Public Securities Information Reporting Act

C.R.S. tit. 11, art. 58

in effect

C.R.S. § 11-58-101 Short title

11-58-101. Short title. This article shall be known and may be cited as the "Public Securities Information Reporting Act".

C.R.S. § 11-58-102 Legislative declaration

11-58-102. Legislative declaration. The general assembly hereby declares that the annual disclosure of financial and credit information for nonrated public securities will benefit both issuers and investors by expanding and stabilizing the market for nonrated public securities and thereby improve the marketability of such securities. The general assembly further declares that issuers of nonrated public securities are strongly encouraged to make such annual disclosure of financial and credit information and to make such disclosed information available to all of their investors.

C.R.S. § 11-58-103 Definitions

11-58-103. Definitions. As used in this article, unless the context otherwise requires: (1) "Annual information report" means a written report completed on forms prescribed by the director of the department of local affairs. (2) "Conduit financing" means an outstanding nonrated public security for which a private profit making or nonprofit making issuer constitutes the ultimate credit source for the security. (3) (Deleted by amendment, L. 2002, p. 541, § 1, effective October 1, 2002.) (4) "Issued to the public" means offers and sales of nonrated public securities by an issuer except to the extent such securities have been offered and sold in accordance with federal rule 15c 2-12 (d)(1) of the federal "Securities Exchange Act of 1934". (5) "Issuer" means the state, any political subdivision thereof, and any district, board, commission, authority, or other public corporate body issuing any nonrated public securities in Colorado. (6) "Make public" means to file the annual information report with the department of local affairs. (7) "National rating service" means Moody's Investors Service, Inc., Standard and Poor's Corporation, Fitch Investors Service, Inc., or any other nationally recognized organization which regularly rates public securities. (8) "Nonrated public securities" means bonds, notes, warrants, certificates, or other securities evidencing loans or the advancement of moneys which have been issued to the public by or on behalf of an issuer and have not been rated by a national rating service, but excluding conduit financing and any such obligation payable in full within one year after the date of its issuance; except that nothing in this article shall be construed to apply to any bond, note warrant, certificate, or other security issued for less than one million dollars. (9) "Outstanding" in connection with any nonrated public security, means any nonrated public security which at the time has been issued, authenticated, and delivered under a financing document, and which has not been paid in full, canceled, or deemed paid and which is otherwise outstanding in accordance with the terms of such financing document.

C.R.S. § 11-58-104 Applicability of article

11-58-104. Applicability of article. This article applies to the state, any political subdivision thereof, and any district, board, commission, authority, or other public corporate body in the state if there are at the time outstanding nonrated public securities which such entity has issued to the public or on its behalf has caused to be issued to the public.

C.R.S. § 11-58-105 Annual information report

11-58-105. Annual information report. Each issuer of nonrated public securities issued pursuant to sections 30-31-109 (13), 31-25-107 (9), and 31-25-807 (3), and title 32, shall make public within sixty days following the end of each of such issuer's fiscal year an annual information report or reports with respect to any of such issuer's nonrated public securities which are outstanding as of the end of each such fiscal year. Nothing precludes any issuer not so required by this article 58 from filing a report pursuant to this article 58.

C.R.S. § 11-58-106 Committee to develop standards - cash fund

11-58-106. Committee to develop standards - cash fund. (Repealed)

C.R.S. § 11-58-107 Immunity from liability

11-58-107. Immunity from liability. The issuer or any public employee thereof shall be immune from liability for information contained in or omitted from any annual information report concerning a nonrated public security unless the inclusion or omission of such information was willful and wanton for the purpose of materially misleading actual or potential holders of such nonrated public security.

C.R.S. § 11-58-108 Transfer of moneys to general fund - repeal

11-58-108. Transfer of moneys to general fund - repeal. (Repealed)

Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://leg.colorado.gov/sites/default/files/images/olls/crs2024-title-11.docxFetched: 10/6/2026