Great Outdoors Colorado Program - Implementation

C.R.S. tit. 33, art. 60
in effect

C.R.S. § 33-60-101 Legislative declaration

33-60-101. Legislative declaration. (1) The general assembly hereby declares that the policies and procedures contained in this article are enacted to facilitate the orderly implementation of article XXVII of the state constitution, adopted at the 1992 general election. The general assembly further declares that the payment of debt service on all obligations due from the fourth quarter of fiscal year 1992-93 through the fourth quarter of fiscal year 1997-98 which are set forth in section 3 (1)(c) of article XXVII of the state constitution are intended to be paid in full from net lottery proceeds. Accordingly, the general assembly finds that legislation which sets forth an orderly method for ensuring that such payments are made in a timely manner is necessary and that the orderly implementation of article XXVII of the state constitution promotes the health, safety, security, and general welfare of the people of the state of Colorado. (2) The general assembly further declares that the powers granted to the trust fund board to issue bonds and to pledge any moneys deposited or to be deposited into the trust fund for the payment of such bonds are in furtherance of and are consistent with the powers granted to the board created by article XXVII of the Colorado constitution.

C.R.S. § 33-60-102 Definitions

33-60-102. Definitions. As used in this article, unless the context otherwise requires: (1) "Bond" means any bond, note, certificate, contract, or obligation for the repayment of borrowed money of the trust fund board authorized by this article. (1.5) "Net lottery proceeds" means the proceeds of the lottery after the payment of the expenses of the state lottery division and any prizes for the lottery and after a sufficient amount of money has been reserved, as of the end of any fiscal quarter, to ensure the operation of the lottery for the ensuing fiscal quarter. (2) "State agency" means: The state; every executive department, board, commission, committee, bureau, and office of the state; every state institution of higher education, whether established by the state constitution or by law, and every governing board thereof; and every independent commission and other political subdivision of the state government. However, such term does not include the state board of the great outdoors Colorado trust fund. (3) "Trust fund" means the great outdoors Colorado trust fund created pursuant to section 2 of article XXVII of the state constitution. (4) "Trust fund board" means the state board of the great outdoors Colorado trust fund established pursuant to section 6 of article XXVII of the state constitution.

C.R.S. § 33-60-103 Distribution of net lottery proceeds - fourth quarter of fiscal year 1992-93 through fourth quarter of fiscal year 1997-98 - insufficiency - loan - repayment from net lottery proceeds

