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Archive #57763
Metadata
Bill Number
HB24-1231
HTTP Status
200
Valid JSON
Valid
Archived At
2026-04-26 14:07:02 MDT
Created At
2026-04-26 14:07:02 MDT
Parsed JSON
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"Chris" }, { "id": "DR001", "title": "Senator", "s_type": "Co-sponsor", "chamber": "Senate", "full_name": "Dylan Roberts", "last_name": "Roberts", "first_name": "Dylan" }, { "id": "CS001", "title": "Senator", "s_type": "Co-sponsor", "chamber": "Senate", "full_name": "Cleave Simpson", "last_name": "Simpson", "first_name": "Cleave" }, { "id": "RZ001", "title": "Senator", "s_type": "Co-sponsor", "chamber": "Senate", "full_name": "Rachel Zenzinger", "last_name": "Zenzinger", "first_name": "Rachel" }, { "id": "SF001", "title": "Senator", "s_type": "Co-sponsor", "chamber": "Senate", "full_name": "Stephen Fenberg", "last_name": "Fenberg", "first_name": "Steve" } ], "bill_files": [ { "url": "https://www.leg.state.co.us/CLICS/CLICS2024A/csl.nsf/0/8B3F88674CE75D5087258A1D005C90F6/$File/1231_signed.pdf", "date": "05/01/2024", "label": "Signed Act", "lastModified": "05/02/2024 08:09:48 AM" }, { "url": 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"04/15/2024 11:50:48 AM" }, { "url": "https://www.leg.state.co.us/CLICS/CLICS2024A/csl.nsf/0/8B3F88674CE75D5087258A1D005C90F6/$File/1231_01.pdf", "date": "02/12/2024", "label": "Introduced", "lastModified": "02/12/2024 02:32:11 PM" } ], "committees": [ { "id": "H_HHS_2024A", "name": "Health & Human Services", "chamber": "House" }, { "id": "H_FIN_2024A", "name": "Finance", "chamber": "House" }, { "id": "H_APP_2024A", "name": "Appropriations", "chamber": "House" }, { "id": "S_FIN_2024A", "name": "Finance", "chamber": "Senate" }, { "id": "S_APP_2024A", "name": "Appropriations", "chamber": "Senate" } ], "long_title": "Concerning state funding for four projects related to health sciences education programs for medical professions being undertaken by state institutions of higher education, and, in connection therewith, authorizing the state to issue financed purchase of an asset or certificate of participation agreements to finance a portion of capital costs associated with construction of facilities for the university of northern Colorado's college of osteopathic medicine, metropolitan state university of Denver's health institute tower, Colorado state university's veterinary health education campus, and expansion and renovation of Trinidad state college's valley campus main building, providing funding for escrow money that is required for accreditation of the university of northern Colorado's college of osteopathic medicine by transferring money from the general fund for ultimate deposit to an escrow account and reducing the state reserve by the same amount for the period during which the money is held in escrow, and making an appropriation.", "bill_status": "Signed into Law", "short_title": "State Funding for Higher Education Projects", "bill_summary": "<html><body><p>The act requires the state treasurer, on behalf of the state, to execute, no later than December 31, 2024, financed purchase of an asset or certificate of participation agreements (financing agreements) to finance capital costs related to the construction of facilities for 4 state institutions of higher education. The financing agreements are to be issued in an aggregate principal amount of up to $246,936,092 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 $17,500,000 with principal amortization not occurring before July 1, 2027.