C:\263 rer.txt

Transcript

1 First Regular Session Seventy-second General Assembly STATE OF COLORADO REREVISED This Version Includes All Amendments Adopted in the Second House SENATE BILL 19-263 LLS NO. 19-1123.01 Jason Gelender x4330 SENATE SPONSORSHIP Zenzinger and Rankin, Coram, Court, Fields, Ginal, Gonzales, Moreno, Pettersen, Rodriguez, Tate, Todd, Williams A., Winter HOUSE SPONSORSHIP Becker, Bird, Buentello, Esga r, Garnett, Hooton, Kennedy, Kra ft- Gray and Hansen, Tharp, McCluskie HOUSE May 2, 2019 Senate Committees House Committees Appropriations Appropriations 3rd Reading Unamended A BILL FOR AN ACT 101 ONCERNING THE DELAY UNTIL THE N OVEMBER 2020 GENERAL C 102 ELECTION OF THE REQUIREMENT THAT A BALLOT ISSUE SEEKING HOUSE May 1, 2019 APPROVAL FOR THE ISSUANCE OF TRANSPORTATION REVENUE 103 ANTICIPATION NOTES BE SUBMITTED TO THE VOTERS OF THE 104 2nd Reading Unamended , IN 105 STATE AT THE N OVEMBER 2019 STATEWIDE ELECTION , AND CONNECTION THEREWITH , AMENDING THE BALLOT ISSUE TO 106 REDUCE THE AMOUNT OF NOTES AUTHORIZED TO BE ISSUED TO 107 RTATION FUNDING THAT WILL OFFSET THE ADDITIONAL TRANSPO 108 SENATE RATHER THAN THREE , 109 RESULT FROM THE REPEAL OF ONLY TWO , May 1, 2019 TRANCHES OF LEASE PURCHASE AGREEMENTS AUTHORIZED BY - 110 3rd Reading Unamended IF THE BALLOT ISSUE IS APPROVED AND 111 ENATE B 17-267 ILL S EXTENDING FROM TWENTY TO TWENTY ONE YEARS THE PERIOD - 112 113 FOR WHICH ANNUAL FIFTY MILLION DOLLAR TRANSFERS FROM Shading denotes HOUSE amendmen t. Double underlining denotes SE NATE amendment. SENATE Capital letters or bold & italic numbers indicate new material to be added to existing statute. April 30, 2019 Dashes through the words indicate deletions from existing statute. Amended 2nd Reading

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: 4 263 -2-

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

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

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

6 SECTION 2. In Session Laws of Colorado 2018, 1 repeal section 2 3 of chapter 353 (SB 18-001). SECTION 3. repeal section 3 In Session Laws of Colorado 2018, 13 of chapter 353 (SB 18-001). 4 amend 5 SECTION 4. In Colorado Revised Statutes, 24-82-1303, (2)(a), (2)(b), and (2)(d)(II); and repeal (1) as follows: 6 7 24-82-1303. Lease-purchase agreements for capital 8 (1) On or before December construction and transportation projects. 9 31, 2017, the state architect, the director of the office of st ate planning 10 and budgeting or his or her designee, and the state institution s of higher 11 education shall identify and prepare a collaborative list of el igible state hase facilities that can be collateralized as part of the lease-purc 12 13 agreements for capital construction and transportation projects authorized 14 ntified in this part 13. The total current replacement value of the ide 15 buildings must equal at least two billion dollars. 16 (2) (a) Notwithstanding the provisions of sections 24-82-102 ner than 17 (1)(b) and 24-82-801, and pursuant to section 24-36-121, no soo July 1, 2018, the state, acting by and through the state treasu rer, shall 18 execute lease-purchase agreements, each for no more than twenty 19 years of annual payments, for the projects described in subsection (4 ) of this 20 AS SOON 21 section. The state shall execute the lease-purchase agreements AS POSSIBLE AFTER J ULY 1 OF THE APPLICABLE STATE FISCAL YEAR only 22 in accordance with the following schedule: 23 24 (I) During the 2018-19 state fiscal year the state shall execu te in an amount up to five hundred million 25 lease-purchase agreements AND 26 dollars; 27 (II) During the 2019-20 state fiscal year, the state shall exe cute 263 -6-

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

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

9 (III) The secretary of state shall submit to the registered el ectors 1 2 19 statewide of the state for their approval or rejection at the November 20 election the following ballot issue: "Shall state of 3 GENERAL 2020 $1,837,000,000, with a 4 Colorado debt be increased $2,337,000,000 $2,560,000,000, without 5 maximum repayment cost of $3,250,000,000 nticipation 6 raising taxes, through the issuance of transportation revenue a ation needs 7 notes for the purpose of addressing critical priority transport roceeds and in the state by financing transportation projects, shall note p 8 cal year investment earnings on note proceeds be excluded from state fis 9 spending limits, and shall the amount of lease-purchase agreeme nts 10 ng 11 required by current law to be issued for the purpose of financi transportation projects be reduced?" 12 M AY 1, 2020, the department shall 13 (IV) No later than May 1, 2019 provide to the director of research of the legislative council the most 14 recent available list of qualified federal aid transportation p rojects, 15 tier 1 including multimodal capital projects, that are designated for 16 funding as ten-year development program projects on the departm ent's 17 2020 18 development program project list and that the department will 2019 fund with proceeds of any transportation revenue anticipation n otes 19 issued as authorized by this subsection (13)(b). In order to fu lly inform 20 the voters of the state concerning the projects to be funded wi th proceeds 21 of any such additional transportation revenue anticipation note 22 s before the voters vote on the ballot question specified in subsection (13) (b)(III) of 23 this section, the director of research shall publish the list, including any 24 subsequent updates to the list made before final approval by th e 25 2020 ballot information booklet prepared 26 legislative council of the 2019 pursuant to section 1-40-124.5, which updates the department sh all 27 -9- 263

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

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

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

Related documents