33-60-103. Distribution of net lottery proceeds - fourth quarter of fiscal year 1992-93 through fourth quarter of fiscal year 1997-98 - insufficiency - loan - repayment from net lottery proceeds. (1) Beginning with the proceeds from the fourth quarter of fiscal year 1992-93 through the fourth quarter of fiscal year 1997-98, the state treasurer shall make monthly distributions of net lottery proceeds as follows: (a) and (a.5) Repealed. (b) (I) No later than September 1, 1993, the state treasurer shall pay the sum of six million dollars out of net lottery proceeds to the city and county of Denver as the final payment under the Colorado convention center contract between the state and the city and county of Denver in the original amount of $36,000,000. (II) In the event the trust fund board submits a resolution approved by a majority of the members of such board to the state treasurer authorizing that the payment specified in subparagraph (I) of this paragraph (b) be made before September 1, 1993, the state treasurer shall make the payment on that date. Copies of any such resolution shall be submitted to the general assembly and the city and county of Denver. (c) To the debt service repayment account in the capital construction fund created pursuant to the provisions of section 24-75-302 (3), in an amount sufficient to defray all payments of principal and interest due on or before the date of the distribution for the payment of the following outstanding financial obligations of the state: (I) 1992 master financed purchase of an asset agreement in the original principal amount of $108,310,000, less the principal amount of $5,700,000 or the appraised value, whichever is greater, for the Kipling facility building, which shall not be included. The 1992 master financed purchase of an asset agreement represents the refunding of the following certificates of participation: (A) 1979 certificates of participation for the following projects: Wheat Ridge, Colorado project (issue A) in the original amount of $6,895,000; Pueblo, Colorado project (issue B) in the original amount of $5,320,000; and Grand Junction, Colorado project (issue C) in the original amount of $4,735,000; (B) 1986 master financed purchase of an asset agreement in the original amount of $36,495,000; (C) 1988 master financed purchase of an asset agreement in the original amount of $63,025,000; (D) 1989 master financed purchase of an asset agreement in the original amount of $66,894,861.85; except that such refunding represents only that portion of the certificates which mature on and after November 1, 1999; (II) 1990 master financed purchase of an asset agreement in the original amount of $28,635,000; and (III) 1989 master financed purchase of an asset agreement in the original amount of $66,894,861.85, but only to the extent of payment for debt service from and including September 1, 1993, to and including November 30, 1998. t portion of the certificates which mature on and after November 1, 1999; (II) 1990 master financed purchase of an asset agreement in the original amount of $28,635,000; and (III) 1989 master financed purchase of an asset agreement in the original amount of $66,894,861.85, but only to the extent of payment for debt service from and including September 1, 1993, to and including November 30, 1998. (2) (a) Pursuant to article XXVII of the state constitution, payments on the obligations set forth in subsection (1) of this section shall be made from the lottery fund created in section 44-40-111 pursuant to the following schedule of principal and interest payments: 1989 1989 1989 1990 1990 1992 DOT PAYMENT CONVENTION PRISON AURARIA HIGHWAY PRISON AURARIA REFUNDING DATE CENTER II CLASSROOM COMPUTERS III BLEACHERS ISSUE TOTAL 09/01/93 6,000,000.00* 6,000.000.00 11/01/93 3,429,265.68 1,792,815.72 53,06 6.10 2,389,645.00 62,202.50 9,416,936.88 17,143,931 .88 05/01/94 3,493,486.00 379,921.54 1,339,0 1 9.96 2,375,622.50 60,470.00 3,526,731.88 11,175,251 .88 11/01/94 2,364,849.69 1,783,805.06 22,68 5.25 2,224,462.50 58,710.00 12,695,963.13 19,150,47 5.63 05/01/95 2,382,696.55 275,358.10 1,389,8 2 2.85 2,231,342.50 61,950.00 8,577,041.25 14,918,211 .25 11/01/95 1,934,687.89 1,763,069.61 1,590,442.50 12,883,231.25 18,171,431.25 05/01/96 1,960,261.79 144,965.71 1,638,555.00 8,386,076.25 12,129,858.75 11/01/96 1,704,875.79 1,746,182.21 2,763,295.00 17,791,696.25 24,006,049.25 05/01/97 1,452,198.40 297,801.60 2,784,590.00 8,002,106.25 12,536,696.25 11/01/97 4,393,873.38 2,021,126.62 1,026,342.50 8,607,875.00 16,049,217.50 05/01/98 4,298,134.18 416,865.82 1,039,207.50 7,945,356.25 13,699,563.75 11/01/98 1,700,000.00 2,465,307.50 6,820,231.25 10,985,538.75 TOTAL 6,000,000.00 27,414,329.35 12,321,911.99 2,804,594.16 22,528,812.50 243,332.50 104,653,245.64 175,966,226.14 * Payment may be made prior to September 1, 1993, if authorized by the trust fund pursuant to section 33-60-103 (1)(b)(II). (b) All principal and interest payment amounts set forth in paragraph (a) of this subsection (2) are subject to bank charges, arbitrage calculation, insurance premiums, and other miscellaneous charges which were not calculable at the time principal and interest payment amounts were determined and are determined and payable in the year in which any given payment is due. Such charges are a part of each payment due pursuant to the certificates of participation enumerated in this section. (3) Subject to the provisions of subsection (4) of this section, remaining net lottery proceeds, if any, shall be deposited no less frequently than quarterly in trust for the trust fund board. Deposits in trust for the trust fund board, or a portion thereof, may be deferred only to the extent that payments on certificates of participation pursuant to paragraph (c) of subsection (1) of this section are due on or before the date of distribution or balances due on loans authorized pursuant to subsection (4) of this section are outstanding on the date of distribution. the trust fund board. Deposits in trust for the trust fund board, or a portion thereof, may be deferred only to the extent that payments on certificates of participation pursuant to paragraph (c) of subsection (1) of this section are due on or before the date of distribution or balances due on loans authorized pursuant to subsection (4) of this section are outstanding on the date of distribution. (4) Pursuant to amendment XXVII of the state constitution, the sum of all distributions of net lottery proceeds made to the capital construction fund from the fourth quarter of fiscal year 1992-93 through the fourth quarter of fiscal year 1997-98 shall include payment in full of all debt service due from and including September 1, 1993, to and including November 30, 1998, on all obligations set forth in section 3 (1)(c) of article XXVII of the state constitution. In the event net lottery proceeds are insufficient to defray payments of principal and interest on the obligations according to the schedule set forth in subsection (2) of this section, the state treasurer shall transfer sufficient funds in an amount not to exceed the amount of such insufficiency to the debt service repayment account in the capital construction fund created by section 24-75-302 (3), C.R.S., for the purpose of defraying such payments. Such transfer shall be in the form of a loan from moneys in the general fund not immediately required to be disbursed and shall bear interest at the earnings rate calculated monthly by the state treasurer. In the event any such loan is required to be made, succeeding distributions of net lottery proceeds shall be made in accordance with subsections (1) and (2) of this section. Thereafter, net lottery proceeds in an amount not to exceed the outstanding amount of the loan plus interest accrued shall be transferred to the debt service repayment account in the capital construction fund created by section 24-75-302 (3), C.R.S., for the purpose of repaying the general fund for such loan. No distribution shall be made pursuant to subsection (3) of this section until the principal and interest on such loan is repaid in full.

