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Second Regular Session
Seventy-fifth General Assembly
STATE OF COLORADO
REENGROSSED
This Version Includes All Amendments
Adopted in the House of Introduction
LLS NO. 26-1002.03 Stephanie Schrab x4330 SENATE BILL 26-183
Senate Committees House Committees
Finance
Appropriations
A BILL FOR AN ACT
CONCERNING STATE FUNDING FOR CAPITAL CONSTRUCTION COSTS FOR101
A PROJECT BEING UNDERTAKEN BY THE COLORADO SCHOOL OF102
MINES, AND , IN CONNECTION THEREWITH , AUTHORIZING THE103
STATE TO ISSUE FINANCED PURCHASE OF AN ASSET OR104
CERTIFICATE OF PARTICIPATIO N AGREEMENTS TO FINANCE A105
PORTION OF CAPITAL COSTS A SSOCIATED WITH THE RENEWAL106
OF CRITICAL BUILDING SYSTEMS FOR THE COLORADO SCHOOL107
OF MINES ' GUGGENHEIM HALL AND MAKING AN108
APPROPRIATION.109
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
SENATE
Amended 3rd Reading
May 11, 2026
SENATE
Amended 2nd Reading
May 8, 2026
SENATE SPONSORSHIP
Mullica and Kirkmeyer, Carson, Coleman, Kipp, Marchman, Simpson
HOUSE SPONSORSHIP
Winter T. and Lindsay,
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.
applies to the reengrossed version of this bill wi ll be available at
http://leg.colorado.gov.)
The bill requires the state treasurer, on behalf of the state, to
execute, no later than December 31, 2026, financed purchase of an asset
or certificate of participation agreements (financing agreements) to
finance a portion of the capital costs related to the capital renewal of a
facility at the Colorado school of mines. The financing agreements are to
be issued in an aggregate principal amount not to exceed $13 million plus
reasonable and necessary administrative, monitoring, and closing costs
and interest, including capitalized interest. The anticipated annual
state-funded payments for the principal and interest components due
under the financing agreements must not exceed the difference between
$17.5 million and the amount of the annual state-funded payments for the
agreements entered into pursuant to House Bill 24-1231, with principal
amortization not occurring before July 1, 2027. The proceeds from the
financing agreements will be used for the renewal of critical building
systems of Guggenheim hall at the Colorado school of mines.
Be it enacted by the General Assembly of the State of Colorado:1
SECTION 1. In Colorado Revised Statutes, add 24-36-125 as2
follows:3
24-36-125. Financed purchase of an asset or certificate of4
participation agreements - fund capital costs related to a project at5
Colorado school of mines - definitions.6
(1) AS USED IN THIS SECTION , UNLESS THE CONTEXT OTHERWISE7
REQUIRES:8
(a) "AGREEMENT" MEANS ONE OR MORE FINANCED PURCHASE OF9
AN ASSET OR CERTIFICATE OF PARTICIPATION AGREEMENTS EXECUTED AS10
REQUIRED BY SUBSECTION (2)(a) OF THIS SECTION.11
(b) "BOARD" MEANS THE BOARD OF TRUSTEES OF THE COLORADO12
SCHOOL OF MINES, CREATED IN SECTION 23-41-102 (1)(a).13
(2) (a) N OTWITHSTANDING THE PROVISIONS OF SECTIONS14
24-82-102 (1)(b) AND 24-82-801, AND PURSUANT TO SECTION 24-36-121,15
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NO LATER THAN DECEMBER 31, 2026, THE STATE , ACTING BY AND1
THROUGH THE STATE TREASURER , SHALL EXECUTE AN AGREEMENT FOR2
THE PURPOSE DESCRIBED IN SUBSECTION (4) OF THIS SECTION, THE TOTAL3
AMOUNT OF THE PRINCIPAL OF WHICH AGREEMENT SHALL NOT EXCEED4
THIRTEEN MILLION DOLLARS , PLUS REASONABLE AND NECESSARY5
ADMINISTRATIVE, MONITORING , AND CLOSING COSTS AND INTEREST ,6
INCLUDING CAPITALIZED INTEREST.7
(b) THE ANTICIPATED ANNUAL STATE-FUNDED PAYMENTS FOR THE8
