For Immediate Release
6.15.2022
Sheena Kadi
Communications Director & Public Information Officer
sheena.kadi@state.co.us
303-349-8113
Colorado Completes Successful Fourth and Final Sale of Colorado Rural COP’s; Raises Over $2 Billion for Transportation Projects Across Colorado
Denver, Colorado: TODAY, the Colorado Department of the Treasury completed the sale of $500 million in certificates of participation. This is the fourth and final tranche of the Senate Bill 17-267 Rural Colorado Certificates of Participation (COPs), which has now raised a grand total of over $2 billion for transportation projects across Colorado.
“Creating well-paying jobs across the state, these projects have had a transformational change in the lives of farmers, ranchers, workers, and families across Colorado,” Colorado State Treasurer Dave Young stated. “These infrastructure improvements are the economic engine of our state, easing commutes, making it easier to visit parts of our beautiful state, and allowing Colorado products to reach far and wide across the country.”
SB17-267 helped fund 129 projects across the state, paving miles of rural roads, adding billions of dollars into local communities and economies across the state, creating local jobs, and easing traffic congestion points.
These funds have supported a 50 percent increase in the improvement of rural roads, allowing the Colorado Department of Transportation (CDOT) to construct more than 41 percent of their 10 year plan in its first three years, and expand main streets programs that support local communities and their economies.
The COPs have been the principal funding source behind CDOTs progress on their 10 year plan for capital construction.
FINAL TRANCHE
For this tranche, the state borrowed $500 million with a premium of over $126.8 million for a total of $624.425 million to be spent on transportation projects across the state.
“These funds enable us to provide our communities with the financial support they need to complete their most pressing infrastructure projects,” said State Treasurer Dave Young. “Our rural communities across the state are the veins of Colorado — they fuel our agriculture, outdoor recreation, energy, and history. With a strong infrastructure system, we can provide a sustainable future in every corner of the state.”
The lease-purchase agreements have been issued in increments of $500 million in FYs 19, 20, 21, and now 22. Proceeds will fund state strategic transportation projects that are designated for priority funding on CDOT’s program project list, with at least 25% of such proceeds being expended to fund projects that are located in rural counties. At least 10% of such proceeds must be expended for transit purposes or for transit-related capital improvements.
For the financing, Hilltop Securities, Inc. served as financial advisor to the Department of Treasury and Stifel served as municipal advisor for the Colorado Department of Transportation. Underwriters were UBS Financial Services, Morgan Stanley, RBC Capital Markets, Estrada Hinojosa & CO, Piper Sandler & CO, Mischler Financial Group, and American Veterans Group.
REVITALIZING MAIN STREETS PROGRAM
To help bring communities back from the economic challenges of COVID, CDOT expanded its Revitalizing Main Streets program to expand active transportation and improve quality of place in downtowns large and small across the state, including facilitating safe outdoor commerce. In 2021 alone, the department awarded 81 small grants worth about $8.1 million and 16 larger grants worth about $22 million across Colorado for projects such as sidewalk improvements, street enhancements to allow for outdoor dining, outdoor lighting, safer accessibility for all modes of transportation and micro-mobility support programs like e-bikes.
FULL LIST OF TRANSPORTATION PROJECTS TO DATE
SH13 GarCo RioBlanco Hill
US 160 MCCABE CREEK PAGOSA
US6 / 20 Road Intersection Improvements
SH 59 Seibert to Cope
SH 17 MP 84.5 to US 285&SH 17 Widening
US50 Windy Pt West / Blue Crk Canyon
US 287A in Lamar - Park Street to Savage
SH 21 Research Interchange
US 160 ELMORES CRNR TO CR 225
SH141&145 SLICKROCK&REDVALE-NATURITA ST
I-25 S ACADEMY SOUTHBOUND AND NORTHBOUND
I25 Raton Pass Phase I - EXIT 11 IMPROVE
US 287 BRIDGE PREVENT MAINT PHASE I & II
M-22-AY BRIDGE REHAB ON SH109 OVER US50
US 6 Clifton
CENTRAL 70
SH119: Safety Ops & Mobility Impvts.