C.R.S. § 33-60-104 Distribution of net lottery proceeds beginning first quarter of fiscal year 1998-99

33-60-104. Distribution of net lottery proceeds beginning first quarter of fiscal year 1998-99. (1) For the first quarter of fiscal year 1998-99 and for each quarter thereafter, the state treasurer shall distribute net lottery proceeds as follows: (a) Forty percent to the conservation trust fund for distribution to municipalities and counties and other eligible entities for parks, recreation, and open space purposes; (b) Ten percent to the division of parks and wildlife for the acquisition, development, and improvement of new and existing state parks, recreation areas, and recreational trails; and (c) All remaining net lottery proceeds in trust to the trust fund board; except that, in any state fiscal year in which the portion of net lottery proceeds which would otherwise be given in trust to the trust fund board exceeds the adjusted amount of thirty-five million dollars as determined by the state treasurer in accordance with subsection (2) of this section, the net lottery proceeds in excess of such adjusted amount shall be allocated to the general fund and transferred as specified in section 44-40-111 (12). (2) Beginning with the first quarter of fiscal year 1998-99 and each fiscal year thereafter, the base amount of thirty-five million dollars shall be adjusted annually based on the decrease or increase, if any, in the consumer price index for the Denver metropolitan area, for the preceding calendar year reported by the United States bureau of labor statistics, or its successor index. Such adjustment shall reflect changes, if any, in such index from the actual consumer price index for the Denver metropolitan area, for the calendar year 1992.

C.R.S. § 33-60-104.5 Property acquired by state agencies with funds from the great outdoors Colorado trust fund - payments in lieu of taxes - restrictions - legislative declaration