</p><p style='text-indent:50px'><t></t></p><p style='text-indent:50px'>The proceeds from the financing agreements will be used for the following 4 capital projects:</p><p style='text-indent:50px'><ul><li>Construction of facilities for the university of northern Colorado's college of osteopathic medicine;<li>Construction of a health institute tower for metropolitan state university of Denver;<li>Construction of a veterinary health education complex for Colorado state university; and<li>Renovation of Trinidad state college's valley campus main building to move nursing and allied health programs into the building, address deferred maintenance issues, and create an assembly space that will serve both the college and the community and a one-stop student services center to support career and technical education and allied health students.</li></ul><t></t></p><p style='text-indent:50px'>The act also requires a general fund transfer of $41,250,000 to the university of northern Colorado for deposit into an escrow account to be held in escrow in accordance with the requirements of the accrediting body of the college of osteopathic medicine.</p><p style='text-indent:50px'><t></t></p><p style='text-indent:50px'>If the money in escrow, including interest, is released to the university of northern Colorado upon graduation of the first cohort from the college of osteopathic medicine, then the university shall provide notice of the release of escrow to the joint budget committee of the general assembly, to the state treasurer, and to the office of state planning and budgeting. Additionally, for the state fiscal year in which the escrow money is released, the amount that is to be paid to the university pursuant to its fee-for-service contract for that state fiscal year is reduced by the lesser of an amount equal to the amount of the escrow money or an amount equal to the amount of a portion of the escrow money that reduces the amount to be paid pursuant to the fee-for-service contract to zero. If the amount of the escrow money exceeds the amount due under such fee-for-service contract, then the amount the university of northern Colorado would otherwise receive from the college opportunity fund is reduced by an amount equal to the excess. If, after both reductions, there remains excess escrow money, then in the next state fiscal year the amount that is to be paid to the university of northern Colorado pursuant to its fee-for-service contract for that state fiscal year is reduced by an amount equal to the amount of the remaining escrow money. The university of northern Colorado must use the escrow money, or a portion of it, as applicable, for each applicable reduction as an offset for the reduction.</p><p style='text-indent:50px'><t></t></p><p style='text-indent:50px'>If the escrow money is released for failure of the college of osteopathic medicine to complete accreditation, then the university of northern Colorado shall provide a report of this to the joint budget committee of the general assembly, to the state treasurer, and to the office of state planning and budgeting. For the period that the escrow money is held in escrow, the amount of unrestricted general fund year-end balances that must be retained as a reserve is reduced by $41,250,000.</p><p style='text-indent:50px'><t></t></p><p style='text-indent:50px'>The appropriation to implement the act anticipates that the department of higher education will receive $246,936,092 in cash funds from the proceeds of the financing agreements and is anticipated to use the amount as follows:</p><p style='text-indent:50px'><ul><li>$127,542,028 for construction of the college of osteopathic medicine at the university of northern Colorado;<li>$50,000,000 for construction of the health institute tower at metropolitan state university of Denver;<li>$50,000,000 for construction of the veterinary health education complex at Colorado state university; and<li>$19,394,064 for renovation of the valley campus main building at Trinidad state college.