C:\263 01.txt

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1 First Regular Session Seventy-second General Assembly STATE OF COLORADO INTRODUCED SENATE BILL 19-263 LLS NO. 19-1123.01 Jason Gelender x4330 SENATE SPONSORSHIP Zenzinger and Rankin, HOUSE SPONSORSHIP Gray and Hansen, Senate Committees House Committees Appropriations A BILL FOR AN ACT 2020 ONCERNING THE DELAY UNTIL THE 101 GENERAL OVEMBER N C 102 ELECTION OF THE REQUIREMENT THAT A BALLOT ISSUE SEEKING 103 APPROVAL FOR THE ISSUANCE OF TRANSPORTATION REVENUE 104 ANTICIPATION NOTES BE SUBMITTED TO THE VOTERS OF THE AND , 105 STATE AT THE N OVEMBER STATEWIDE ELECTION IN , 2019 106 AMENDING THE BALLOT ISSUE TO , CONNECTION THEREWITH REDUCE THE AMOUNT OF NOTES AUTHORIZED TO BE ISSUED TO 107 108 RTATION FUNDING THAT WILL OFFSET THE ADDITIONAL TRANSPO , RATHER THAN THREE , RESULT FROM THE REPEAL OF ONLY TWO 109 TRANCHES OF LEASE - 110 PURCHASE AGREEMENTS AUTHORIZED BY ENATE ILL IF THE BALLOT ISSUE IS APPROVED AND 111 B 17-267 S ONE YEARS THE PERIOD 112 EXTENDING FROM TWENTY TO TWENTY - 113 FOR WHICH ANNUAL FIFTY MILLION DOLLAR TRANSFERS FROM Shading denotes HOUSE amendmen t. Double underlining denotes SE NATE amendment. Capital letters or bold & italic numbers indicate new material to be added to existing statute. Dashes through the words indicate deletions from existing statute.

2 THE GENERAL FUND TO THE STATE HIGHWAY FUND ARE 101 . 102 REQUIRED Bill Summary summary applies to this bill as introduced and does (Note: This not reflect any amendments that may be subsequently adopted. If this bill passes third reading in the house of introduction, a bill summary that applies to the reengrossed version of this bill will be available at http://leg.colorado.gov .) Current law, enacted by Senate Bill 18-001, requires that a bal lot ue issue seeking approval for the issuance of transportation reven ate at the anticipation notes (TRANs) be submitted to the voters of the st ed, the November 2019 statewide election. If the ballot issue is approv ute 3 requirement, enacted by Senate Bill 17-267, that the state exec separate tranches of up to $500 million each of lease-purchase agreements in state fiscal years 2019-20, 2020-21, and 2021-22 for the pur pose of funding transportation will be repealed. The bill: ! Delays the requirement that the ballot issue be submitted for one year by requiring it to be submitted at the November 2020 general election rather than the November 2019 statewide election; ! Amends the ballot issue to reduce the amount of TRANs y $500 m ffset the authorized to be issued b illion to o additional $500 million of lease-purchase agreement transportation funding that becomes available because the approval of the ballot issue at the November 2020 general election will repeal only the 2 state fiscal year 2020-21 and 2021-22 tranches of lease-purchase agreements, rather than the 3 state fiscal year 2019-20, 2020-21, and 2021-22 tranches of lease-purchase agreements; and ! Extends from 20 to 21 years the period for which, as enacted in Senate Bill 18-001, annual $50 million transfers from the general fund to the state highway fund are required. Be it enacted by the General Assembly of the State of Colorado: 1 SECTION 1. In Colorado Revised Statutes, 24-75-219, amend 2 (5)(c) introductory portion, (5)(c)(III), (5)(c)(IV), (5)(d)(II ), and 3 (5)(d)(III) as follows: 4 SB19-263 -2-

