As used in this part 17, unless the context otherwise requires:
"Application" means the application submitted by an issuing authority to request from the department an allocation from the statewide balance, including any amendments to said application.
"Board" means the state housing board created in section 24-32-706 (1).
"Bond" means any bond or other obligation which may be issued by any issuingauthority which constitutes a private activity bond, as defined in section 141 of the code but only to the extent that such bond or other obligation is subject to the state ceiling limitations of section 146 of the code.
"Business day" means any normal day of business excluding Saturdays, Sundays, andlegal holidays. Each business day begins at 8 a.m. and closes at 5 p.m.
"Carryforward purpose" has the meaning ascribed to such term in section 146 (f)(5) of the code.
"Code" means the "Internal Revenue Code of 1986", as amended.
Repealed.
"Department" means the department of local affairs.
"Designated local issuing authority" means any city, town, county, or city and countywhich has a population in any year which would result in the local issuing authority having any allocation of the state ceiling in excess of one million dollars as calculated pursuant to section 24-32-1706 (1).
"Direct allocation" means an allocation of the state ceiling made to state issuingauthorities as specified in section 24-32-1705 (1)(a) or designated local issuing authorities as specified in section 24-32-1706 (1).
"Executive director" means the executive director of the department.
"Form 8038" means the federal department of the treasury tax form 8038 or anyother federal tax form or other method of reporting required by the federal department of the treasury under section 149 of the code.
"Inducement resolution" means a resolution, ordinance, or similar action adopted byan issuing authority for the purpose of taking official action regarding the issuance of, or otherwise stating the intent of the issuing authority to issue, bonds to finance a project.
"Issuing authority" means any entity or person which has the authority to issue bonds or other obligations the interest on which is exempt from federal income taxation pursuant to section 103 (a) of the code. Such term includes any designated local issuing authority or any local or state issuing authority.
"Local issuing authority" means any city, town, county, or city and county.
"Mortgage credit certificate election" means an election pursuant to section 25 (a)(2)(ii) of the code, by any issuing authority, not to issue qualified mortgage bonds which the issuing authority is otherwise authorized to issue, including the receipt of allocations made pursuant to this part 17, in exchange for the authority under section 25 of the code to issue mortgage credit certificates in connection with a qualified mortgage credit certificate program within the meaning of section 25 (a)(2) of the code, so long as the implementation of the program is evidenced by the issuing authority to the satisfaction of the executive director, which satisfaction shall be evidenced by a certificate from the executive director certifying his determination that a qualified mortgage credit certificate program has been implemented, together with a certification of the issuing authority providing that such election shall not be revoked.
"Population" means the population of the state of Colorado as determined by themost recent census estimate of the resident population of the state of Colorado published by the United States bureau of the census before the beginning of each year. "Population" also means the population of a local issuing authority as determined by the most recent census estimate of the resident population of the local issuing authority published by the state demographer before the beginning of each year. The department shall specify population data in the report issued pursuant to section 24-32-1706 (1).
"Project" means the facility, facilities, or program to be financed in whole or in partwith the proceeds of the bonds.
"Qualified mortgage bond" means any bond or obligation which constitutes a qualified mortgage bond as defined in section 143 of the code.
"State ceiling" means the bond ceiling for the state and its issuing authorities ascomputed under section 146 (d) of the code.
"State issuing authority" means any of the entities listed in section 24-32-1705 (1).
"Statewide balance" means the portion of the state ceiling that remains after theallocations made to the state issuing authorities and the local issuing authorities in sections 2432-1705 and 24-32-1706, plus or minus any allocation from or relinquishment to the statewide balance pursuant to this part 17.
"Statewide balance award period" means a period commencing on the date on which notification of an allocation from the statewide balance is mailed to an issuing authority and ending on a date to be determined by the executive director, which date is no later than December 23 each year.
"Year" means each calendar year, beginning with the calendar year 1987.
Source: L. 87: Entire part added, p. 988, § 1, effective May 20. L. 2009: (8.5) added and (15) amended, (SB 09-041), ch. 56, p. 198, § 1, effective March 25. L. 2020: (1.5) added and (6) repealed, (HB 20-1161), ch. 55, p. 189, § 1, effective September 14.
Allocation of state ceiling. The state ceiling shall be allocated among issuing authorities in accordance with the formulas and the procedures for assignment established in this part 17.
Source: L. 87: Entire part added, p. 990, § 1, effective May 20.
Allocations to state issuing authorities. (1) (a) Within thirty days after May 20, 1987, and by January 15 of each year thereafter, fifty percent of the state ceiling shall be initially allocated among the following state issuing authorities in amounts established by the department:
The Colorado agricultural development authority, created by section 35-75-104,
C.R.S.;
The Colorado health facilities authority, created by section 25-25-104, C.R.S.;
The Colorado housing and finance authority, created by section 29-4-704, C.R.S.;
The Colorado educational and cultural facilities authority, created by section 23-15-
104, C.R.S.; and
Collegeinvest, created by section 23-3.1-203, C.R.S.
(b) Notwithstanding the provisions of paragraph (a) of this subsection (1), the department is not required to allocate any specific amount to any specific state issuing authority.
State issuing authorities may assign amounts of their allocations to any issuing authority, and any assignment shall be effective upon receipt by the department of written notification of the assignment. The notification shall include the amounts assigned, the names of the assignor and the assignee, a representation by the assignor that the assignment was made by the assignor without receipt of monetary consideration, the date of the assignment, and a copy of the executed assignment. No assignee may elect to treat all or any portion of an assignment of an allocation from a state issuing authority as an allocation for a project with a carryforward purpose or make a mortgage credit certificate election with respect to all or any portion of such an assignment without the prior written consent of the assignor to the election. A record of each assignment shall be maintained by the assignee for each bond issued by the assignee for which the assignment applies.
Any allocation of the state ceiling made or assigned pursuant to this section shallautomatically be relinquished to the statewide balance on September 15 of each year, except to the extent that:
Bonds are issued by the state issuing authority or its assigns prior to September 15 ofeach year; or
A mortgage credit certificate election is made by the state issuing authority or itsassignee prior to September 15 of each year; or
The state issuing authority or its assignee notifies the department, by written noticewhich contains the information and attachments set forth in section 24-32-1709, prior to September 15 of each year, that the allocation has been made by the state issuing authority or its assignee to a project which has a carryforward purpose as such project is described in the inducement resolution attached and that the state issuing authority or its assignee desires to treat all or a portion of its initial allocation as an allocation to such project for such carryforward purpose.
(4) If the amount of an allocation of the state ceiling made to a state issuing authority pursuant to this section is in excess of the amount of bonds that the state issuing authority or its assignee issued or used for a carryforward purpose or the amount of qualified mortgage bonds that the state issuing authority or its assignee elected not to issue pursuant to a mortgage credit certificate election, the excess shall be relinquished to the statewide balance on September 15 each year. Any state issuing authority may voluntarily relinquish all or any part of its allocation to the statewide balance at any time by so notifying the department in writing.
Source: L. 87: Entire part added, p. 990, § 1, effective May 20. L. 98: (1)(a)(IV) amended, p. 609, § 16, effective May 4. L. 2004: (1)(a)(V) amended, p. 575, § 31, effective July 1. L. 2009: IP(1)(a) amended, (SB 09-041), ch. 56, p. 198, § 2, effective March 25.