</li></ul><b>APPROVED</b> by Governor May 1, 2024</p><p style='text-indent:50px'><b>EFFECTIVE</b> May 1, 2024<br/><i>(Note: This summary applies to this bill as enacted.)</i></p></body></html>", "progress_bar": [ { "end": "F", "label": "Introduced", "position": 1 }, { "end": "F", "label": "Passed", "position": 2 }, { "end": "T", "label": "Became Law", "position": 3 } ], "special_type": "", "bill_category": "Government - State", "allow_testimony": "F", "amendment_files": [ { "url": "https://s3-us-west-2.amazonaws.com/leg.colorado.gov/2024A/amendments/DE0025B558A8298D87258AFB0081E84F/HB1231_J.001.pdf", "date": "4/12/2024 7:49:00 AM", "vote": "Passed*", "chamber": "House", "hearing": "HOU Appropriations", "amendment": "J.001" }, { "url": "https://s3-us-west-2.amazonaws.com/leg.colorado.gov/2024A/amendments/2ACD1A17E9851DF187258AD100679003/HB1231_L.001.pdf", "date": "2/28/2024 4:49:55 PM", "vote": "Passed*", "chamber": "House", "hearing": "HOU Health & Human Services", "amendment": "L.001" } ], "full_bill_topic": "State Funding for Higher Education Projects", "long_bill_files": [], "GHG_report_files": [], "preamended_files": [ { "url": "https://www.leg.state.co.us/CLICS/CLICS2024A/csl.nsf/0/8B3F88674CE75D5087258A1D005C90F6/$File/1231_H_THL_01.pdf", "date": "02/29/2024", "label": "PA1", "lastModified": "02/29/2024 03:52:28 PM" }, { "url": "https://www.leg.state.co.us/CLICS/CLICS2024A/csl.nsf/0/8B3F88674CE75D5087258A1D005C90F6/$File/1231_H_THL_APP_01.pdf", "date": "04/12/2024", "label": "PA2", "lastModified": "04/12/2024 02:48:17 PM" } ], "bill_sub_category": "State Property", "fiscal_note_files": [ { "url": "https://www.leg.state.co.us/CLICS/CLICS2024A/csl.nsf/0/8B3F88674CE75D5087258A1D005C90F6/$File/HB1231_00.pdf", "date": "02/27/2024", "label": "FN1", "lastModified": "02/27/2024 09:57:12 AM" }, { "url": "https://www.leg.state.co.us/CLICS/CLICS2024A/csl.nsf/0/8B3F88674CE75D5087258A1D005C90F6/$File/HB1231_r1.pdf", "date": "04/18/2024", "label": "FN2", "lastModified": "04/18/2024 03:02:26 PM" }, { "url": "https://www.leg.state.co.us/CLICS/CLICS2024A/csl.nsf/0/8B3F88674CE75D5087258A1D005C90F6/$File/HB1231_f1.pdf", "date": "07/24/2024", "label": "FN3", "lastModified": "07/24/2024 11:22:05 AM" } ], "is_budget_package": "No", "session_laws_files": { "url": "https://www.leg.state.co.us/CLICS/CLICS2024A/csl.nsf/0/8B3F88674CE75D5087258A1D005C90F6/$File/sl_143.pdf", "date": [ "05/01/2024" ], "page_num": 525, "url_html": "", "chapter_num": 143, "short_title": "State Funding for Higher Education Projects", "lastModified": "05/16/2024 03:51:00 PM", "governor_action": "Signed", "governor_action_date": "05/01/2024 12:15:00 PM" }, "summarized_history": [ { "date": "05/01/2024", "action": "Governor Signed", "location": "Governor" }, { "date": "04/26/2024", "action": "Sent to the Governor", "location": "Governor" }, { "date": "04/26/2024", "action": "Signed by the President of the Senate", "location": "Senate" }, { "date": "04/26/2024", "action": "Signed by the Speaker of the House", "location": "House" }, { "date": "04/26/2024", "action": "Senate Third Reading Passed - No Amendments", "location": "Senate" }, { "date": "04/25/2024", "action": "Senate Second Reading Special Order - Passed - No Amendments", "location": "Senate" }, { "date": "04/25/2024", "action": "Senate Committee on Appropriations Refer Unamended - Consent Calendar to Senate Committee of the Whole", "location": "Senate" }, { "date": "04/23/2024", "action": "Senate Committee on Finance Refer Unamended to Appropriations", "location": "Senate" }, { "date": "04/17/2024", "action": "Introduced In Senate - Assigned to Finance", "location": "Senate" }, { "date": "04/17/2024", "action": "House Third Reading Passed - No Amendments", "location": "House" }, { "date": "04/16/2024", "action": "House Third Reading Laid Over Daily - No Amendments", "location": "House" }, { "date": "04/15/2024", "action": "House