(VI) A school district is not required to designate a third-party custodian to administer the school district's bond redemption fund if the county treasurer keeps the funds and accounts of the school district as provided in section 22-40-104 . A school district is not required to designate a third-party custodian to administer any portion of the school district's bond redemption fund that consists of revenues received from bonds or other obligations for which the school district has given notice to the state treasurer that it will not accept payment by the state treasurer on behalf of the school district as provided in section 22-41-110 (1)(a) .
(VII) A school district is not required to select a commercial bank or depository trust company that has full trust powers to administer the school district's bond redemption fund if the school district places the funds in an escrow account with a financial institution eligible to receive public deposits, pursuant to escrow instructions which are acceptable to the state treasurer. At a minimum, the escrow instructions shall include provisions prohibiting payment or transfer of the funds to the school district without the state treasurer's prior written consent.
(II) Expenditures from the fund, other than for installment purchase agreements with an option to purchase, as provided in subparagraph (II.5) of this paragraph (c), shall be authorized by a resolution adopted by the board of education of a school district at any regular or special meeting of the board. The resolution shall specifically set forth the purpose of the expenditure, the estimated total cost of the project, the location of the structure to be constructed, added to, altered, or repaired, a description of any school vehicles or equipment to be purchased, and where such equipment will be installed.
(II.5) A board of education may enter into an installment purchase agreement or lease agreement with option to purchase for a period exceeding one year and not to exceed twenty years for expenditures from the fund if the agreement is first approved by a majority of the eligible electors of the district voting on the question at an election held pursuant to this subparagraph (II.5). The board of education may submit to the eligible electors of the district the question of whether to enter into such an agreement at any general election, regular biennial school election, or special election called for such purpose. The secretary of the board of education shall be the designated election official and shall conduct the election pursuant to articles 1 to 13 of title 1, C.R.S. Any special election called pursuant to this subparagraph (II.5) shall be held on the first Tuesday after the first Monday in February, May, October, November, or December. The question of whether to enter into an installment agreement or lease agreement with option to purchase may be submitted or resubmitted after the same, or after any other such question, has previously been rejected at an election held pursuant to this subparagraph (II.5), but no such question shall be submitted or resubmitted at any election held less than one hundred twenty days after a previous submission of such question, and the board of education of any school district shall not submit any question of entering into such an agreement at more than two elections within any twelve-month period. The board of education of a school district may enter into an installment purchase agreement or lease agreement with option to purchase for a term not to exceed twenty years for the purposes provided for in sub-subparagraph (F) of subparagraph (I) of this paragraph (c). When authorized by the election as provided in this subparagraph (II.5), the agreement shall be valid, binding, and enforceable between the parties to the agreement. The provisions of this subparagraph (II.5) shall have no application to any installment purchase agreement or lease agreement with option to purchase, even though the term thereof may be greater than one year, if the district's obligation to make payments thereunder is expressly subject to the making of annual appropriations therefor in accordance with law. This subparagraph (II.5) shall have no application to any lease agreement with option to purchase for a period of one year or less, including lease agreements consisting of a series of one-year terms renewable at the option of the district.
(III) Any balance remaining upon the completion of any authorized project may be encumbered for future projects which are authorized as provided in this paragraph (c).
(IV) The revenues from a tax levied pursuant to section 22-40-110 shall be credited to the capital reserve fund. Moneys in said fund shall be used for the purposes set forth in section 22-40-110 and may not be expended by the district for any other purpose. Any moneys remaining in the fund at the end of any fiscal year shall remain in the fund and may be budgeted in the next fiscal year.
(V) Upon receipt from a school district of an accounting of any expenditures made or moneys encumbered for the purchase of new textbooks in the 2002-03 budget year, including copies of invoices, contracts, or other documentation of the amount and purpose of the expenditures or encumbrances, the department of education may allow the school district to expend moneys from the district's capital reserve fund during the 2002-03 and 2003-04 budget years to offset the elimination of additional moneys that the district would have received in the 2002-03 budget year pursuant to section 22-54-105 (1) (b)(III) to purchase new textbooks; except that any expenditure of moneys from the fund made pursuant to this subparagraph (V) shall be limited to the amount of moneys the district has expended or encumbered as of January 31, 2003, for the purchase of new textbooks.
(II) Expenditures from the fund shall be authorized by a resolution adopted by the board of education of a school district at any regular or special meeting of the board. The resolution shall specifically set forth the purpose of the expenditure, the estimated total cost of the project, and the location of the land to be acquired, the structure to be acquired or constructed, or the nature of the building security technology or instructional and informational technology to be acquired. Such resolution shall constitute authorization to the treasurer of any district that has elected under law to withdraw its funds from the custody of the county treasurer or, in any other case, to the treasurer of the county in which the district is located for application of the funds under his or her control to the specified expenditure.
(III) Any balance remaining upon the completion of any authorized project may be encumbered for future projects that are authorized as provided in this paragraph (d).
(IV) Any moneys in the fund that have not been authorized for expenditure within three years after being recorded in the fund shall revert to the capital reserve fund.
(II) The revenues from a tax levied pursuant to section 22-54-108.5 to meet the capital construction needs associated with a district's full-day kindergarten program shall be credited to the capital construction account in the district's full-day kindergarten fund. Moneys in the account shall be used to meet the district's capital construction needs associated with the full-day kindergarten program and may not be expended by the district for any other purpose. Any moneys remaining in the account at the end of any fiscal year shall remain in the account and may be budgeted in the next fiscal year.
(II) (A) Notwithstanding the provisions of subsection (1)(k)(I) of this section to the contrary, for the 2020-21 budget year, a district may expend money from the total program reserve fund to ensure that the district's total program funding for the 2020-21 budget year meets the conditions set forth in section 22-54-143 (3)(a) and (3)(b)as added by Senate Bill 21-053, enacted in 2021.
