1 Colo. Code Regs. § 303-3-7

Current through Register Vol. 47, No. 22, November 25, 2024

Section 1 CCR 303-3-7 - BEST Lease-purchase Funding

7.1. Subject to the following limitations, the Board may instruct the State Treasurer to enter into lease-purchase agreements on behalf of the state to provide Lease-purchase Funding for Projects for which the State Board has authorized provision of Financial Assistance.

7.2. Whenever the State Treasurer enters into a lease-purchase agreement pursuant to § 22-43.7-110 C.R.S., the Applicant that will use the facility funded with the Lease-purchase Funding shall enter into a sublease-purchase agreement with the state that includes, but is not limited to, the following requirements:

7.2.1. The Applicant shall perform all the duties of the state to maintain and operate the Public School Facility that are required by the lease-purchase agreement;

7.2.2. The Applicant shall make periodic rental payments to the state, which payments shall be credited to the Assistance Fund as Matching Moneys of the Applicant;

7.2.3. Ownership of the Public School Facility shall be transferred by the state to the Applicant upon fulfillment of both the state's obligations under the lease-purchase agreement and the Applicant's obligations under the sublease-purchase agreement.

1 CCR 303-3-7

38 CR 01, January 10, 2015, effective 1/30/2015

39 CR 21, November 10, 2016, effective 11/30/2016

40 CR 23, December 10, 2017, effective 12/30/2017

42 CR 01, January 10, 2019, effective 1/30/2019

42 CR 23, December 10, 2019, effective 1/1/2020

45 CR 07, April 10, 2022, effective 4/30/2022

45 CR 24, December 25, 2022, effective 1/14/2023

46 CR 21, November 10, 2023, effective 12/15/2023