Colorado

Decision instrument

The state may not borrow at all, except for a revenue shortfall, a state building, an insurrection, or war. After the state’s valuation passed $100 million, a shortfall debt may not exceed $100,000.

What public act authorizes the borrowing, and where is the purpose and the first-year cost written down? Colorado Constitution, Article XI, Section 3. A shortfall debt in one year may not exceed one-fourth of a mill. Building debt in one year may not exceed one-half mill, and the total of that building debt may not exceed $50,000 except as Section 5 provides. The law that creates the debt cannot be repealed until it is paid, has to name the purpose, and has to levy a tax that pays the interest and the principal. For buildings and shortfalls, that time is not less than ten years. The Taxpayer’s Bill of Rights, except for an exempt enterprise, requires a vote to create debt unless cash already set aside is irrevocably pledged to pay it. A refinancing at a lower rate does not need that vote.

Debt statement

No Annual Debt Statement of the New Jersey kind.

What yearly filing states gross debt, deductions, and how close the issuer is to its limit? State borrowing is in the annual report for the year ended June 30, 2025, Note 11. County dollar rows are not attached.

Debt limit

A local general obligation debt needs a vote of the taxpaying electors, unless a home-rule charter says otherwise. Water debt is outside that rule.

What cap binds a county or a city, and is the state's own ceiling a different rule? Constitution, Article XI, Section 6. The measure cannot be repealed until the debt is paid, and a tax, with any other pledged money, has to cover the interest and the principal. The General Assembly sets the dollar limits by statute. A school district’s bonded debt is limited to the greater of 20% of the latest assessed valuation or 6% of actual value. Bonds approved at an election on or after July 1, 2014, can use 25% of assessed value if the statute’s other conditions are met.

Conflict rule

A local official may not take an official act that substantially benefits a business in which the official has a substantial financial interest.

Which ethics statute covers local officers, what counts as an interest, and who is left out? C.R.S. § 24-18-109. A member of a governing body who has a personal or private interest in a matter has to disclose it, may not vote, and may not try to influence the other members. The statute does not set a percent of ownership in that section.

Geography

Sixty-four counties. Denver and Broomfield are each a city and a county.

What is the county-equivalent, and which cities, schools, and authorities must not be pasted onto that row? FIPS 08001 through 08125. Broomfield is 08014. School districts and enterprises also borrow. Dollar rows stay blank.

Primary money record

No general obligation bonds. Certificates of participation principal: $3.882 billion.

Which audited report is the state's own number, and as of what date? Annual report, Note 11, June 30, 2025, in thousands. Governmental certificates that are not direct borrowings are $3,597,711. Direct-placement certificates are $284,435. Together that is $3,882,146. Unamortized premium on the larger certificate line is $486,490. A discount of $236 is on the direct-placement line. Notes payable are another $126,910. The report’s schedule of notes, bonds, and certificates for governmental activities, with the premium netted in, is $4,495,310. That figure is not a general obligation.

Who pays the coupon

In fiscal 2026 the certificates need $136.211 million of principal and $175.010 million of interest.

Which fund, tax, or rate is actually pledged — not which new store might show up later? Note 11. The certificates are secured by buildings and vehicles. Corrections is paid from capital-project appropriations. Public Safety is paid from the General Fund. The other governmental certificates are paid from the user revenue pledged to them. Notes payable need another $28.822 million of principal and $3.464 million of interest in fiscal 2026. Those notes are not added to the certificate principal.

Other obligors

Business-type revenue bond principal: $5.134 billion. Do not add it to the $3.882 billion.

Which authorities and districts borrow beside the state and must not be added to its total? Note 11. Revenue bonds that are not direct borrowings are $4,611,930 thousand. Direct-placement revenue bonds are $522,000 thousand. They are paid from the revenue of the enterprise that issued them, including universities and the Transportation Department’s Bridge Enterprise. In fiscal 2025 the Bridge Enterprise issued $236.1 million and Colorado State University issued $108.7 million. Business-type activities had $3,843.5 million of available net revenue against a $419.6 million revenue-bond debt-service requirement. One enterprise’s revenue is not available to pay another’s bonds.

Book-entry wall

Cede & Co., at the Depository Trust Company.

Who is the registered owner on ordinary public paper? Series-level confirmation still waits on that official statement. Beneficial owners stay unnamed.