Second Reading Special Order - Passed with Amendments - Committee", "location": "House" }, { "date": "04/12/2024", "action": "House Committee on Appropriations Refer Amended to House Committee of the Whole", "location": "House" }, { "date": "03/18/2024", "action": "House Committee on Finance Refer Unamended to Appropriations", "location": "House" }, { "date": "02/28/2024", "action": "House Committee on Health & Human Services Refer Amended to Finance", "location": "House" }, { "date": "02/12/2024", "action": "Introduced In House - Assigned to Health & Human Services + Finance", "location": "House" } ], "research_note_files": [], "bill_sub_sub_category": "Lease-Purchase Agreements", "committee_report_files": [ { "url": "https://www.leg.state.co.us/CLICS/CLICS2024A/csl.nsf/0/8B3F88674CE75D5087258A1D005C90F6/$File/HB1231_H_HHS_001.pdf", "date": "02/28/2024", "label": "H_HHS_2024A", "lastModified": "02/29/2024 02:53:15 PM" }, { "url": "https://www.leg.state.co.us/CLICS/CLICS2024A/csl.nsf/0/8B3F88674CE75D5087258A1D005C90F6/$File/HB1231_H_FIN_001.pdf", "date": "03/18/2024", "label": "H_FIN_2024A", "lastModified": "03/20/2024 05:33:24 PM" }, { "url": "https://www.leg.state.co.us/CLICS/CLICS2024A/csl.nsf/0/8B3F88674CE75D5087258A1D005C90F6/$File/HB1231_H_APP_002.pdf", "date": "04/12/2024", "label": "H_APP_2024A", "lastModified": "04/12/2024 09:12:54 AM" }, { "url": "https://www.leg.state.co.us/CLICS/CLICS2024A/csl.nsf/0/8B3F88674CE75D5087258A1D005C90F6/$File/HB1231_S_FIN_001.pdf", "date": "04/23/2024", "label": "S_FIN_2024A", "lastModified": "04/24/2024 10:57:32 AM" }, { "url": "https://www.leg.state.co.us/CLICS/CLICS2024A/csl.nsf/0/8B3F88674CE75D5087258A1D005C90F6/$File/HB1231_S_APP_002.pdf", "date": "04/25/2024", "label": "S_APP_2024A", "lastModified": "04/25/2024 10:22:42 AM" } ], "demographic_note_files": [], "updated_bill_summary_files": [], "budget_staff_analysis_files": [ { "url": "https://www.leg.state.co.us/CLICS/CLICS2024A/csl.nsf/0/8B3F88674CE75D5087258A1D005C90F6/$File/HB1231_hse.pdf", "date": "04/10/2024", "label": "SA1", "lastModified": "04/10/2024 05:42:29 PM" }, { "url": "https://www.leg.state.co.us/CLICS/CLICS2024A/csl.nsf/0/8B3F88674CE75D5087258A1D005C90F6/$File/HB1231_sen.pdf", "date": "04/24/2024", "label": "SA2", "lastModified": "04/24/2024 02:02:21 PM" } ], "first_chamber_third_reading_date": "04/17/2024", "second_chamber_third_reading_date": "04/26/2024" }
Raw Response
{"bill_num":"HB24-1231","lls_num":"24-0196","origin":"House","short_title":"State Funding for Higher Education Projects","full_bill_topic":"State Funding for Higher Education Projects","long_title":"Concerning state funding for four projects related to health sciences education programs for medical professions being undertaken by state institutions of higher education, and, in connection therewith, authorizing the state to issue financed purchase of an asset or certificate of participation agreements to finance a portion of capital costs associated with construction of facilities for the university of northern Colorado's college of osteopathic medicine, metropolitan state university of Denver's health institute tower, Colorado state university's veterinary health education campus, and expansion and renovation of Trinidad state college's valley campus main building, providing funding for escrow money that is required for accreditation of the university of northern Colorado's college of osteopathic medicine by transferring money from the general fund for ultimate deposit to an escrow account and reducing the state reserve by the same amount for the period during which the money is held in escrow, and making an appropriation.","special_type":"","bill_category":"Government - State","bill_sub_category":"State Property","bill_sub_sub_category":"Lease-Purchase