(B) This subsection (1)(k)(II) is repealed, effective July 1, 2022.
Source: L. 64: p. 628, § 3. C.R.S. 1963: § 123-33-3. L. 65: pp. 1025, 1026, §§ 2, 3. L. 73: pp. 1276, 1292, §§ 3, 1. L. 77: (1)(c)(I)(F) and (1)(c)(II.5) added and (1)(c)(II) amended, p. 1051, §§ 4, 5, effective June 10. L. 83: (1)(a) amended and (1)(d) added, p. 758, § 3, effective April 21; (1)(b)(II), IP(1)(c)(I), (1)(c)(I)(E), (1)(c)(I)(F), and (1)(c)(II.5) amended, p. 751, § 6, effective July 1. L. 85: (1)(b)(II) amended and (1)(b)(III) and (1)(b)(IV) added, p. 732, § 1, effective May 31; IP(1)(c)(I), (1)(c)(I)(A), and (1)(c)(I)(D) amended, p. 1226, effective January 1, 1986. L. 86: (1)(c)(II.5) amended, p. 813, § 5, effective July 1. L. 87: (1)(c)(II.5) amended, p. 317, § 55, effective July 1. L. 88: (1)(a), IP(1)(c)(I), (1)(c)(I)(E), and (1)(c)(II.5) amended and (1)(e) added, p. 815, § 23, effective May 24. L. 89: (1)(a)(II), IP(1)(c)(I), and (1)(e) amended and (1)(a)(III) added, pp. 966, 971, §§ 15, 21, 14, effective June 7. L. 90: (1)(a)(III)(A) amended, p. 1083, § 43, effective May 31; (1)(a)(IV) added, p. 1115, § 4, effective June 7. L. 91: (1)(f) added, p. 540, § 6, effective May 1. L. 92: (1)(a)(III)(A) amended and (1)(a)(V) added, p. 542, § 16, effective May 28; (1)(a)(II) amended, p. 520, § 2, effective July 1; (1)(c)(II.5) amended, p. 840, § 38, effective January 1, 1993. L. 93: (1)(a)(III) repealed and IP(1)(c)(I) and (1)(e) amended, pp. 891, 880, §§ 16, 3, effective May 6. L. 94: (1)(a)(II), IP(1)(c)(I), and (1)(e) amended, p. 819, § 39, effective April 27. L. 95: (1)(c)(I)(E) amended, p. 610, § 10, effective May 22; (1)(d)(I) amended, p. 1101, § 29, effective May 31. L. 97: (1)(a)(I), (1)(d)(I), and (1)(d)(II) amended, p. 74, § 1, effective March 24; (1)(a)(I), IP(1)(c)(I), and (1)(e) amended and (1)(a)(VI) added, pp. 584, 588, §§ 11, 22, effective April 30. L. 98: (1)(a)(VI) and (1)(c)(I)(E) amended, pp. 973, 974, §§ 18, 19, effective May 27. L. 2000: (1)(d)(I) and (1)(d)(II) amended, p. 254, § 1, effective March 31; (1)(c)(I)(A), (1)(c)(I)(B), (1)(c)(I)(C), and (1)(c)(I)(F) amended and (1)(c)(I)(G) added, p. 520, § 5, effective August 2; (1)(d) amended, p. 247, § 1, effective August 2. L. 2001: (1)(g) added, p. 558, § 2, effective May 23. L. 2002: (1)(c)(IV) added, p. 1746, § 19, effective June 7. L. 2003: IP(1)(c)(I) amended and (1)(c)(V) added, p. 516, § 4, effective March 5; (1)(b)(I) amended and (1)(b)(V) and (1)(b)(VI) added, p. 1295, § 1, effective April 22; (3) added, p. 1285, § 6, effective July 1. L. 2004: (1)(b)(I) and (1)(b)(V) amended and (1)(b)(VII) added, p. 424, § 1, effective August 4. L. 2006: (1)(c)(I)(E) and (1)(g) amended and (1)(c)(I)(H) added, pp. 676, 696, §§ 16, 41, effective April 28. L. 2007: (1)(a)(I) amended and (1)(h) added, p. 37, § 2, effective March 7. L. 2008: (1)(g) repealed, p. 1228, § 44, effective May 22. L. 2009: (1)(c)(I)(D), (1)(c)(I)(E), (1)(c)(I)(G), (1)(c)(I)(H), and (3) amended, (SB 09-256), ch. 294, pp. 1560, 1561, §§ 22, 23, effective May 21. L. 2010: (1)(c)(I)(E) and (1)(c)(II) amended, (HB 10-1232), ch. 163, p. 571, § 9, effective April 28; IP(1)(c)(I) and (1)(e) amended, (HB 10-1013), ch. 399, p. 1899, § 7, effective June 10. L. 2016: (1)(j) added, (HB 16-1354), ch. 166, p. 529, § 2, effective May 17; (1)(k) added, (HB 16-1422), ch. 351, p. 1432, § 7, effective June 10. L. 2017: IP(1) and (1)(k) amended, (SB 17-296), ch. 313, p. 1681, § 2, effective June 2. L. 2020: (1)(k) amended, (HB 20-1418), ch. 197, p. 953, § 36, effective June 30. L. 2021: (1)(k) amended, (SB 21-268), ch. 222, p. 1173, § 8, effective June 11.
Cross references: For the legislative declaration contained in the 2008 act repealing subsection (1)(g), see section 1 of chapter 286, Session Laws of Colorado 2008. For the legislative declaration in HB 20-1418, see section 1 of chapter 197, Session Laws of Colorado 2020.
Structure Colorado Code