PRINCIPAL AND INTEREST COMPONENTS OF THE AMOUNT PAYABLE UNDER9
AN AGREEMENT ENTERED INTO PURSUANT TO SUBSECTION (2)(a) OF THIS10
SECTION SHALL NOT EXCEED THE DIFFERENCE BETWEEN SEVENTEEN11
MILLION FIVE HUNDRED THOUSAND DOLLARS AND THE AMOUNT OF THE12
ANNUAL STATE-FUNDED PAYMENTS FOR THE AGREEMENT ENTERED INTO13
PURSUANT TO SECTION 24-36-124 (2)(b), WITH PRINCIPAL AMORTIZATION14
NOT OCCURRING BEFORE JULY 1, 2027.15
(c) THE STATE, ACTING BY AND THROUGH THE STATE TREASURER,16
AT THE STATE TREASURER 'S SOLE DISCRETION , MAY ENTER INTO AN17
AGREEMENT AUTHORIZED BY SUBSECTION (2)(a) OF THIS SECTION WITH18
ANY FOR-PROFIT OR NONPROFIT CORPORATION, TRUST, OR COMMERCIAL19
BANK ACTING AS A TRUSTEE AS THE LESSOR.20
(d) THE AGREEMENT MUST PROVIDE THAT ALL OBLIGATIONS OF21
THE STATE UNDER THE AGREEMENT ARE SUBJECT TO THE ACTION OF THE22
GENERAL ASSEMBLY IN ANNUALLY MAKING MONEY AVAILABLE FOR ALL23
PAYMENTS THEREUNDER. PAYMENTS UNDER THE AGREEMENT MUST BE24
MADE SUBJECT TO ANNUAL APPROPRIATION BY THE GENERAL ASSEMBLY,25
AS APPLICABLE, FROM THE GENERAL FUND OR FROM ANY OTHER LEGALLY26
AVAILABLE SOURCE OF MONEY.27
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(e) THE AGREEMENT MUST ALSO PROVIDE THAT THE OBLIGATIONS1
OF THE STATE DO NOT CREATE STATE DEBT WITHIN THE MEANING OF ANY2
PROVISION OF THE STATE CONSTITUTION OR STATE LAW CONCERNING OR3
LIMITING THE CREATION OF STATE DEBT AND THAT THE OBLIGATIONS ARE4
NOT A MULTIPLE FISCAL -YEAR DIRECT OR INDIRECT DEBT OR OTHER5
FINANCIAL OBLIGATION OF THE STATE WITHIN THE MEANING OF SECTION6
20 (4) OF ARTICLE X OF THE STATE CONSTITUTION. IF THE STATE DOES NOT7
RENEW THE AGREEMENT, THE SOLE SECURITY AVAILABLE TO THE LESSOR8
IS THE PROPERTY THAT IS THE SUBJECT OF THE NONRENEWED AGREEMENT. 9
(f) (I) THE AGREEMENT MAY CONTAIN TERMS , PROVISIONS, AND10
CONDITIONS AS THE STATE TREASURER, ACTING ON BEHALF OF THE STATE,11
DEEMS APPROPRIATE, INCLUDING ALL OPTIONAL TERMS; EXCEPT THAT THE12
AGREEMENT MUST SPECIFICALLY AUTHORIZE THE STATE OR THE BOARD TO13
RECEIVE FEE TITLE TO ALL REAL AND PERSONAL PROPERTY THAT IS THE14
SUBJECT OF THE AGREEMENT ON OR BEFORE THE EXPIRATION OF THE15
TERMS OF THE AGREEMENT.16
(II) THE STATE TREASURER, ACTING ON BEHALF OF THE STATE, HAS17
THE AUTHORITY TO DETERMINE WHAT COLLATERAL TO USE FOR THE18
AGREEMENT AS THE STATE TREASURER DEEMS APPROPRIATE.19
(g) T HE AGREEMENT MAY PROVIDE FOR THE ISSUANCE ,20
DISTRIBUTION, AND SALE OF INSTRUMENTS EVIDENCING RIGHTS TO21
RECEIVE RENTALS AND OTHER PAYMENTS MADE AND TO BE MADE UNDER22
THE AGREEMENT. THE INSTRUMENTS MAY BE ISSUED , DISTRIBUTED, OR23
SOLD ONLY BY THE LESSOR OR ANY PERSON DESIGNATED BY THE LESSOR24
AND NOT BY THE STATE . THE INSTRUMENTS DO NOT CREATE A25
RELATIONSHIP BETWEEN THE PURCHASERS OF THE INSTRUMENTS AND THE26
STATE OR CREATE ANY OBLIGATION ON THE PART OF THE STATE TO THE27
183-4-
PURCHASERS. THE INSTRUMENTS ARE NOT A NOTE , BOND , OR OTHER1
EVIDENCE OF STATE DEBT WITHIN THE MEANING OF ANY PROVISION OF THE2
STATE CONSTITUTION OR STATE LAW CONCERNING OR LIMITING THE3
CREATION OF STATE DEBT AND THE INSTRUMENTS ARE NOT A MULTIPLE4
FISCAL-YEAR DIRECT OR INDIRECT DEBT OR OTHER FINANCIAL OBLIGATION5
OF THE STATE WITHIN THE MEANING OF SECTION 20 (4) OF ARTICLE X OF6
THE STATE CONSTITUTION.7
(h) INTEREST PAID UNDER AN AGREEMENT AUTHORIZED PURSUANT8
TO SUBSECTION (2)(a) OF THIS SECTION , INCLUDING INTEREST9
REPRESENTED BY THE INSTRUMENTS, IS EXEMPT FROM COLORADO INCOME10
TAX.11
(i) THE STATE, ACTING BY AND THROUGH THE STATE TREASURER12
AND THE BOARD, IS AUTHORIZED TO ENTER INTO ANCILLARY AGREEMENTS13
