(1) A political subdivision, for the purpose of aiding and cooperating in the financing, construction, operation, or maintenance of any qualified federal aid transportation project, has the power:
To sell, lease, loan, donate, grant, convey, assign, or otherwise transfer to the department any real or personal property or interests therein;
To enter into agreements with any person for the joint financing, construction, operation, or maintenance of any qualified federal aid transportation project. Upon compliance with applicable constitutional or charter limitations, the political subdivision may agree to make payments, without limitation as to amount except as set forth in the agreement, from revenues received in one or more fiscal years to the department or any person to defray the costs of the financing, construction, operation, or maintenance of any qualified federal aid transportation project.
To transfer or assign to the department any contracts that may have been awarded bythe political subdivision for construction, operation, or maintenance of any qualified federal aid transportation project.
(2) To assist in the financing, construction, operation, or maintenance of a qualified federal aid transportation project, any political subdivision may, by contract, pledge to the department all or a portion of federal transportation funds paid to the political subdivision, the revenues the political subdivision receives from the highway users tax fund, or the revenues from any other legally available source.
Source: L. 99: Entire part added, p. 1116, § 1, effective June 2.
Notes legal investments. All banks, trust companies, savings and loan associations, insurance companies, executors, administrators, guardians, trustees, and other fiduciaries may legally invest any moneys within their control in any revenue anticipation notes issued in accordance with this part 7. Public entities, as defined in section 24-75-601 (1), C.R.S., may invest public funds in such revenue anticipation notes only if the notes satisfy the investment requirements established in part 6 of article 75 of title 24, C.R.S.
Source: L. 99: Entire part added, p. 1117, § 1, effective June 2.
Exemption from taxation. Except as otherwise provided in this section, the income from revenue anticipation notes is exempt from all taxation and assessments in the state. In the certificate, indenture of trust, or other instrument authorizing the issuance of such notes, the executive director may waive the exemption from federal or state income taxation for interest on the notes.
Source: L. 99: Entire part added, p. 1117, § 1, effective June 2.
No action maintainable. An action or proceeding at law or in equity to review any acts or proceedings or to question the validity or enjoin the performance of any act or proceedings or the issuance of any revenue anticipation notes or for any other relief against or from any acts or proceedings done under this part 7, whether based upon irregularities or jurisdictional defects, shall not be maintained unless commenced within thirty days after the performance of the act or proceedings or the effective date thereof, whichever occurs first, and is thereafter perpetually barred.
Source: L. 99: Entire part added, p. 1117, § 1, effective June 2.
Annual reports. (1) No later than January 15, 2001, and no later than January 15 of each year thereafter, the executive director shall submit a report to the members of the joint budget committee of the general assembly, the members of the legislative audit committee of the general assembly, the chair of the transportation and energy committee of the house of representatives, and the chair of the transportation committee of the senate that includes, at a minimum, the following information:
The total amount of revenue anticipation notes issued by the executive director inaccordance with this part 7;
The qualified federal aid transportation projects for which the proceeds from suchrevenue anticipation notes have been expended, the amount of note proceeds expended on each project, the status of each project, and the estimated date of completion for such projects not yet completed;
The total amount of federal transportation funds paid to the department since suchrevenue anticipation notes have been issued; and
The total amount of proceeds from the issuance of revenue anticipation notes, statematching funds, and federal transportation funds allocated by the commission in each state fiscal year for the payment of such revenue anticipation notes and the costs associated with the issuance and administration of such notes.
Source: L. 99: Entire part added, p. 1118, § 1, effective June 2.