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Second Regular Session Seventy-second General Assembly STATE OF COLORADO ENGROSSED This Version Includes All Amendments Adopted on Second Reading in the House of Introduction LLS NO.
HB1377_S_APP.002 NOT AMENDED SENATE COMMITTEE OF REFERENCE REPORT _______________________________ June 4, 2020 Chair of Committee Date Committee on Appropriations.
20-1263.02 Jason Gelender x4330 HOUSE BILL 20-1377 HOUSE SPONSORSHIP Esgar and McCluskie, Roberts SENATE SPONSORSHIP Zenzinger and Rankin, Moreno, Story House Committees Senate Committees Appropriations A BILL FOR AN ACT C ONCERNING A REQUIREMENT THAT A PORTION OF THE PROCEEDS OF THE SENATE B ILL17-267 LEASE -PURCHASE AGREEMENT THAT WILLBEEXECUTEDINSTATEFISCALYEAR 2019-20 BECREDITED TO THE CAPITAL CONSTRUCTION FUND AND APPROPRIATED ONLY FOR CONTROLLED MAINTENANCE PROJECTS ,INCLUDING CONTROLLED MAINTENANCE PROJECTS THAT ARE CAPITAL RENEWAL PROJECTS .
After consideration on the merits, the Committee recommends the following:
Bill Summary (Note:
HB20-1377 be referred to the Committee of the Whole with favorable recommendation.
This summary applies to this bill as introduced and does notreflectanyamendmentsthatmaybesubsequentlyadopted.Ifthisbill passes third reading in the house of introduction, a bill summary that applies to the reengrossed version of this bill will be available at i http://leg.colorado.gov/.) a 2 S R , O n 1 Shading denotes HOUSE amendment.
** *** ** *** ** *HB1377_S_APP.002*
Double underlining denotes SENATE amendment.2 n Capital letters or bold & italic numbers indicate new material to be added to exdsting statute.
Dashes through the words indicate deletions from existing statute.
e m A Joint Budget Committee.
Under current law, enacted by Senate Bill 17-267, the state will execute the second of 4 tranches of lease-purchase agreements of up to $500 million in principal value each beforetheendofstatefiscalyear2019-20forthesolepurposeoffunding transportation projects.
Due to a favorable interest rate environment, the state is expected to actually receive more than $500 million of proceeds from the execution of this second tranche of lease-purchase agreements.
The bill requires the lesser of all of proceeds received in excess of $500 million or $49 million of such proceeds to be credited to the capital construction fund and appropriated for controlled maintenance projects instead of transportation projects.
Be it enacted by the General Assembly of the State of Colorado:
SECTION 1.
In Colorado Revised Statutes, 24-82-1303, add (4)(a.5) as follows:
24-82-1303.
Lease-purchase agreements for capital construction and transportation projects.
(4) Proceeds of lease-purchase agreements executed as required by subsection (2)(a) of this section shall be used as follows:
(a.5) OF THE PROCEEDS OF LEASE PURCHASE AGREEMENTS EXECUTED AS REQUIRED BY SUBSECTION (2)(a)(IIOF THIS SECTIO,THE LESSER OF ALL PROCEEDS IN EXCESS OFFIVE HUNDRED MILLION DOLLARS OR FORTY-NINE MILLION DOLLARS OF SUCH EXCESS PROCEEDS SHALL BE CREDITED TO THE CAPITAL CONSTRUCTION FUND CREATED IN SECTION 24-75-302 (1)(a) AND APPROPRIATED ONLY FOR CONTROLLED MAINTENANCE PROJECTS, INCLUDING CONTROLLED MAINTENANCE PROJECTS THAT ARE CAPITAL RENEWAL PROJECTS ,IN THE STAT.
SECTION 2.
Safety clause.
The general assemblyherebyfinds, determines, and declares that this act is necessary for the immediate preservation of the public peace, health, or safety.
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