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Correct Senate Bill 19-263 Effective Date Error

Concerning correction of the effective date clause of Senate Bill 19-263 for the purpose of ensuring that the bill accomplishes its intended legal effect of eliminating the requirement that the state treasurer execute lease-purchase agreements to fund transportation projects during the 2020-21 and 2021-22 state fiscal years if a referred ballot issue that authorizes the state to issue transportation revenue anticipation notes is approved at the 2020 general election.
2020 Regular Session
State Revenue & Budget
Transportation & Motor Vehicles
Bill Summary

The state treasurer is required 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. A statewide ballot issue will be referred to the voters at the 2020 general election as required by Senate Bill 19-263 (SB 263) and will, 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 act corrects the error and thereby ensures that approval of the ballot issue stops the issuance of the lease-purchase agreements.

(Note: This summary applies to this bill as enacted.)


Became Law


Bill Text

  • All Versions (7 )
    Date Bill Type Documents
    03/20/2020 Signed Act PDF
    03/14/2020 Final Act PDF
    03/09/2020 Rerevised PDF
    03/05/2020 Revised PDF
    02/10/2020 Reengrossed PDF
    02/07/2020 Engrossed PDF
    01/29/2020 Introduced PDF

The effective date for bills enacted without a safety clause is August 7, 2024, if the General Assembly adjourns sine die on May 8, 2024, unless otherwise specified. Details