3 24-75-219. Transfers - transportation - capital construction - 1 HE STATE TREASURER SHALL TRANSFER 2 (5) (c) T definitions - repeal. 3 FIFTY MILLION DOLLARS FROM THE GENERAL FUND TO THE STATE 4 30, HIGHWAY FUND ON 2020. Except as otherwise provided in J UNE 5 on June 30, subsection (5)(d) of this section and section 43-4-714 (2)(a), J UNE 30, 2021, and on each succeeding June 30 through June 30, 6 2020 UNE 30, 2040, the state treasurer shall transfer money FIFTY 7 J 2039 from the general fund to the state highway fund as 8 MILLION DOLLARS 9 follows: (III) (A) If a ballot issue that authorizes the state to issue 10 egistered 11 transportation revenue anticipation notes is submitted to the r 12 electors of the state for their approval or rejection at the No vember 2019 13 2020 GENERAL election pursuant to section 43-4-705 (13)(b) statewide and a majority of the electors voting on the ballot issue vote 14 15 "No/Against", fifty million dollars; 16 1, (B) This subsection (5)(c)(III) is repealed, effective January 17 2019, if any citizen-initiated ballot issue that authorizes the state to issue 18 transportation revenue anticipation notes is submitted to the r egistered electors of the state for their approval or rejection at the No vember 2018 19 20 general election or and a majority of the electors voting on th e ballot issue 21 vote "Yes/For"; 22 1, (C) This subsection (5)(c)(III) is repealed, effective January J ANUARY 1, 2021, if a ballot issue that authorizes the state to issue 23 2020 transportation revenue anticipation notes is submitted to the r egistered 24 25 vember 2019 electors of the state for their approval or rejection at the No 2020 GENERAL election pursuant to section 43-4-705 (13)(b) 26 statewide and a majority of the electors voting on the ballot issue vote "Yes/For"; 27 -3- SB19-263

4 (D) This subsection (5)(c)(III)(D) and subsections (5)(c)(III) (B) 1 2 SUBSECTION (5)(c)(III)(C) of this section are repealed, effective and ANUARY 3 2021, if a ballot issue that authorizes the J 1, January 1, 2020 state to issue transportation revenue anticipation notes is sub 4 mitted to the registered electors of the state for their approval or rejectio n at the 5 2020 GENERAL election pursuant to section 6 November 2019 statewide 43-4-705 (13)(b) and a majority of the electors voting on the b 7 allot issue 8 vote "No/Against"; or 9 (IV) (A) If a ballot issue that authorizes the state to issue transportation revenue anticipation notes is submitted to the r egistered 10 11 electors of the state for their approval or rejection at the No vember 2019 statewide 2020 GENERAL election pursuant to section 43-4-705 (13)(b) 12 and a majority of the electors voting on the ballot issue vote "Yes/For", 13 14 NINETY - TWO million six FIVE hundred thousand one hundred twenty-two dollars; 15 16 1, (B) This subsection (5)(c)(IV) is repealed, effective January 17 2019, if any citizen-initiated ballot issue that authorizes the state to issue 18 egistered transportation revenue anticipation notes is submitted to the r vember 2018 electors of the state for their approval or rejection at the No 19 20 general election and a majority of the electors voting on the b allot issue 21 vote "Yes/For"; 22 1, (C) This subsection (5)(c)(IV) is repealed, effective January J ANUARY 1, 2021, if a ballot issue that authorizes the state to issue 23 2020 transportation revenue anticipation notes is submitted to the r egistered 24 25 vember 2019 electors of the state for their approval or rejection at the No 2020 GENERAL election pursuant to section 43-4-705 (13)(b) 26 statewide and a majority of the electors voting on the ballot issue vote 27 -4- SB19-263

5 "No/Against"; 1 2 ) (D) This subsection (5)(c)(IV)(D) and subsections (5)(c)(IV)(B SUBSECTION 3 (5)(c)(IV)(C) of this section are repealed, effective and ANUARY 1, 2021, if a ballot issue that authorizes the J 4 January 1, 2020 state to issue transportation revenue anticipation notes is sub mitted to the 5 registered electors of the state for their approval or rejectio n at the 6 2020 7 election pursuant to section GENERAL November 2019 statewide allot issue 8 43-4-705 (13)(b) and a majority of the electors voting on the b vote "Yes/For"; or 9 (d) (II) This subsection (5)(d) is repealed: 10 11 ssue (A) Effective January 1, 2019, if a citizen-initiated ballot i ipation notes that authorizes the state to issue transportation revenue antic 12 13 is submitted to the registered electors of the state for their approval or 14 rejection at the November 2018 general election and a majority of the 15 electors voting on the ballot issue vote "Yes/For"; ANUARY 1, 2021, if a ballot issue 16 J (B) Effective January 1, 2020 ipation notes that authorizes the state to issue transportation revenue antic 17 approval or 18 is submitted to the registered electors of the state for their 2020 GENERAL 19 election rejection at the November 2019 statewide pursuant to section 43-4-705 (13)(b) and a majority of the elec tors voting 20 on the ballot issue vote "No/Against". 21 (III) This subsection (5)(d)(III) and subsection (5)(d)(II) of this 22 ANUARY 1, 2021, if a 23 J section are repealed, effective January 1, 2020 ballot issue that authorizes the state to issue transportation revenue 24 anticipation notes is submitted to the registered electors of t he state for 25 2020 26 their approval or rejection at the November 2019 statewide GENERAL election pursuant to section 43-4-705 (13)(b) and a majority o f 27 SB19-263 -5-

