THE22
FOLLOWING TO PROGRAM PARTICIPANTS, AS APPLICABLE:23
(I) C OMMISSION RULES AND UTILITY TARIFFS GOVERNING24
DISCONTINUATION OF SERVICE , INCLUDING SHUTOFF PROTECTIONS FOR25
FINANCIAL HARDSHIP AND SEVERE WEATHER; OR26
(II) REGULATIONS ADOPTED BY MUNICIPALLY OWNED UTILITIES OR27
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COOPERATIVE ELECTRIC ASSOCIATIONS THAT HAVE VOTED TO EXEMPT1
THEMSELVES FROM REGULATION BY THE COMMISSION PURSUANT TO2
ARTICLE 9.5 OF TITLE 40 REGARDING HARDSHIP AND WEATHER-RELATED3
SHUTOFF PROTECTIONS.4
(b) CONSISTENT WITH SUBSECTION (8)(a) OF THIS SECTION AND5
OTHER APPLICABLE LAW , A UTILITY MAY DISCONTINUE SERVICE FOR6
NONPAYMENT OF AN ON-BILL REPAYMENT CHARGE IF THE CHARGE IS MORE7
THAN NINETY DAYS PAST DUE.8
SECTION 3. In Colorado Revised Statutes, 38-13-801, amend9
(1)(b); and add (7) as follows:10
38-13-801. Unclaimed property trust fund - creation -11
payments - interest - appropriations - records - rules - definitions -12
repeal.13
(1) (b) Except as provided in subsections (2), (3), and (3.5), AND14
(7) of this section, the principal of the trust fund shall not be expended15
except to pay claims made pursuant to this article 13. Money constituting16
the principal of the trust fund is not fiscal year spending of the state for17
purposes of section 20 of article X of the state constitution and is not18
subject to appropriation by the general assembly.19
(7) (a) (I) A FTER RESERVING THE AMOUNTS DESCRIBED IN20
SUBSECTION (3)(b) OF THIS SECTION AND TRANSMITTING THE MONEY21
NECESSARY FOR THE PURPOSES DESCRIBED IN SUBSECTION (3)(a) OF THIS22
SECTION, ON AUGUST 15, 2026, THE STATE TREASURER SHALL EXECUTE A23
LOAN AGREEMENT WITH THE COLORADO CLEAN ENERGY FUND, A24
NONPROFIT FINANCIAL INSTITUTION WITH EXPERIENCE ADMINISTERING25
CLEAN ENERGY FINANCING PROGRAMS . THE LOAN AGREEMENT MUST26
REQUIRE THE STATE TREASURER TO MAKE A LOW-INTEREST LOAN IN THE27
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AMOUNT OF FIFTY MILLION DOLLARS FROM THE UNCLAIMED PROPERTY1
TRUST FUND TO THE COLORADO CLEAN ENERGY FUND, SUBJECT TO THE2
REQUIREMENTS OF THIS SUBSECTION (7), FOR THE PURPOSE OF3
CAPITALIZING AND EXPANDING THE COLORADO CLEAN ENERGY FUND'S4
ON-BILL REPAYMENT PROGRAM AND ACCELERATING STATEWIDE UTILITY5
ADOPTION OF THE PROGRAM.6
(II) THE STATE TREASURER SHALL EXECUTE THE LOAN AGREEMENT7
DESCRIBED IN SUBSECTION (7)(a)(I) OF THIS SECTION AFTER:8
(A) THE STATE TREASURER CERTIFIES THAT THE LOAN WILL NOT9
IMPAIR THE UNCLAIMED PROPERTY TRUST FUND'S ABILITY TO PAY CLAIMS;10
(B) T HE COLORADO ENERGY OFFICE NOTIFIES THE STATE11
TREASURER THAT THE PROGRAM GUIDANCE ALIGNS WITH THE STATEWIDE12
EMISSION REDUCTION GOALS DESCRIBED IN SECTION 25-7-102 (2)(g),13
PURSUANT TO SECTION 24-38.5-603 (2)(a); AND14
(C) THE STATE TREASURER CERTIFIES THAT THE LOAN AGREEMENT15
DETAILS REPAYMENT TERMS , REPORTING REQUIREMENTS , AND16
PERFORMANCE METRICS.17
(III) THE COLORADO CLEAN ENERGY FUND MAY DRAW THE LOAN18
IN FIVE ADVANCES OF TEN MILLION DOLLARS EACH, INCLUDING AN INITIAL19
ADVANCE ON AUGUST 15, 2026, AND , AFTER CERTIFICATION BY THE20