Agreements","is_budget_package":"No","subject":["Capital Construction","Fiscal Policy & Taxes","Higher Education","State Government","State Revenue & Budget"],"bill_status":"Signed into Law","sponsors":[{"id":"MY001","title":"Representative","first_name":"Mary","last_name":"Young","full_name":"Mary Young","s_type":"Prime Sponsor","chamber":"House","sponsor_order":"1"},{"id":"LD001","title":"Representative","first_name":"Lindsey","last_name":"Daugherty","full_name":"Lindsey Daugherty","s_type":"Prime Sponsor","chamber":"House","sponsor_order":"2"},{"id":"JA002","title":"Representative","first_name":"Judy","last_name":"Amabile","full_name":"Judy Amabile","s_type":"Additional Sponsor","chamber":"House"},{"id":"AB002","title":"Representative","first_name":"Andrew","last_name":"Boesenecker","full_name":"Andrew Boesenecker","s_type":"Additional Sponsor","chamber":"House"},{"id":"TH001","title":"Representative","first_name":"Tim","last_name":"Hernandez","full_name":"Tim Hernandez","s_type":"Additional Sponsor","chamber":"House"},{"id":"CK002","title":"Representative","first_name":"Cathy","last_name":"Kipp","full_name":"Cathy Kipp","s_type":"Additional Sponsor","chamber":"House"},{"id":"JB005","title":"Representative","first_name":"Jennifer","last_name":"Bacon","full_name":"Jennifer Bacon","s_type":"Additional Sponsor","chamber":"House"},{"id":"SB002","title":"Representative","first_name":"Shannon","last_name":"Bird","full_name":"Shannon Bird","s_type":"Additional Sponsor","chamber":"House"},{"id":"MB002","title":"Representative","first_name":"Mary","last_name":"Bradfield","full_name":"Mary Bradfield","s_type":"Additional Sponsor","chamber":"House"},{"id":"KB002","title":"Representative","first_name":"Kyle","last_name":"Brown","full_name":"Kyle Brown","s_type":"Additional Sponsor","chamber":"House"},{"id":"MD001","title":"Representative","first_name":"Monica","last_name":"Duran","full_name":"Monica Duran","s_type":"Additional Sponsor","chamber":"House"},{"id":"RE001","title":"Representative","first_name":"Regina","last_name":"English","full_name":"Regina English","s_type":"Additional Sponsor","chamber":"House"},{"id":"MF002","title":"Representative","first_name":"Meg","last_name":"Froelich","full_name":"Meg Froelich","s_type":"Additional Sponsor","chamber":"House"},{"id":"LG003","title":"Representative","first_name":"Lorena","last_name":"García","full_name":"Lorena García","s_type":"Additional Sponsor","chamber":"House"},{"id":"EH002","title":"Representative","first_name":"Eliza","last_name":"Hamrick","full_name":"Eliza Hamrick","s_type":"Additional Sponsor","chamber":"House"},{"id":"JJ002","title":"Representative","first_name":"Junie","last_name":"Joseph","full_name":"Junie Joseph","s_type":"Additional Sponsor","chamber":"House"},{"id":"SL004","title":"Representative","first_name":"Sheila","last_name":"Lieder","full_name":"Sheila Lieder","s_type":"Additional Sponsor","chamber":"House"},{"id":"ML002","title":"Representative","first_name":"Mandy","last_name":"Lindsay","full_name":"Mandy Lindsay","s_type":"Additional Sponsor","chamber":"House"},{"id":"ML001","title":"Representative","first_name":"Mike","last_name":"Lynch","full_name":"Mike Lynch","s_type":"Additional Sponsor","chamber":"House"},{"id":"JM003","title":"Representative","first_name":"Javier","last_name":"Mabrey","full_name":"Javier Mabrey","s_type":"Additional Sponsor","chamber":"House"},{"id":"MM002","title":"Representative","first_name":"Matthew","last_name":"Martinez","full_name":"Matthew Martinez","s_type":"Additional Sponsor","chamber":"House"},{"id":"TM001","title":"Representative","first_name":"Tisha","last_name":"Mauro","full_name":"Tisha Mauro","s_type":"Additional Sponsor","chamber":"House"},{"id":"DO001","title":"Representative","first_name":"David","last_name":"Ortiz","full_name":"David Ortiz","s_type":"Additional