CO HB1385

Authorizes the state treasurer to execute financed purchase of an asset or certificate of participation agreements to finance the Colorado Operations Resource Engine (CORE) upgrade and continuous improvement project, up to $9,787,000 plus reasonable administrative, monitoring, and closing costs and interest.

Limits anticipated annual state-funded payments for principal and interest to no more than $1,600,000, with all payments subject to annual appropriation by the general assembly.

Specifies that the financing agreement obligations do not constitute state indebtedness under the Colorado Constitution, and if the state does not renew the agreement, the lessor's sole security is the property subject to the agreement.

Authorizes the state to receive all personal property subject to the agreement, reduce lease terms through prepayment, and allows issuance of instruments evidencing payment rights that are exempt from Colorado income tax.

Requires the Department of Personnel and Governor's Office of Information Technology to report to the Joint Technology Committee and Joint Budget Committee on project progress in formats and at intervals specified by those committees.