6 the electors voting on the ballot issue vote "Yes/For". 1 In Session Laws of Colorado 2018, repeal 2 SECTION 2. section 3 3 of chapter 353 (SB 18-001). SECTION 3. section 4 repeal In Session Laws of Colorado 2018, 13 of chapter 353 (SB 18-001). 5 SECTION 4. In Colorado Revised Statutes, 24-82-1303, amend 6 repeal (2)(a), (2)(b), and (2)(d)(II); and 7 (1) as follows: 24-82-1303. Lease-purchase agreements for capital 8 9 (1) On or before December construction and transportation projects. 10 31, 2017, the state architect, the director of the office of st ate planning 11 and budgeting or his or her designee, and the state institution s of higher education shall identify and prepare a collaborative list of el igible state 12 13 facilities that can be collateralized as part of the lease-purc hase 14 authorized agreements for capital construction and transportation projects 15 ntified in this part 13. The total current replacement value of the ide 16 buildings must equal at least two billion dollars. (2) (a) Notwithstanding the provisions of sections 24-82-102 17 ner than 18 (1)(b) and 24-82-801, and pursuant to section 24-36-121, no soo rer, shall 19 July 1, 2018, the state, acting by and through the state treasu execute lease-purchase agreements, each for no more than twenty years 20 of annual payments, for the projects described in subsection (4 ) of this 21 22 AS SOON section. The state shall execute the lease-purchase agreements only ULY 1 OF THE APPLICABLE STATE FISCAL YEAR J 23 AS POSSIBLE AFTER 24 in accordance with the following schedule: 25 te (I) During the 2018-19 state fiscal year the state shall execu in an amount up to five hundred million 26 lease-purchase agreements AND 27 dollars; SB19-263 -6-

7 (II) During the 2019-20 state fiscal year, the state shall exe cute 1 in an amount up to five hundred million 2 lease-purchase agreements 3 dollars. 4 ecute (III) During the 2020-21 state fiscal year, the state shall ex 5 on lease-purchase agreements in an amount up to five hundred milli 6 dollars; and 7 (IV) During the 2021-22 fiscal year, the state shall execute lease-purchase agreements in an amount up to five hundred milli on 8 9 dollars. ipal (b) The anticipated annual state-funded payments for the princ 10 and interest components of the amount payable under all lease-p urchase 11 ection shall 12 agreements entered into pursuant to subsection (2)(a) of this s SEVENTY - FIVE million dollars. 13 not exceed one hundred fifty (d) Any lease-purchase agreement executed as required by 14 subsection (2)(a) of this section shall provide that all of the obligations of 15 general the state under the agreement are subject to the action of the 16 assembly in annually making money available for all payments 17 made, 18 thereunder. Payments under any lease-purchase agreement must be e 19 subject to annual allocation pursuant to section 43-1-113 by th transportation commission created in section 43-1-106 (1) or su bject to 20 annual appropriation by the general assembly, as applicable, fr om the 21 following sources of money: 22 23 (II) Next, fifty million dollars, annually, or any lesser amou nt that 24 is sufficient to make each full payment due, shall be paid from any legally 25 ion solely available money under the control of the transportation commiss 26 for the purpose of allowing the construction, supervision, and 27 maintenance of state highways to be funded with the proceeds of SB19-263 -7-