33-60-104.5. Property acquired by state agencies with funds from the great outdoors Colorado trust fund - payments in lieu of taxes - restrictions - legislative declaration. (1) (a) The general assembly hereby finds and declares that: (I) The withdrawal of property from county tax rolls as a result of the purchase of interests in real property by state agencies with funds provided from the great outdoors Colorado trust fund may have a significant financial impact on the counties and other political subdivisions in which such property is located; (II) When state agencies acquire interests in real property with moneys from the great outdoors Colorado trust fund and remove them from the tax rolls, the agencies acquiring the interests shall make payments in lieu of taxes to the counties in which the property underlying the interest is located in order to alleviate the financial burdens such acquisitions create; and (III) Section 10 of article XXVII of the state constitution provides that payments in lieu of taxes for acquisitions of property pursuant to article XXVII shall be made from moneys made available by the great outdoors Colorado trust fund. (b) It is therefore the intent of this section to address the financial impact resulting from acquisitions of interests in real property by state agencies and to implement section 10 of article XXVII of the state constitution by establishing a mechanism for payments in lieu of taxes to be made from the great outdoors Colorado trust fund. (2) Whenever a state agency acquires an interest in real property using moneys from the trust fund pursuant to article XXVII of the state constitution and the interest is no longer subject to property taxation as a result of such acquisition, the agency that holds the interest shall pay annually to the treasurer of the county in which the property is located a payment in lieu of taxes that shall not exceed the amount of taxes that would be due if the interest was taxable. (3) (a) In accordance with section 10 of article XXVII of the state constitution and subject to the provisions of this section, the annual payments described in subsection (2) of this section shall be made with funds made available from the trust fund in the manner set forth in this subsection (3). (b) Each year during the regular tax assessment period, the board of county commissioners of each county in which a real property interest described in subsection (2) of this section is located shall provide to each state agency that holds such real property interests the following information in the same manner as such information is provided to any other owner of property in the county: (I) The current assessed value of each real property interest, expressed in dollars; (II) The amount of the payment in lieu of taxes due on each real property interest, based on the value and tax rate that would be applicable to the real property interest if it were taxable; and (III) The date the payment in lieu of taxes is due for such real property interests, based on the date property taxes within the county are due. (c) Each state agency that receives information from a board of county commissioners pursuant to this subsection (3) shall promptly forward such information to the trust fund board. In addition, for each real property interest reported, the agency shall provide information to the trust fund board concerning the portion of the total acquisition cost of the interest that was paid with moneys from the trust fund. (d) The trust fund board shall pay from the trust fund to the reporting state agency that portion of the payment in lieu of taxes that is equivalent to the portion of the total acquisition cost of the interest that was paid with moneys from the trust fund. The trust fund board shall be responsible for ensuring that timely payment is made to each state agency. paid with moneys from the trust fund. (d) The trust fund board shall pay from the trust fund to the reporting state agency that portion of the payment in lieu of taxes that is equivalent to the portion of the total acquisition cost of the interest that was paid with moneys from the trust fund. The trust fund board shall be responsible for ensuring that timely payment is made to each state agency. (e) Each state agency that receives a payment from the trust fund board pursuant to this subsection (3) shall promptly transmit the payment, along with any other amounts payable by the agency as part of the payment in lieu of taxes and appropriated by the general assembly, to the county entitled to receive it. (4) The treasurer of each county that receives a payment in lieu of taxes pursuant to this section shall pay over to each school district, special district, or other political subdivision in which a real property interest described in subsection (2) of this section is located its appropriate share of the total payment; except that the treasurer may deduct the costs incurred by the treasurer in administering this subsection (4). (5) Every state agency that makes a payment in lieu of taxes that will be distributed, in whole or in part, to a school district and every school district that receives a payment in lieu of taxes shall report the amount paid or received to the state board of education. (6) The general assembly may make appropriations for the purpose of funding a state agency's share of payments in lieu of taxes to any county entitled to receive such payments. Appropriations concerning lands purchased with wildlife cash or other wildlife moneys shall be made from the wildlife cash fund. Appropriations concerning lands purchased with parks and outdoor recreation cash or other parks and outdoor recreation moneys shall be made from the parks and outdoor recreation cash fund. (7) In the event a state agency does not receive funds from the trust fund board to make the payments in lieu of taxes described in this section by the date that property taxes within the county are due, the agency shall not be authorized to accept any grants or other funding assistance from the trust fund board for acquisition of interests in real property until such payments are brought up to date. (8) Nothing in this section shall be construed to alter the requirements of section 30-25-302, C.R.S., pertaining to property acquired by the division of parks and wildlife without assistance from the trust fund board.

