HB 16-1459 Summary

• Increases the dollar threshold for Colorado Commission of Higher Education review of capital construction projects funded solely from institutional cash funds from $2 million to $10 million for projects that are not new construction or new property acquisitions.

• Maintains the $2 million threshold for new construction and new property acquisitions funded by cash or through the Higher Education Revenue Bond Intercept Program.

• Requires the commission to submit separate annual two-year reports to the governor, legislature, and budget committees for projects exceeding $2 million (new construction) and $10 million (non-new construction) thresholds.

• Adds a definition of "real property" cross-referencing Colorado Revised Statutes Section 24-30-1301(15) to clarify what constitutes new acquisitions of real property.

• Effective date is August 10, 2016, subject to referendum petition rights under the state constitution.