Critical roof repairs at state colleges, security upgrades at mental health facilities and a new sanitation infrastructure for the Colorado State Fair are all on hold due to a funding delay and lawmakers argued Monday about who was to blame. “The Treasurer’s Office has not delayed the transaction. The exact opposite is true,” Deputy Treasurer Ryan Parsell told lawmakers on the Capital Development Committee. “We have worked hard to keep all the different parts of this and all other financial transactions going forward at every step of the way.” The transactions Parsell referenced are called Certificates of Participation. COPs are basically a way of raising money when the state wants to pay for something over time like a new flood mitigation system at a Colorado National Guard armory. “Typically in COP financing, the state transfers its interests in a property to a lessor and then leases the property back through annual lease payments,” according to a memo from Colorado Legislative Council staff. State lawmakers passed a bill full of COPs during the 2017 legislative session to raise nearly $2 billion for things like transportation, college campuses and projects in rural Colorado. Senate Bill 267 allowed Treasurer Walker Stapleton, a Republican who’s campaigning… Read full this story
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