C.R.S. § 33-60-105 Use of general fund moneys by state agencies - prohibition - cash funds

33-60-105. Use of general fund moneys by state agencies - prohibition - cash funds. The general assembly finds that the enactment of article XXVII of the state constitution dedicates a significant amount of moneys previously available to meet other state needs to the great outdoors Colorado trust fund and provides for the unrestricted expenditure of such moneys by the trust fund board for the preservation, protection, enhancement, and management of the state's wildlife, park, river trail, and open space heritage. Accordingly, no general fund moneys shall be used by any state agency for the purpose of funding necessary or incidental management costs which result from a distribution of moneys, land, or any other asset of the great outdoors Colorado trust fund, unless otherwise approved by the general assembly. Moneys derived from user fees and other revenue sources which are generated from programs and completed facilities funded by the great outdoors Colorado trust fund board shall not be transferred or revert to the general fund. Moneys generated from such programs and facilities at state parks shall be credited to the parks and outdoor recreation cash fund created by section 33-10-111 (1). All such moneys shall be subject to annual appropriation by the general assembly.

C.R.S. § 33-60-106 Report required - general appropriation act

33-60-106. Report required - general appropriation act. Notwithstanding section 24-1-136 (11)(a)(I), on or before September 1 of each year beginning with 1993, each state agency that has received or is scheduled to receive money from the great outdoors Colorado trust fund shall provide the senate agriculture, natural resources, and energy committee and the house of representatives agriculture, livestock, and natural resources committee with a detailed accounting of all such money received or to be received along with a detailed accounting of how such money has been or will be expended. For informational purposes, the expenditure of such money may be indicated in the annual general appropriation act.

C.R.S. § 33-60-107 State board of the great outdoors Colorado trust fund

33-60-107. State board of the great outdoors Colorado trust fund. (1) Public members of the state board of the great outdoors Colorado trust fund shall be appointed by the governor. Such appointments shall be subject to the consent of the senate. (2) Members of the state board of the great outdoors Colorado trust fund shall be subject to removal pursuant to section 6 of article IV of the Colorado constitution. (3) In addition to its other powers under article XXVII of the Colorado constitution and this article, the trust fund board shall have the power to issue bonds to finance any expenditure to address urgent and permanent land acquisition priorities, including the acquisition of perpetual conservation easements, that may be made from the trust fund and may pledge all or any portion of the moneys deposited or to be deposited into the trust fund for the payment of the bonds. The owners or holders of the bonds may not look to any other revenues of the state other than the trust fund for the payment of the bonds. The bonds shall be issued on the terms and subject to the conditions set forth in section 33-60-108. Notwithstanding any other provision of this article, the bonds may only be issued if the registered electors of the state approve the ballot question submitted at the November 2001 statewide election pursuant to section 33-60-114. The amount of any debt incurred and the repayment costs for any bonds issued by the board shall not exceed the maximum amounts of debt and repayment costs approved by the voters in such election.