8 lease-purchase agreements as specified in subsection (4)(b) of this section 1 FOR STATE FISCAL YEAR AND FOR 2 2020-21 and section 43-4-206 (1)(b)(V) 3 EACH SUCCEEDING STATE FISCAL YEAR FOR WHICH A PAYMENT UNDER ANY PURCHASE AGREEMENT MUST BE MADE , FOURTEEN MILLION FIVE 4 - LEASE HOUSAND DOLLARS ANNUALLY OR ANY LESSER AMOUNT THAT 5 HUNDRED T , IS SUFFICIENT TO MAKE EACH FULL PAYMENT DUE , SHALL BE PAID FROM 6 7 ANY LEGALLY AVAILABLE MONEY UNDER THE CONTROL OF THE 8 TRANSPORTATION COMMISSION SOLELY FOR THE PURPOSE OF ALLOWING , , AND MAINTENANCE OF STATE 9 THE CONSTRUCTION SUPERVISION HIGHWAYS TO BE FUNDED WITH THE PROCEEDS OF LEASE - PURCHASE 10 AGREEMENTS AS SPECIFIED IN SUBSECTION OF THIS SECTION AND 11 (4)(b) SECTION 43-4-206 (1)(b)(V); and 12 SECTION 5. In Colorado Revised Statutes, 43-4-705, amend 13 (13)(b)(I), (13)(b)(III), (13)(b)(IV), and (13)(b)(V) as follow s: 14 43-4-705. Revenue anticipation notes - ballot issue - repeal. 15 mitted at the (13) (b) (I) Subject to voter approval of the ballot issue sub 16 2020 GENERAL election pursuant to subsection 17 November 2019 statewide (13)(b)(III) of this section and the repayment funding commitme 18 nt requirement specified in subsection (13)(b)(II) of this section , the 19 executive director shall issue additional transportation revenu e 20 21 ONE billion three EIGHT anticipation notes in a maximum amount of two hundred thirty-seven million dollars and with a maximum repayme 22 nt cost TWO FIVE HUNDRED SIXTY million 23 billion two hundred fifty of three dollars. The maximum repayment term for any notes issued pursua nt to 24 this subsection (13)(b) is twenty years, and the certificate, t 25 rust indenture, or other instrument authorizing their issuance shall provide th at the state 26 may pay the notes in full without penalty no later than ten yea rs following 27 -8- SB19-263

9 the date of issuance. 1 ectors (III) The secretary of state shall submit to the registered el 2 3 19 statewide of the state for their approval or rejection at the November 20 4 election the following ballot issue: "Shall state of GENERAL 2020 $1,837,000,000, with a 5 $2 Colorado debt be ,000,000 increased ,337 $2,560,000,000, without 6 maximum repayment cost of $3,250,000,000 nticipation raising taxes, through the issuance of transportation revenue a 7 notes for the purpose of addressing critical priority transport ation needs 8 in the state by financing transportation projects, shall note p roceeds and 9 cal year investment earnings on note proceeds be excluded from state fis 10 spending limits, and shall the amount of lease-purchase agreeme nts 11 required by current law to be issued for the purpose of financi ng 12 transportation projects be reduced?" 13 14 M AY 1, 2020, the department shall (IV) No later than May 1, 2019 provide to the director of research of the legislative council 15 the most rojects, recent available list of qualified federal aid transportation p 16 including multimodal capital projects, that are designated for tier 1 17 ent's 18 funding as ten-year development program projects on the departm 2020 development program project list and that the department will 19 2019 fund with proceeds of any transportation revenue anticipation n otes 20 issued as authorized by this subsection (13)(b). In order to fu lly inform 21 the voters of the state concerning the projects to be funded wi 22 th proceeds of any such additional transportation revenue anticipation note s before the 23 voters vote on the ballot question specified in subsection (13) (b)(III) of 24 this section, the director of research shall publish the list, including any 25 subsequent updates to the list made before final approval by th e 26 2020 ballot information booklet prepared 27 legislative council of the 2019 SB19-263 -9-

