A key higher education initiative of the 2008 legislature has become reality with the sale of $231 million in certificates of participation for 12 projects on campuses across the state.

Gov. Bill Ritter and Treasurer Cary Kennedy announced the sale Thursday. Certificates of participation are a form of lease-purchase that allows the state to raise construction money upfront and repay investors over time.

Legislation passed last spring earmarks part of the revenue the state receives from federal mineral lease earnings for repayments of the COPs.

The projects funded include:

• University of Northern Colorado: Butler-Hancock renovation ($11.6 million)



• Colorado Northwestern Community College: Craig academic building ($21.3 million)



• Colorado State University at Pueblo: Academic resources center remodel ($22 million)



• Colorado School of Mines: Brown Hall addition ($6.7 million)



• CSU Fort Collins: Clark Building revitalization ($2 million)



• Auraria Higher Education Center: Science Building ($63.6 million)



• Western State College: Taylor Hall renovation and addition ($21.1 million)



• Mesa State College: Wubben Hall expansion and renovation ($14.8 million)



• University of Colorado at Colorado Springs: Renovation of science building ($17.1 million)



• Morgan Community College: Nursing, Technology & Science Building ($4.7 million)
• Front Range Community College, Larimer Campus: Science classroom project ($14.2 million)



• Fort Lewis College: Berndt Hall reconstruction ($3.2 million)

Seven of the projects had been on a preliminary construction freeze list issued by Ritter several weeks ago. (Some other campus projects remain on that list.)

The COPs were sold at an interest rate of 5.39 percent. The repayment period is 20 years. Kennedy said that was a favorable rate in light of recent market turmoil. Both the governor and Kennedy touted the successful sale as evidence of investor confidence in Colorado. According to the treasurer’s office, nearly half the certificates were purchased by Colorado investors.