Capital Development Committee approves drafting support letter for School of Mines COP financing to refurbish Guggenheim Hall

The Capital Development Committee unanimously approved a motion to draft a letter supporting Senate Bill 26-183, which sponsors said would authorize up to $13,000,000 in certificate-of-participation (COP) financing to refurbish Guggenheim Hall at the Colorado School of Mines.

Senator Mullica introduced the request and explained the bill would use remaining COP capacity left after prior higher-education projects (he referenced use of COP dollars for projects such as UNC’s medical school and CSU’s veterinary school) and asked the committee to authorize staff to prepare a support letter for the Senate Appropriations Committee. A committee member moved the letter-drafting motion and the roll call produced unanimous approval (6–0).

Why it matters: COPs are a financing mechanism that can fund capital renovation projects; authorizing up to $13 million in COPs would enable the School of Mines to refurbish Guggenheim Hall without a new direct general-fund appropriation at this stage. The committee’s authorization is advisory and intended to inform appropriations consideration.

Details: Senator Mullica said the bill would make available up to $13,000,000 in COPs for the project and described the School of Mines’ approach as consistent with how earlier higher-education projects used remaining COP capacity. Committee staff will draft the support letter for submission to Senate Appropriations.

Next steps: staff will prepare and transmit the committee’s letter to the Senate Appropriations Committee as requested by the motion.