Sponsor","chamber":"House"},{"id":"NR001","title":"Representative","first_name":"Naquetta","last_name":"Ricks","full_name":"Naquetta Ricks","s_type":"Additional Sponsor","chamber":"House"},{"id":"BT001","title":"Representative","first_name":"Brianna","last_name":"Titone","full_name":"Brianna Titone","s_type":"Additional Sponsor","chamber":"House"},{"id":"JW003","title":"Representative","first_name":"Jenny","last_name":"Willford","full_name":"Jenny Willford","s_type":"Additional Sponsor","chamber":"House"},{"id":"TW001","title":"Representative","first_name":"Ty","last_name":"Winter T.","full_name":"Ty Winter","s_type":"Additional Sponsor","chamber":"House"},{"id":"CC001","title":"Representative","first_name":"Chad","last_name":"Clifford","full_name":"Chad Clifford","s_type":"Co-sponsor","chamber":"House"},{"id":"EE001","title":"Representative","first_name":"Elisabeth","last_name":"Epps","full_name":"Elisabeth Epps","s_type":"Co-sponsor","chamber":"House"},{"id":"LH001","title":"Representative","first_name":"Leslie","last_name":"Herod","full_name":"Leslie Herod","s_type":"Co-sponsor","chamber":"House"},{"id":"JM005","title":"Representative","first_name":"Julia","last_name":"Marvin","full_name":"Julia Marvin","s_type":"Co-sponsor","chamber":"House"},{"id":"KM002","title":"Representative","first_name":"Karen","last_name":"McCormick","full_name":"Karen McCormick","s_type":"Co-sponsor","chamber":"House"},{"id":"JP001","title":"Representative","first_name":"Jennifer","last_name":"Parenti","full_name":"Jennifer Parenti","s_type":"Co-sponsor","chamber":"House"},{"id":"MR001","title":"Representative","first_name":"Manny","last_name":"Rutinel","full_name":"Manny Rutinel","s_type":"Co-sponsor","chamber":"House"},{"id":"MS002","title":"Representative","first_name":"Marc","last_name":"Snyder","full_name":"Marc Snyder","s_type":"Co-sponsor","chamber":"House"},{"id":"RT001","title":"Representative","first_name":"Rick","last_name":"Taggart","full_name":"Rick Taggart","s_type":"Co-sponsor","chamber":"House"},{"id":"AV001","title":"Representative","first_name":"Alex","last_name":"Valdez","full_name":"Alex Valdez","s_type":"Co-sponsor","chamber":"House"},{"id":"EV002","title":"Representative","first_name":"Elizabeth","last_name":"Velasco","full_name":"Elizabeth Velasco","s_type":"Co-sponsor","chamber":"House"},{"id":"SV001","title":"Representative","first_name":"Stephanie","last_name":"Vigil","full_name":"Stephanie Vigil","s_type":"Co-sponsor","chamber":"House"},{"id":"SW001","title":"Representative","first_name":"Steven","last_name":"Woodrow","full_name":"Steven Woodrow","s_type":"Co-sponsor","chamber":"House"},{"id":"JM002","title":"Representative","first_name":"Julie","last_name":"McCluskie","full_name":"Julie McCluskie","s_type":"Co-sponsor","chamber":"House"},{"id":"BK001","title":"Senator","first_name":"Barbara","last_name":"Kirkmeyer","full_name":"Barbara Kirkmeyer","s_type":"Prime Sponsor","chamber":"Senate","sponsor_order":"3"},{"id":"KM001","title":"Senator","first_name":"Kyle","last_name":"Mullica","full_name":"Kyle Mullica","s_type":"Prime Sponsor","chamber":"Senate","sponsor_order":"4"},{"id":"KP001","title":"Senator","first_name":"Kevin","last_name":"Priola","full_name":"Kevin Priola","s_type":"Additional 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The financing agreements are to be issued in an aggregate principal amount of up to $246,936,092 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 $17,500,000 with principal amortization not occurring before July 1, 2027.