House Finance postpones Senate Bill 183 that would let Colorado School of Mines tap COP capacity for Guggenheim Hall

The House Finance Committee on Wednesday heard testimony on Senate Bill 183, a measure that would add the Colorado School of Mines to a 2024 certificates‑of‑participation (COP) authorization so the school could use roughly $780,000 in annual COP capacity to help finance renovations of Guggenheim Hall.

"SB 183 adds the Colorado School of Mines to the list of institutions that can use this COP option," sponsor Representative Lindsey said in opening remarks, describing the change as an allocation of leftover capacity from the 2024 COP authorization rather than a new statewide appropriation.

The bill’s sponsors and a witness from the school said the available state capacity could be used to support about $12 million to $13 million in COP principal at current interest rates, with the project for Guggenheim Hall estimated at about $15.7 million. "That 13,000,000 capacity will utilize about 780,000," said Kirsten Volpe, the school’s chief financial officer, adding that the Mines would cover any costs above the COP principal from its reserves and that the work addresses serious deferred‑maintenance issues including plumbing and HVAC in a building that dates to 1906.

Committee members pressed sponsors and staff on fiscal and timing questions. "Help me understand the out year almost $800,000 general fund appropriation and how we're going to pay for that," Representative Stewart asked; sponsors and legislative staff explained the 2024 authorization set a $17.5 million annual cap through 2027–28 and that the $780,000 reflects the difference between amounts issued and the cap.

Representative Marshall said he would oppose the bill, questioning why the university would seek state financing when its graduates have high median salaries and arguing the state has higher capital priorities elsewhere. School representatives acknowledged successful fundraising but said donors’ interests and the scale of the deferred‑maintenance needs mean some projects still require state financing.

After sponsor closing remarks, a motion to send SB 183 to the Committee on Appropriations with a favorable recommendation was made and polled by the committee; the motion failed (the chair announced, "That fails, 7 to 4"). Immediately afterward, the vice chair moved to postpone the bill indefinitely; Representative Brooks seconded, there was no objection, and the committee agreed to postpone Senate Bill 183 indefinitely.

The committee took no further action on the measure and adjourned. Because the bill was postponed indefinitely, it will not advance from House Finance at this time.