SB 26-183

Senate Bill 26-183 is a Colorado state law that allows the state treasurer to provide up to $13 million in funding for the Colorado School of Mines to renovate Guggenheim Hall. This money will help cover critical building system upgrades and related costs, with the state paying back the loan over time through annual payments not exceeding $17.5 million. Since the bill has been signed into law, it means that the funds can now be used for the renovation project as planned.

Official Summary

The bill requires the state treasurer, on behalf of the state, to execute, no later than December 31, 2026, financed purchase of an asset or certificate of participation agreements (financing agreements) to finance a portion of the capital costs related to the capital renewal of a facility at the Colorado school of mines. The financing agreements are to be issued in an aggregate principal amount not to exceed $13 million plus reasonable and necessary administrative, monitoring, and closing costs and interest, including capitalized interest. The anticipated annual state-funded payments for the principal and interest components due under the financing agreements must not exceed the difference between $17.5 million and the amount of the annual state-funded payments for the agreements entered into pursuant to House Bill 24-1231, with principal amortization not occurring before July 1, 2027. The proceeds from the financing agreements will be used for the renewal of critical building systems of Guggenheim hall at the Colorado school of mines.(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

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