10 pursuant to section 1-40-124.5, which updates the department sh all 1 t information 2 expeditiously provide to the director of research, in the ballo 3 booklet. 4 (V) (A) This subsection (13)(b) is repealed, effective January 1, 5 2019, if a citizen-initiated ballot issue that authorizes the s tate to issue 6 egistered transportation revenue anticipation notes is submitted to the r 7 vember 2018 electors of the state for their approval or rejection at the No general election and a majority of the electors voting on the b allot issue 8 9 vote "Yes/For". 10 2020 (B) This subsection (13)(b) is repealed, effective January 1, ANUARY 2021, if a majority of the electors voting on the ballot issue 11 1, J in subsection (13)(b)(III) of this section vote "No/Against". 12 (C) This subsection (13)(b)(V) is repealed, effective January 1, 13 J ANUARY 1, 2021, if a majority of the electors voting on the ballot 14 2020 issue in subsection (13)(b)(III) of this section vote "Yes/For" . 15 SECTION 6. In Colorado Revised Statutes, 43-4-714, amend 16 (2)(a) and (3) as follows: 17 (2) (a) The 43-4-714. Use of note proceeds - repeal. 18 transportation revenue anticipation notes reserve account is he reby 19 edit a portion 20 created in the state highway fund. The state treasurer shall cr hway fund 21 of the money transferred from the general fund to the state hig pursuant to section 24-75-219 (5)(c)(IV)(A) to the reserve acco unt as 22 follows: 23 24 J UNE 30, 2021, FIFTY - NINE (I) On June 30, 2020, seventy-five SEVEN hundred fifty-two TWO thousand five hundred dollars; 25 million nine 26 and J UNE 30, 27 2022, FIFTY - NINE (II) On June 30, 2021, seventy-five SB19-263 -10-

11 million nine hundred fifty-two TWO thousand five hundred dollars. 1 SEVEN 2 (3) (a) This section is repealed: 3 (I) Effective January 1, 2019, if a ballot issue initiated by private 4 citizens that authorizes the state to issue transportation reve nue 5 anticipation notes is submitted to the registered electors of t he state for 6 their approval or rejection at the November 2018 general electi on and a 7 majority of the electors voting on the ballot issue vote "Yes/F or". (II) Effective January 1, 2020 ANUARY J 2021, if a ballot issue 8 1, ipation notes that authorizes the state to issue transportation revenue antic 9 is submitted to the registered electors of the state for their approval or 10 2020 GENERAL election 11 rejection at the November 2019 statewide pursuant to section 43-4-705 (13)(b) and a majority of the elec tors voting 12 on the ballot issue vote "No/Against". 13 14 (b) This subsection (3) is repealed, effective January 1, 2020 1, 2021, if a ballot issue that authorizes the state to issue 15 ANUARY J egistered transportation revenue anticipation notes is submitted to the r 16 17 electors of the state for their approval or rejection at the No vember 2019 2020 election pursuant to section 43-4-705 (13)(b) 18 GENERAL statewide and a majority of the electors voting on the ballot issue vote "Yes/For". 19 SECTION 7. In Colorado Revised Statutes, 43-4-1103, amend 20 (1)(b) as follows: 21 43-4-1103. Multimodal transportation options fund - creation 22 - revenue sources for fund - use of fund. (1) (b) The transportation 23 revenue anticipation notes proceeds account is hereby created i n the fund. 24 25 Net proceeds of transportation revenue anticipation notes that the Any AS SPECIFIED IN SECTION 26 state issues shall be credited to the account 27 (1)(b). The state treasurer shall credit all interest and incom e 43-4-714 SB19-263 -11-

12 derived from the deposit and investment of money in the account to the 1 2 account. Effective date. (1) Except as otherwise provided 3 SECTION 8. 4 in subsection (2) of this section, this act takes effect upon p assage. (2) Section 24-82-1303 (2)(a)(I), (2)(a)(II), (2)(a)(III), (2) (a)(IV), 5 n section (2)(b), and (2)(d)(II), Colorado Revised Statutes, as amended i 6 4 of this act, takes effect only if a citizen-initiated ballot 7 issue that on notes but 8 authorizes the state to issue transportation revenue anticipati for the 9 does not authorize the state to collect additional tax revenue purpose of providing a revenue source for repayment of the note s is 10 submitted to the registered electors of the state for their app roval or 11 rejection at the November 2020 general election and a majority of the 12 h case, 13 electors voting on the ballot issue vote "Yes/For", and, in suc section 24-82-1303 (2)(a)(I), (2)(a)(II), (2)(a)(III), (2)(a)(I 14 V), (2)(b), and (2)(d)(II), Colorado Revised Statutes, as amended in section 4 of this act, 15 takes effect on the date of the official declaration of the vot e thereon by 16 the governor. 17 SECTION 9. Safety clause. The general assembly hereby finds, 18 determines, and declares that this act is necessary for the imm ediate 19 preservation of the public peace, health, and safety. 20 -12- SB19-263

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