</p><p style='text-indent:50px'><t></t></p><p style='text-indent:50px'>The proceeds from the financing agreements will be used for the following 4 capital projects:</p><p style='text-indent:50px'><ul><li>Construction of facilities for the university of northern Colorado's college of osteopathic medicine;<li>Construction of a health institute tower for metropolitan state university of Denver;<li>Construction of a veterinary health education complex for Colorado state university; and<li>Renovation of Trinidad state college's valley campus main building to move nursing and allied health programs into the building, address deferred maintenance issues, and create an assembly space that will serve both the college and the community and a one-stop student services center to support career and technical education and allied health students.</li></ul><t></t></p><p style='text-indent:50px'>The act also requires a general fund transfer of $41,250,000 to the university of northern Colorado for deposit into an escrow account to be held in escrow in accordance with the requirements of the accrediting body of the college of osteopathic medicine.</p><p style='text-indent:50px'><t></t></p><p style='text-indent:50px'>If the money in escrow, including interest, is released to the university of northern Colorado upon graduation of the first cohort from the college of osteopathic medicine, then the university shall provide notice of the release of escrow to the joint budget committee of the general assembly, to the state treasurer, and to the office of state planning and budgeting. Additionally, for the state fiscal year in which the escrow money is released, the amount that is to be paid to the university pursuant to its fee-for-service contract for that state fiscal year is reduced by the lesser of an amount equal to the amount of the escrow money or an amount equal to the amount of a portion of the escrow money that reduces the amount to be paid pursuant to the fee-for-service contract to zero. If the amount of the escrow money exceeds the amount due under such fee-for-service contract, then the amount the university of northern Colorado would otherwise receive from the college opportunity fund is reduced by an amount equal to the excess. If, after both reductions, there remains excess escrow money, then in the next state fiscal year the amount that is to be paid to the university of northern Colorado pursuant to its fee-for-service contract for that state fiscal year is reduced by an amount equal to the amount of the remaining escrow money. The university of northern Colorado must use the escrow money, or a portion of it, as applicable, for each applicable reduction as an offset for the reduction.</p><p style='text-indent:50px'><t></t></p><p style='text-indent:50px'>If the escrow money is released for failure of the college of osteopathic medicine to complete accreditation, then the university of northern Colorado shall provide a report of this to the joint budget committee of the general assembly, to the state treasurer, and to the office of state planning and budgeting. For the period that the escrow money is held in escrow, the amount of unrestricted general fund year-end balances that must be retained as a reserve is reduced by $41,250,000.</p><p style='text-indent:50px'><t></t></p><p style='text-indent:50px'>The appropriation to implement the act anticipates that the department of higher education will receive $246,936,092 in cash funds from the proceeds of the financing agreements and is anticipated to use the amount as follows:</p><p style='text-indent:50px'><ul><li>$127,542,028 for construction of the college of osteopathic medicine at the university of northern Colorado;<li>$50,000,000 for construction of the health institute tower at metropolitan state university of Denver;<li>$50,000,000 for construction of the veterinary health education complex at Colorado state university; and<li>$19,394,064 for renovation of the valley campus main building at Trinidad state college.</li></ul><b>APPROVED</b> by Governor May 1, 2024</p><p 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