3 Colo. Code Regs. § 704-2-59-10.1
Current through Register Vol. 47, No. 22, November 25, 2024
Section 3 CCR 704-2-59-10.1 - Exemptions from RegistrationA. For the purposes of section 11-59-110(1)(b), C.R.S., "total obligation" means the gross amount received by the district from the sale of the general obligation bonds and other obligations sold in connection therewith, without reduction for discounts. Where capital appreciation bonds or "B" interest certificates or other forms of non-current interest bonds are a part of the issue and are sold in connection therewith, this definition takes such additional obligations into account. This definition shall be applied unless the Commissioner determines and informs the district prior to issuance that "total obligation" shall be defined otherwise.B. For the purposes of section 11-59-110(1)(c), C.R.S., "nationally recognized organization" shall have the same meaning as "Nationally recognized statistical rating organization ("NRSRO") as that term is applied under Rule 15c3-1 of the 1934 Act ("the Net Capital Rule"), found at 17 CFR 240.15c3-1.C. For purposes of section 11-59-110(1)(e), C.R.S., the duration of the "letter of credit" may be shorter than the duration of the bonds only if, upon the expiration of the letter of credit, the bondholders will be paid from a drawing on the letter of credit or retired from remarketing proceeds. Any such remarketing upon the expiration of the letter of credit shall be construed as an issue or distribution under section 11-59-106, C.R.S.