C.R.S. § 33-60-108 Bonds

33-60-108. Bonds. (1) The trust fund board may, from time to time, issue bonds to finance any expenditure to address urgent and permanent land acquisition priorities, including the acquisition of perpetual conservation easements, that may be made from the trust fund. The bonds shall be issued pursuant to a resolution of the trust fund board and shall be payable solely out of all or any portion of the moneys deposited or to be deposited into the trust fund as specified by the trust fund board. (2) As provided in the resolution of the trust fund board under which the bonds are authorized to be issued or as provided in a trust indenture between the trust fund board and any commercial bank or trust company having trust powers, the bonds may: (a) Be executed and delivered by the trust fund board at such times as may be provided in the resolution or indenture; (b) Be in such form and denominations and include such terms and maturities as may be provided in the resolution or indenture; (c) Be subject to optional or mandatory redemption prior to maturity with or without a premium; (d) Be in fully registered form or bearer form registrable as to principal or interest or both or be in the form of coupon bonds that have attached interest coupons bearing a manual or facsimile signature of an officer of the trust fund board; (e) Bear such conversion privileges as may be provided in the resolution or indenture; (f) Be payable in such installments and at such times not exceeding twenty years from the date thereof; (g) Be payable at such place or places whether within or without the state; (h) Bear interest at such rate or rates per annum, which may be fixed or vary according to index, procedure, or formula, or as determined by the trust fund board or its agents, without regard to any interest rate limitation appearing in any other law of the state; (i) Be subject to purchase at the option of the holder or the trust fund board and evidenced in such manner; (j) Be executed by the officers of the trust fund board, including the use of one or more facsimile signatures so long as at least one manual signature appears on the bonds, which signatures may be either of an officer of the trust fund board or of an agent authenticating the same; and (k) Contain such other provisions not inconsistent with this article. (3) The bonds may be sold at public or private sale at such price, in such manner, and at such times as determined by the trust fund board, and the trust fund board may pay all fees, expenses, and commissions that it deems necessary or advantageous in connection with the sale of the bonds. The power to fix the date of sale of the bonds, to receive bids or proposals, to award and sell bonds, to fix interest rates, and to take all other action necessary to sell and deliver the bonds may be delegated to an officer or agent of the trust fund board. Any outstanding bonds may be refunded by the trust fund board pursuant to article 56 of title 11, C.R.S. All bonds and any interest coupons applicable thereto are declared to be negotiable instruments. The trust fund board may apply any or all of the provisions of articles 55 and 57 of title 11, C.R.S., in connection with the issuance of the bonds. (4) The resolution or trust indenture authorizing the issuance of the bonds may pledge all or any portion of the moneys deposited or to be deposited into the trust fund, may contain such provisions for protecting and enforcing the rights and remedies of holders of any of the bonds as the trust fund board deems appropriate, may set forth the rights and remedies of the holders of any of the bonds, and may contain provisions that the trust fund board deems appropriate for the security of the holders of the bonds, including, but not limited to, provisions for letters of credit, insurance, standby credit agreements, or other forms of credit ensuring timely payment of the bonds, including the redemption price or the purchase price. rth the rights and remedies of the holders of any of the bonds, and may contain provisions that the trust fund board deems appropriate for the security of the holders of the bonds, including, but not limited to, provisions for letters of credit, insurance, standby credit agreements, or other forms of credit ensuring timely payment of the bonds, including the redemption price or the purchase price. (5) Any pledge of moneys, revenues, or property for the payment of the bonds made by the trust fund board or by any other person shall be valid and binding from the time the pledge is made. The pledge shall be valid and binding as of the time it is made and the moneys, revenues, or property so pledged shall immediately be subject to the lien of the pledge without any physical delivery, filing, or further act. The lien of the pledge and the obligations of the trust fund board and any other person to perform the contractual provisions made in the instrument authorizing the issuance of the bonds shall be valid and binding against all persons having claims of any kind in tort, contract, or otherwise against the trust fund board and any other person, irrespective of whether such claiming party has notice of such lien and irrespective of whether such instrument is recorded or filed, and shall, except as otherwise provided in the instrument authorizing the issuance of the bonds or making the pledge, have priority over any and all obligations and liabilities of the trust fund board. The creation, perfection, enforcement, and priority of the pledge of money, revenues, or property for the payment of the bonds shall be governed by this article and the instrument authorizing the issuance of the bonds. (6) None of the directors or employees of the trust fund board or any person executing the bonds shall be liable personally on the bonds or subject to any personal liability or accountability by reason of the issuance thereof. (7) The trust fund board may purchase its bonds out of any available funds and may hold, pledge, cancel, or resell the bonds subject to and in accordance with agreements with the holders thereof.

