Colorado Code
Article 54 - Public School Finance Act of 1994
§ 22-54-110. Loans to Alleviate Cash Flow Deficits - Financed Purchase of an Asset Agreements

(I) For a month in which the district seeks an emergency loan pursuant to paragraph (d) of this subsection (1), the chief financial officer of the district and the district superintendent shall present the emergency loan request to the district board of education, explaining the need for the emergency loan and the requested amount. The district board of education, by majority vote, shall approve or disapprove the emergency loan request and the amount. If the district board of education approves the emergency loan request, the chief financial officer and the district superintendent shall request the emergency loan from and certify the amount of the emergency loan to, as approved by the district board of education, the state treasurer as provided in paragraph (a) of this subsection (1).
(II) If, in order to receive an interest-free loan, a district seeks to have tax and revenue anticipation notes issued on its behalf pursuant to section 29-15-112, C.R.S., the chief financial officer of the district and the district superintendent shall present a request to the district board of education to participate in the interest-free loan program and to have tax and revenue anticipation notes issued on its behalf. Such request shall explain the district's anticipated cash flow deficit for the upcoming calendar year and the total amount of tax and revenue anticipation notes that need to be issued on its behalf to cover such deficit. The district board of education, by majority vote, shall approve or disapprove the participation in the interest-free loan program and the amount of tax anticipation and revenue notes that shall be issued on behalf of the district. If the district board of education approves the participation in the interest-free loan program and the issuance of tax and revenue anticipation notes, the chief financial officer and the district superintendent shall certify to the state treasurer the amount of the tax and revenue notes, as approved by the district board of education, that shall be issued on behalf of the district. Thereafter, a district shall not be required to receive approval for an interest-free loan made from the proceeds of the tax and revenue anticipation notes that received prior approval by the district board of education.

Source: L. 94: Entire article added with relocations, p. 797, § 2, effective April 27. L. 97: (2)(b)(I) amended, p. 585, § 13, effective April 30. L. 2002: (2)(a) amended, p. 550, § 1, effective July 1. L. 2003: (1)(a) amended and (1)(a.5) added, p. 757, § 1, effective March 25; (2)(d) added, p. 1287, § 2, effective April 22; (1)(a), (1)(a.5), (2)(a), (2)(c), and (3) amended and (1)(c), (1)(d), (2)(a.5), and (2)(a.7) added, pp. 2172, 2174, 2175, §§ 2, 3, 4, effective July 1. L. 2007: (1)(b) amended, p. 631, § 7, effective April 26. L. 2016: (1)(b) amended, (SB 16-189), ch. 210, p. 763, § 39, effective June 6. L. 2021: (2)(d)(II), (2)(d)(III), and (2)(d)(V) amended, (HB 21-1316), ch. 325, p. 2013, § 23, effective July 1.
Editor's note: This section is similar to former § 22-53-122.5 as it existed prior to 1994.