Senate panel backs using COP capacity to fund Colorado School of Mines HVAC, plumbing upgrades

Senate Finance advanced legislation to the appropriations committee that would let the state use available certificate of participation (COP) capacity to finance a phase 1 replacement of heating, ventilation and plumbing systems at Guggenheim Hall at the Colorado School of Mines.

Senator Kirk Meyer, a prime sponsor, said the committee discovered headroom in COP capacity after last year’s COP issuance and that the bill would let the state take advantage of roughly $780,000 in additional capacity. "We only have capacity to do a project that's up to $13,000,000," Meyer said, adding that anything above that would be the School of Mines' responsibility.

Kirsten Volpe, executive vice president and chief financial officer for the Colorado School of Mines, told the committee the building is one of the oldest on campus and that its systems date from the 1970s. "This building is one of the oldest buildings on campus; it was built in 1906," Volpe said, noting an emergency earlier in 2025 when a deteriorating floor revealed plumbing failures.

The sponsors said the bill imposes no new general fund appropriations and that prior COP legislation created a framework that works for higher‑education capital needs. Steph Chichester, the financial advisor to the 2024 COP issuance, told the committee the advisory team could answer technical questions about remaining COP payment capacity.

Committee members asked how the total project cost would be covered if the school’s estimate exceeded the program cap. Volpe said Mines would use deferred‑maintenance reserves and fundraising to cover the difference. The committee approved a motion to send SB 183 to appropriations with a favorable recommendation.

Next steps: SB 183 is scheduled for the Committee on Appropriations where staff will review the fiscal and financing details.