Colorado Legislative Council Staff
NO FISCAL IMPACT
January 13, 1998
Harry Zeid (866-4753)
TITLE: CONCERNING THE COLORADO POSTSECONDARY EDUCATIONAL FACILITIES AUTHORITY, AND, IN CONNECTION THEREWITH, CHANGING THE NAME OF THE AUTHORITY TO THE COLORADO EDUCATIONAL AND CULTURAL FACILITIES AUTHORITY AND MODIFYING THE INSTITUTIONS THAT MAY RECEIVE ASSISTANCE FROM THE AUTHORITY.
Summary of Assessment
This bill would change the name of the Colorado Postsecondary Educational Facilities Authority to the Colorado Educational and Cultural Facilities Authority. Under current law, the authority may lend money to institutions of postsecondary education and cultural institutions. The bill would expand the types of institutions that the authority may assist to include any governmental, quasi-governmental, or nonprofit educational institution that is a charter school. The bill specifies that no financial obligation incurred for the benefit of a charter school would directly or indirectly obligate the school district that granted the charter to the charter school unless the expressed written consent of the school district is obtained, and the authority obtains a written opinion of legal counsel that the obligation of the school district is legally permissible under the Colorado Constitution and all applicable laws.
The bill will allow the Colorado Educational and Cultural Facilities Authority to provide financial help to charter schools with their facility issues. This is intended to reduce certain costs incurred by charter schools, but will not affect the costs of the school district in providing funding to the charter school. Since the bill will not affect the revenues or expenditures of the state or local school districts, the bill is assessed as having no fiscal impact. The bill will become effective at 12:01 a.m. on the day following the ninety-day period after adjournment sine die of the General Assembly, or on the date of the official declaration of the vote of the people as proclaimed by the Governor, if a referendum petition is filed pursuant to Article V, Section 1 (3) of the State Constitution.