Colorado Code
Article 115 - Financing of Critical State Needs
§ 24-115-109. Limitation on Power of Corporation to Declare Bankruptcy

Notwithstanding any other provision of law, the corporation is not authorized to be, and no public officer, organization, entity, or other person shall authorize the corporation to be, a debtor in a case under the United States bankruptcy code, title 11 of the United States Code, to make an assignment for the benefit of creditors or to become the subject of any similar case or proceeding. The state hereby covenants with the holders of any notes issued pursuant to this article that the state will not limit or alter the prohibition on the filing of voluntary bankruptcy petitions set forth in this section until one year and one day after the corporation no longer has any notes outstanding. The corporation and any trust established by the corporation are hereby authorized to include this covenant as an agreement of the state in any contract with the note holders of the corporation.
Source: L. 2005: Entire article added, p. 750, § 1, effective June 1.

Structure Colorado Code

Colorado Code

Title 24 - Government - State

Article 115 - Financing of Critical State Needs

§ 24-115-101. Short Title

§ 24-115-102. Legislative Declaration

§ 24-115-103. Definitions

§ 24-115-104. Critical Needs Financing Corporation - Creation - Composition of Board of Directors - Powers

§ 24-115-105. Organizational Meeting - Chair - Personnel - Surety Note - Conflict of Interest

§ 24-115-106. Meetings of Board - Quorum - Expenses

§ 24-115-107. General Powers of Corporation

§ 24-115-108. Corporate Fiscal Year - Account of Activities and Receipts for Expenditures - Report - Audit

§ 24-115-109. Limitation on Power of Corporation to Declare Bankruptcy

§ 24-115-110. Critical Needs Notes - Issuance Schedule - Distribution of Note Proceeds

§ 24-115-111. Critical Needs Fund - Creation - Appropriations to Fund - Repayment of Notes From Fund

§ 24-115-112. Notes Legal Investments

§ 24-115-113. Exemption From Taxation

§ 24-115-114. No Action Maintainable

§ 24-115-115. Annual Reports

§ 24-115-116. Investments

§ 24-115-117. Construction of Article

§ 24-115-118. Voter Approval Required

§ 24-115-108. Corporate Fiscal Year - Account of Activities and Receipts for Expenditures - Report - Audit

§ 24-115-109. Limitation on Power of Corporation to Declare Bankruptcy

§ 24-115-110. Critical Needs Notes - Issuance Schedule - Distribution of Note Proceeds

§ 24-115-111. Critical Needs Fund - Creation - Appropriations to Fund - Repayment of Notes From Fund

§ 24-115-112. Notes Legal Investments

§ 24-115-113. Exemption From Taxation

§ 24-115-114. No Action Maintainable

§ 24-115-115. Annual Reports

§ 24-115-116. Investments

§ 24-115-117. Construction of Article

§ 24-115-118. Voter Approval Required