These rules are adopted pursuant to the authority contained in sections 43-1-113.5(3) CRS.
The purpose of these rules is to define eligibility requirements, prescribe the application and selection processes, and to detail certain terms for securing financial assistance, for public transportation projects within the state, from the CO SIB.
These rules shall be applicable to any public or private project sponsor of public transportation projects within the state.
The following definitions shall apply to terms used in the Rules.
Entities eligible to receive financial assistance from the CO SIB shall include public entities such as political subdivisions and state agencies. Also, private companies and non-profit organizations shall be eligible either with a local government partner, or under the authority of a public-private initiative.
Qualified projects shall not include transportation facilities and other transportation projects that are restricted to private use.
The overall objective of the project evaluation process is to provide a mechanism for the recommendation of potential transportation projects for financial assistance to the Commission. The evaluation shall identify how such project will benefit from financial assistance and the capability of the project sponsor to meet the terms for debt repayment. The review committee shall evaluate the projects, and provide documentation and a recommendation regarding each project.
project sponsors shall indicate if their project is in the TIP/STIP, eligible to be amended into the TIP/STIP, in another approved transportation planning document, or not in any plan.
The review committee shall evaluate loan applications based upon the responses to the criteria described in section 3 of Rule IV herein; examine loan documentation including the sponsor's financial statements to assure that a pending loan meets CO SIB rules standards and statutory guidelines; review the planning and engineering aspects of the loan project. Also, develop procedures for executing loan contracts and, as required reviewing and, if appropriate recommending amending the terms of already executed loan contracts, periodically review maturing loans and progress reports, and in case of default, decide what collection efforts should be taken to restore past-due loans and other nonperforming loans to satisfactory condition.
The review committee shall submit its recommendation and final evaluation to the OFMB. Regardless of the merits of the project or its total cost, the committee shall not recommend to the Commission that it lend an applicant an amount that it considers beyond the applicants capacity to repay even if it means the project cannot go forward at that time.
The OFMB shall present the review committee's recommendation and evaluation to the commission for action, and the commission shall set the maximum level of financial assistance for the project.
adopted by the commission not later than June 30, of each year for loans applied for during the ensuing months of July; August; September; October; November; December. An interest rate shall be established and by resolution, adopted by the commission not later than December 31, of each year for loans originating during the ensuing months of January; February; March; April; May; June.
Financial assistance in the form of a loan shall be amortized and simple interest shall be applied to the outstanding principal of each loan. An amortization schedule shall be attached to the loan agreement between the department and the project sponsor.
The payback period for financial assistance shall be not more than ten years. The term of a loan requested by a project sponsor shall be one of the criteria used for evaluation.
If the recipient does not make a scheduled payment and fails to cure within thirty (30) days, the department may assess a LATE CHARGE penalty or initiate debt collection efforts to recover the amounts due.
2 CCR 605-1