Col. Rev. Stat. §§ 24-94-101
Summary
Amends Article 94 of the Administrative Organization Act to authorize a state public entity to enter into a P3 agreement. “State public entity” includes the executive, legislative, and judicial branches of state government, but excludes the Department of Transportation and any institution of higher education. The legislation did not impact the authority of the Department of Transportation or any institution of higher education to enter into a public-private partnership or similar agreement as otherwise authorized by law.
No surety bond language.
Col. Rev. Stat. § 32‐9‐128.5
Summary
The law authorizes special districts to use P3s.
No surety bond language.
Col. Rev. Stat. §§ 43‐1‐1201 thru 1209
Summary
The law authorizes the DOT to enter into agreements for public‐private initiatives, including for the design, financing, construction, operation, maintenance, and/or improvement of toll roads, turnpikes, and high‐occupancy toll lanes.
No surety bond language.
Colo. Rev. Stat. § 43‐2‐219
Summary
The law authorizes a board of county commissioners to enter into public‐private initiatives for county highways and bridges, to privatize any county highway or bridge, or to charge tolls for such facilities.
No surety bond language.
Colo. Rev. Stat. §§ 43‐3‐202 thru 202.5
Summary
The law authorizes the state DOT to make or enter into contracts or agreements with one or more public or private entities to design, finance, construct, operate, maintain, reconstruct, or improve a turnpike project by means of a public‐private initiative.
The law requires a sufficient bond approved by the DOT in an amount that it sets, which shall be not less than 25% of the total amount payable by the terms of said contract.
Excerpt:
“§ 43‐2‐202
In addition to the powers now possessed by it, the department of transportation has power:
(j) To require that each contractor to whom is awarded any contract for the construction, erection, repair, maintenance, or improvement of any turnpike, as defined in paragraph (a) of this subsection (1), shall, before entering upon the performance of any work included in said contract, execute, deliver to, and file with the department of transportation a good and sufficient bond to be approved by the department of transportation in an amount to be fixed by the department of transportation, which amount shall be not less than twenty‐five percent of the total amount payable by the terms of said contract. Such bond shall be duly executed by a qualified corporate surety, conditioned for the faithful performance of the contract according to the terms thereof, and, in addition, shall provide that, if the contractor or his subcontractors fail to duly pay for any labor, materials, motor vehicle or team hire, sustenance, provisions, provender, or other supplies used or consumed by such contractor or his subcontractor or contractors in performance of the work contracted to be done, the surety will pay the same in an amount not exceeding the sum specified in the bond, together with interest at the rate of eight percent per annum.”
Colo. Rev. Stat. §§ 43‐3‐401 thru 414
Summary
The law authorizes the Transportation Commission to enter into a contract with a private individual, firm, or corporation for the construction, maintenance, and operation of one or more toll tunnels.
No surety bond language.
Colo. Rev. Stat. §§ 43‐3‐301 thru 304
Summary
The law sets forth the requirements for private toll road or toll highway companies.
No surety bond language.
Colo. Rev. Stat. §§ 43‐4‐801 thru 812
Summary
The law authorizes a Statewide Bridge Enterprise to enter into P3s to design, develop, construct, reconstruct, repair, operate, or maintain bridge projects. The law also provides for the High‐Performance Transportation Enterprise (HPTE) to seek out and enter into P3s and other innovative means of completing surface transportation infrastructure projects.
No surety bond language.
Col. Rev. Stat. §§ 24‐105‐202; 38-26-105, 106
Summary
The law amends CO state and local LMAs to require bonds on P3s for construction contracts that are situated or located on public real property using private money, public or private financing, or public real property.
For state construction contracts over $150,000, this bill requires a performance bond at 50% of the contract price and a payment bond at 50% of the contract price.
Waivers of Consequential Damages