Colo. Rev. Stat. § 23-71-702

Current through 11/5/2024 election

Section 23-71-702 - Definitions

As used in this part 7, unless the context otherwise requires:

(1) "Committee" means the governing body of a district or any successor governing body of the district.

(2) "District" means any local college district operating pursuant to the laws of this state.

(3) "Facilities" means buildings, structures, or other income-producing facilities from the operation of which or in connection with which pledged revenues for the payment of any securities issued under this part 7 are derived, including without limitation any facilities to be acquired with the proceeds of the securities issued under this part 7.

(4) "Net revenues" or "net pledged revenues" means all pledged revenues after the deduction of operation and maintenance expenses.

(5)

(a) "Operation and maintenance expenses" means such reasonable and necessary current expenses of the district, paid or accrued, of operating, maintaining, and repairing the facilities pertaining to the pledged revenues for the payment of the securities issued under this part 7, as may be determined by a committee, and the term may include, at a committee's option, except as limited by contract or otherwise limited by law, without limiting the generality of the foregoing:

(I) Legal and overhead expenses of the various district departments directly related and reasonably allocable to the administration of the facilities;

(II) Fidelity bond and insurance premiums appertaining to the facilities or a reasonably allocable share of a premium of any blanket bond or policy pertaining to the facilities;

(III) The reasonable charges of any paying agent or depository bank appertaining to any securities issued by a district or appertaining to any facilities;

(IV) Contractual services, professional services, salaries, administrative expenses, and costs of labor appertaining to facilities;

(V) The costs incurred by a district in the collection of all or any part of the pledged revenues, including without limitation revenues appertaining to any facilities;

(VI) Any costs of utility services furnished to the facilities by the district or otherwise.

(b) "Operation and maintenance expenses" does not include:

(I) Any allowance for depreciation;

(II) Any costs of reconstruction, improvements, extensions, or betterments;

(III) Any accumulation of reserves for capital replacements;

(IV) Any reserves for operation, maintenance, or repair of any facilities;

(V) Any allowance for the redemption of any bond securities evidencing a loan or other obligations, or the payment of any interest thereon;

(VI) Any liabilities incurred in the acquisition or improvement of any properties comprising any project or any existing facilities, or any combination thereof;

(VII) Any other ground of legal liability not based on contract.

(6)

(a) "Pledged revenues" means the moneys pledged wholly or in part for the payment of securities issued under this article and, subject to any existing pledges or other contractual limitations, may include, at a committee's discretion, any grants, appropriations, or other donations from the United States or its agencies or from any other donor, except the state or its agencies or political subdivisions, and income or moneys derived from one, all, or any combination of the following revenue sources, including without limitation student fees and other fees, rates, and charges appertaining thereto and for the development thereof:

(I) Dormitories, apartments, and other housing facilities;

(II) Cafeterias, dining halls, and other food service facilities;

(III) Student union and other student activities facilities;

(IV) Store or other facilities for the sale or lease of books, stationery, student supplies, faculty supplies, office supplies, and like material;

(V) Theater, gymnasium, fieldhouse, stadium, arena, and other recreation or athletic facilities for use in part by spectators or otherwise;

(VI) Land and any structures, other facilities, or improvements thereon used or available for use for the parking of vehicles used for the transportation by land or air of persons to or from such land and any improvements thereon;

(VII) Properties providing heat or any other utility furnished by a district to any facilities on campus;

(VIII) Services, contracts, investments, and other miscellaneous unrestricted sources of income not designated in this part 7, whether presently realized or to be realized, and accounted for in a miscellaneous sales and services fund or account.

(b) "Pledged revenues" does not include income or moneys derived in connection with any of the following:

(I) Any tuition charges and registration fees;

(II) The levy of any general (ad valorem) property taxes;

(III) Any grants, appropriations, or other donations from the state, its agencies, or its political subdivisions.

(7) "Registration fees" means any charges paid by any student for the privilege of registering for attendance at a local district college in a district, except for any charges appertaining to those revenue sources set forth in subsection (6)(a) of this section.

(8) "Securities" means bonds and interim securities authorized to be issued under this part 7 in the name of and on the behalf of a district.

(9) "Tuition charges" means the price of or payment for general and special instruction of students as defined and determined from time to time by the committee.

C.R.S. § 23-71-702

L. 75: Entire article added, p. 781, § 1, effective July 1.