CO SB209

Allows school district boards of education to lease district property to state institutions of higher education, subject to Commissioner of Education approval, with lease terms agreed upon by both parties.

Permits school districts to receive in-kind services (such as reduced tuition rates and scholarships for district employees or graduates) as lease payment substitutes, provided the dollar value of in-kind services equals the lease payment amount.

Authorizes school districts to seek voter approval for bonded indebtedness to construct buildings specifically for leasing to state higher education institutions, with ballot language explicitly stating this purpose.

Requires school districts to submit letters of intent to the Commissioner for approval before leasing property to higher education institutions or seeking bonded indebtedness for such construction; limits Commissioner approval to first three letters of intent until July 1, 2021.

Requires school districts to submit triennial reports to legislative education committees by December 31, 2018, and every three years thereafter, detailing bonded indebtedness, in-kind service values, and impacts on the district from such leases.