COLORADO CLEAN ENERGY FUND THAT NOT LESS THAN EIGHTY PERCENT21
OF THE AMOUNT PREVIOUSLY ADVANCED HAS BEEN COMMITTED OR22
ENCUMBERED FOR ELIGIBLE PROGRAM PURPOSES, SUBSEQUENT ADVANCES.23
(IV) AMOUNTS ADVANCED UNDER THE LOAN BEAR INTEREST AT24
A RATE NEGOTIATED BETWEEN THE STATE TREASURER AND THE25
COLORADO CLEAN ENERGY FUND, NOT TO EXCEED TWO PERCENT26
ANNUALLY. INTEREST ACCRUES ONLY ON THE OUTSTANDING PRINCIPAL27
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BALANCE ADVANCED BY THE STATE TREASURER UNDER THE LOAN.1
(V) DURING THE FIRST SIX YEARS AFTER THE DATE OF THE INITIAL2
DRAW, THE COLORADO CLEAN ENERGY FUND SHALL MAKE3
INTEREST-ONLY PAYMENTS TO THE STATE TREASURER IN REPAYMENT OF4
THE LOAN, AND THE STATE TREASURER SHALL CREDIT THE PAYMENTS TO5
THE UNCLAIMED PROPERTY TRUST FUND . BEGINNING IN THE SEVENTH6
YEAR AFTER THE DATE OF THE INITIAL DRAW AND CONTINUING THROUGH7
THE TWENTIETH YEAR , THE COLORADO CLEAN ENERGY FUND SHALL8
MAKE ANNUAL PRINCIPAL PAYMENTS EQUAL TO TWO PERCENT OF THE9
ORIGINAL PRINCIPAL AMOUNT , IN ADDITION TO REQUIRED INTEREST10
PAYMENTS, TO THE STATE TREASURER . ANY REMAINING OUTSTANDING11
PRINCIPAL AND ACCRUED INTEREST IS DUE AND PAYABLE IN FULL BY THE12
COLORADO CLEAN ENERGY FUND AT MATURITY.13
(VI) THE MAXIMUM TERM OF THE LOAN IS TWENTY YEARS FROM14
THE DATE OF THE FIRST DRAW . THE COLORADO CLEAN ENERGY FUND15
MAY MAKE PRINCIPAL REPAYMENTS TO THE STATE TREASURER AT ANY16
TIME WITHOUT PENALTY IF THE TOTAL OUTSTANDING PRINCIPAL OF THE17
LOAN DOES NOT EXCEED THE AUTHORIZED CAP OF FIFTY MILLION18
DOLLARS.19
(VII) THE COLORADO CLEAN ENERGY FUND SHALL PAY THE LOAN20
BACK TO THE STATE TREASURER BEFORE AUGUST 15, 2046.21
(b) NOTHING IN THIS SUBSECTION (7) PROHIBITS THE COLORADO22
CLEAN ENERGY FUND FROM SELLING , ASSIGNING , OR OTHERWISE23
TRANSFERRING PROGRAM RECEIVABLES OR PORTIONS OF THE PROGRAM'S24
PORTFOLIO TO THIRD PARTIES OR SECONDARY MARKET INVESTORS IF25
DOING SO DOES NOT IMPAIR REPAYMENT OBLIGATIONS OWED TO THE26
STATE TREASURER.27
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(c) ON OR BEFORE FEBRUARY 15, 2027, AND ON OR BEFORE EVERY1
FEBRUARY 15 THEREAFTER THROUGH FEBRUARY 15, 2046, THE2
COLORADO CLEAN ENERGY FUND SHALL SUBMIT AN ANNUAL REPORT TO3
THE JOINT BUDGET COMMITTEE, THE COLORADO ENERGY OFFICE, AND THE4
STATE TREASURER DETAILING:5
(I) FINANCIAL DISBURSEMENTS AND REPAYMENTS;6
(II) PROGRAM DEPLOYMENT METRICS , INCLUDING HOUSEHOLDS7
SERVED AND ENERGY SAVINGS ACHIEVED; AND8
(III) LEVERAGED PRIVATE CAPITAL AND COMMUNITY IMPACT.9
(d) A S USED IN THIS SUBSECTION (7), "PROGRAM" HAS THE10
MEANING SET FORTH IN SECTION 24-38.5-602 (5).11
(e) THIS SUBSECTION (7) IS REPEALED, EFFECTIVE SEPTEMBER 1,12
2046.13
SECTION 4. Safety clause. The general assembly finds,14
determines, and declares that this act is necessary for the immediate15
preservation of the public peace, health, or safety or for appropriations for16
the support and maintenance of the departments of the state and state17
institutions.18
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