AND INSTRUMENTS THAT ARE NECESSARY OR APPROPRIATE IN14
CONNECTION WITH AN AGREEMENT, INCLUDING DEEDS, GROUND LEASES,15
SUBLEASES, EASEMENTS, OR OTHER INSTRUMENTS RELATED TO THE REAL16
PROPERTY ON WHICH THE FACILITIES ARE LOCATED.17
(j) THE PROVISIONS OF SECTION 24-30-202 (5)(b) DO NOT APPLY18
TO AN AGREEMENT OR TO ANY ANCILLARY AGREEMENT OR INSTRUMENT19
ENTERED INTO PURSUANT TO THIS SUBSECTION (2). THE STATE20
CONTROLLER OR THEIR DESIGNEE SHALL WAIVE ANY PROVISION OF THE21
FISCAL RULES PROMULGATED PURSUANT TO SECTIONS 24-30-202 (1) AND22
(13) THAT THE STATE CONTROLLER FINDS INCOMPATIBLE OR INAPPLICABLE23
WITH RESPECT TO AN AGREEMENT OR AN ANCILLARY AGREEMENT OR24
INSTRUMENT.25
(3) (a) BEFORE EXECUTING THE AGREEMENT, TO PROTECT AGAINST26
FUTURE INTEREST RATE INCREASES, THE STATE, ACTING BY AND THROUGH27
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THE STATE TREASURER AND AT THE DISCRETION OF THE STATE1
TREASURER, MAY ENTER INTO AN INTEREST RATE EXCHANGE AGREEMENT2
PURSUANT TO ARTICLE 59.3 OF TITLE 11. THE INTEREST RATE EXCHANGE3
AGREEMENT IS A PROPOSED PUBLIC SECURITY FOR THE PURPOSES OF4
ARTICLE 59.3 OF TITLE 11. ANY PAYMENTS MADE BY THE STATE UNDER AN5
INTEREST RATE EXCHANGE AGREEMENT ENTERED INTO PURSUANT TO THIS6
SUBSECTION (3) MUST BE MADE SOLELY FROM MONEY AVAILABLE TO THE7
STATE TREASURER FROM THE EXECUTION OF THE AGREEMENT ENTERED8
INTO PURSUANT TO SUBSECTION (2) OF THIS SECTION OR FROM MONEY9
DESCRIBED IN SUBSECTION (2)(d) OF THIS SECTION.10
(b) A N INTEREST RATE EXCHANGE AGREEMENT ENTERED INTO11
PURSUANT TO THIS SUBSECTION (3) MUST ALSO PROVIDE THAT THE12
OBLIGATIONS OF THE STATE DO NOT CREATE STATE DEBT WITHIN THE13
MEANING OF ANY PROVISION OF THE STATE CONSTITUTION OR STATE LAW14
CONCERNING OR LIMITING THE CREATION OF STATE DEBT OR ANY15
MULTIPLE FISCAL-YEAR DIRECT OR INDIRECT DEBT OR OTHER FINANCIAL16
OBLIGATION OF THE STATE WITHIN THE MEANING OF SECTION 20 (4) OF17
ARTICLE X OF THE STATE CONSTITUTION.18
(c) A NY MONEY RECEIVED BY THE STATE UNDER AN INTEREST19
RATE EXCHANGE AGREEMENT ENTERED INTO PURSUANT TO THIS20
SUBSECTION (3) MUST BE USED TO MAKE PAYMENTS ON AN AGREEMENT21
ENTERED INTO PURSUANT TO SUBSECTION (2) OF THIS SECTION OR TO PAY22
THE COSTS RELATED TO THE PURPOSES SET FORTH IN SUBSECTION (4) OF23
THIS SECTION FOR WHICH AN AGREEMENT WAS EXECUTED.24
(4) THE PROCEEDS OF AN AGREEMENT ENTERED INTO PURSUANT25
TO SUBSECTION (2)(a) OF THIS SECTION MUST BE USED TO FUND CAPITAL26
CONSTRUCTION COSTS RELATED TO THE RENEWAL , PHYSICAL27
183-6-
IMPROVEMENT, AND FUNCTIONAL IMPROVEMENT OF CRITICAL BUILDING1
SYSTEMS IN THE COLORADO SCHOOL OF MINES' GUGGENHEIM HALL.2
SECTION 2. Capital construction appropriation. F o r t h e3
2026-27 state fiscal year, the general assembly anticipates that the4
department of higher education will receive $13,000,000 in cash funds5
from the proceeds of the financed purchase of an asset or certificate of6
participation agreements executed pursuant to section 24-36-125, C.R.S.7
This figure is subject to the "(I)" notation as defined in the annual general8
appropriation act for the same fiscal year. To implement this act, the9
department is anticipated to use this amount for Guggenheim hall HVAC10
and plumbing improvements at the Colorado school of mines. 11
SECTION 3. Safety clause. The general assembly finds,12
determines, and declares that this act is necessary for the immediate13
preservation of the public peace, health, or safety or for appropriations for14
the support and maintenance of the departments of the state and state15
institutions.16
183-7-