C.R.S. § 33-60-109 Investments

33-60-109. Investments. (1) Except as provided in subsection (2) of this section, any proceeds from the issuance of bonds by the trust fund board that are credited to the trust fund shall be invested in the same manner as all other moneys credited to the trust fund as provided by law. (2) The trust fund board may direct a corporate trustee that holds proceeds from the issuance of bonds to invest or deposit the proceeds in investments or deposits other than those authorized for the trust fund if the trust fund board determines, by resolution, that the investment or deposit meets the standard established in section 15-1-304, C.R.S., the income is at least comparable to income available on investments or deposits authorized for the trust fund, and the investment will assist the trust fund board in making expenditures in furtherance of the great outdoors Colorado program.

C.R.S. § 33-60-110 Exemption from taxation

33-60-110. Exemption from taxation. Any bonds issued by the trust fund board and the transfer of and the income from any bonds issued by the trust fund board are exempt from all taxation and assessments in the state. In the resolution authorizing the bonds, the trust fund board may waive the exemption from federal income taxation for interest on the bonds.

C.R.S. § 33-60-111 Bonds eligible for investment

33-60-111. Bonds eligible for investment. All banks, trust companies, savings and loan associations, insurance companies, executors, administrators, guardians, trustees, and other fiduciaries may legally invest any moneys within their control in any bonds issued by the trust fund board pursuant to section 33-60-108. Public entities, as defined in section 24-75-601 (1), C.R.S., may invest public funds in the bonds only if the bonds satisfy the investment requirements established in part 6 of article 75 of title 24, C.R.S.

C.R.S. § 33-60-112 No action maintainable

33-60-112. No action maintainable. An action or proceeding at law or in equity to review any acts or proceedings or to question the validity or enjoin the performance of any act or proceedings or the issuance of any bonds issued pursuant to section 33-60-108, or for any other relief against or from any acts or proceedings done in connection with the issuance of such bonds, whether based upon irregularities or jurisdictional defects, shall not be maintained unless commenced within thirty days after the performance of the act or proceedings or the effective date thereof, whichever occurs first, and is thereafter perpetually barred.

C.R.S. § 33-60-113 Judicial examination of powers, acts, proceedings, or contracts of the trust fund board

33-60-113. Judicial examination of powers, acts, proceedings, or contracts of the trust fund board. In its discretion, the trust fund board may file a petition at any time in the district court in and for any county in the state praying for a judicial examination and determination of any power conferred to the trust fund board, any revenue-raising power exercised or that may be exercised by the trust fund board, or any act, proceeding, or contract of the trust fund board, whether or not the contract has been executed, relating to the issuance of bonds by the trust fund board pursuant to section 33-60-108. The judicial examination and determination shall be conducted in substantially the manner set forth in section 32-4-540, C.R.S.; except that the notice required shall be published once a week for three consecutive weeks and the hearing shall be held not less than thirty days nor more than forty days after the filing of the petition.

C.R.S. § 33-60-114 Submission of ballot question regarding issuance of bonds

33-60-114. Submission of ballot question regarding issuance of bonds. (1) The secretary of state shall submit a ballot question to a vote of the registered electors of the state of Colorado at the statewide election to be held in November 2001 for their approval or rejection. Each elector voting at said November election shall cast a vote as provided by law either "Yes" or "No" on the proposition: "Shall the state board of the great outdoors Colorado trust fund debt be increased $115,000,000, with a maximum repayment cost of $180,000,000, with no increase in any taxes, for the purpose of enhancing the great outdoors Colorado trust fund's ability to address urgent and permanent land acquisition priorities, including the acquisition of perpetual conservation easements, in order to protect the state's wildlife, park, river, trail, and open space heritage through the issuance of bonds, and shall earnings on the proceeds of such bonds constitute a voter-approved revenue change?" (2) The votes cast for the adoption or rejection of the question submitted pursuant to subsection (1) of this section shall be canvassed and the result determined in the manner provided by law for the canvassing of votes for representatives in Congress.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://leg.colorado.gov/sites/default/files/images/olls/crs2024-title-33.docxFetched: 10/6/2026