Statutory Revision Committee. Current law requires the state treasurer to execute up to $500 million of lease-purchase agreements in each of the 2020-21 and 2021-22 state fiscal years for the purpose of funding transportation projects. Senate Bill 19-263 (SB 263) refers a statewide ballot issue at the 2020 general election which would, if approved, authorize the state to issue up to $1.837 billion of transportation revenue anticipation notes (TRANs) for the purpose of funding transportation projects.
When enacting SB 263, the general assembly intended that, upon approval of the ballot issue, the TRANs authorized would replace the lease-purchase agreements as a source of funding for transportation projects. However, due to an error in the effective date clause of SB 263, if the TRANs are approved, the state treasurer will still be required to execute the lease-purchase agreements. The bill amends the Session Laws of Colorado 2019 to correct the error and thereby ensure that approval of the ballot issue eliminates the requirement that the state treasurer execute the lease-purchase agreements.
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)