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j_cdc_2018a_2018-07-23t08:59:26z0 Hearing Summary




PUBLIC
BILL SUMMARY For DISCUSSION ABOUT SB 17-267 COP ISSUANCE WITH STATE TREASURER'S OFFICE

JOINT COMMITTEE COMMITTEE ON CAPITAL DEVELOPMENT COMMITTEE
Date Jul 23, 2018      
Location SCR 357



Discussion about SB 17-267 COP Issuance with State Treasurer's Office - Committee Discussion Only


09:01:01 AM  

The committee was called to order. All members were present. Mr. Ryan Parsell, Deputy State Treasurer, briefed the committee on the issuance of certificates of participation (COPs) under Senate Bill 17-267. Committee members received a letter requesting the presence of the State Treasurer at the meeting (Attachment A).  Mr. Parsell provided an overview of the legislation, and explained how COPs are issued under authority of the state. He also discussed the timeline for issuing COPs to fund capital projects under SB 17-267.

09:15:36 AM  
Mr. Parsell continued to brief the committee on the issuance of COPs for capital projects under SB 17-267, including discussing the timeline for issuance and collateralization of the COPs. Mr. Parsell responded to questions regarding the absence of the State Treasurer from the meeting, and the length of time associated with changing bond counsel for the COP issuance.
09:26:31 AM  
Discussion returned to the timeline for the COP issuance under SB 18-267. Mr. Parsell responded to questions regarding the parties involved in the COP issuance discussions, and the change of bond counsel. Mr. Parsell responded to further questions regarding the expected date for issuing the COPs, and transportation projects to be funded under SB 17-267.
09:38:12 AM  
Mr. Parsell responded to questions regarding the impact of the delay in issuing COPs on the money involved in the issuance. Discussion again returned to the timeline for the COP issuance, and certain implications of delaying the issuance. Discussion followed regarding the list of projects to be funded under the COP issuance, and potential costs associated with the issuance delay.
09:54:03 AM  

Discussion ensued regarding the factors involved in the delay in issuing of COPs under SB 17-267, and the process by which the State Treasurer's Office navigates COP issuance.