I-25 North: SH 402 to SH 14
US-85 Daniels Park Rd To Meadows Pkwy
I-70 W. Vail Pass Auxiliary Lanes
SH 9 Frisco Main St to Iron Springs
US160A La Veta Pass to JCT CO12 Resurfac
US50 OVERLAY: TEXAS CREEK AND EAST
385D Phillips/Yuma County Line South
I-70 Arriba: East and West
FALL RIVER ROAD BRIDGE - WB PPSL INFRA C
I-70 WESTBOUND PEAK PERIOD SHOULDER LANE
I-70 FLOYD HILL-VET TUNNELS EA/30%
US 160 PAGOSA RECONSTRUCT
SH160 SPRINGFIELD TO SH100 AND SH100
US 550 Otter Road to R3/R5 Line
SH 13 CR 5 North and South
US50A Pueblo West Purcell Interchange wi
Frisco Transit Center - Phase 1
US 160 FOUR CORNERS TO AZTEC CR MP 0-8
SH69A WESTCLIFFE TO HILLSIDE OVERLAY
SH 13 County Road 3 South
I-70 EB Aux Frisco to Silverthorne
WESTBOUND PPSL GREENWAY - WB PPSL INFRA
US 550/160 CONNECTION SOUTH DESIGN-BUILD
SH 138 Sterling North Part 2
SH 6 Merino to Atwood
SH 94 - JUG HANDLE
US 50 Settlement Repair MP 47.6 to MP 64
SH 34 North of Granby Rural Resurface
I-25 SOUTH GAP PACKAGE 1
WB PPSL - CR 314 ROADWAY RECONSTRUCTION
SH13 Fortification Creek North
I-25 Fillmore to Garden of Gods
I-25 Express Lanes SH7 to SH1
US160 Ft Garland East Safety Mitigation
CO96 ORDWAY TO ARLINGTON RESURFACING
SH115 PAVEMENT RECONSTRUCTION
I-25 E Parallel Arterial DES: SH66-US34
US 160 MONTE VISTA EAST RESURF & ADA
SH92 Rogers Mesa Reconstruct Phase 1
I-25 Express Lanes Segment 5 & 6 CP1
I-25 North Express Lanes CP 2-3
US 24 Leadville South Rural Rd Resurface
I-25 Express Lanes Segment 6 CP1.5
US 6 North Avenue
I-25 Express Lanes Segment 5 & 6 CP0
US 287 IN LAMAR SAVAGE AVENUE SOUTH
SH 71 Freight Improvements
CO52 Resurfacing Prospect Valley
CO 109A SURFACE TREATMENT MP 0 TO 31
I-270 ENVIRONMENTAL ASSESSMENT (EA)
2020 SB267 RFTA AMF FUEL TANKS
2020 SB267 SUMM D/E FACILITY
2020 SB267 WNPK DESIGN FACILITY
2020 SB267 CRCK DESIGN MAINT FACILITY
R120.01 I-25 GAP PROJECT WILDLIFE
SH92 Crawford East Rural Resurface
I-70 MNT. CORRIDOR TDM
SH 116A SURFACE TREATMENT PROJECT
SH64 Meeker West Rural Resurface
I-25 CO SPRINGS RAMP METERING PHASE 2
I-76: East of Sterling
SH94 WB PASSING LANE AT CORAL VALLEY RD
SH 149 MP 21-42, 70-92 RRST
I76 Slabs and Diamond Grind MP66-73.9
I-76 Slabs and Diamond Grind WB
US 50/US 285 INTERSECTION & US 50 RRST
SH 318 Browns Park East Rural Resurface
SH139 Douglas Pass N & S Rural Resurface
SH139 Dinosaur Diamond Rural Resurface
SH 141 N OF NATURITA SURFACE TREATMENT
CO52 Prospect Valley Phase II
US 385 North of Cheyenne Wells
CO21 RESEARCH INTERCHANGE CONSTRUCTION
I-25 AT US50B RECONSTRUCTION
SH14 Walden S & SH125 Walden N Rural Rd
US 50 MP 134.6-136 Passing Lanes
SH114 Sillsville South to MP30 Rural Sur
I-70 FLOYD HILL:FUNDING GAP STUDY
SH92 Hotchkiss to Crawford RR Resurface
I-70B Grand Junction South of Rood
US550 PACO/BILLY CREEK SAFETY IMPRVMNTS
I-25 Express Lanes Segment 6 CP 4
I-70 AND DENVER WEST:TRUCK ESCAPE RAMP
I-25 RESURFACING
I-70 Vail Pass Safety and Operations
I-70 BRIDGE OVER HARLAN
SH224: US-36 TO US-6 OVERLAY
I-25 Express Lanes Segment 6 CP 4
SH 96D NEAR EADS TO SHERIDAN LAKE
SH194A Sur. Treat.& Drai Imp MP10.1-20.3
SH67 IMPROVEMENTS: MP 0-11
WEST COLFAX PED SAFETY & INFRA - SMS
Vail Pass Aux Phase 1 CAP 2
FLOYD HILL EARLY PROJECTS (PCKG 0)
SH88 & SH83 BOTTLENECK MITIGATION PROJEC
I-70 BRIDGES OVER WARD ROAD
SH12 WIDENING AT SELECTED LOCATIONS MP42
SH 21 & AIRPORT RD DIVERGING DIAMOND
US 6 Palisade Improvements MP 38 - 43
US40_EMPIRE WILDLIFE XING
I-70_GENESEE WILDLIFE XING
US40_FLOYD HILL ROUNDABOUTS
I-70 BAKERVILLE TO EJMT CLIMBING LANE
I25 GREENLAND WILDLIFE OVERPASS
I-70 EAST EIS:ROD II TRAFFIC STUDY
I-70 EAST EIS:ROD II REEVALUATION
S PLATTE TRAIL AT 285
SH 145 MP 16-33 DOLORES NORTH RRST
I-70 & KIPLING DDI STUDY
SH 17 ANTONITO WEST RRST
SH 151 RRST
I-70 FLOYD HILL FINAL DESIGN AND CM
###
