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s_fin_2016a_2016-02-11t09:52:46z1 Hearing Summary

Date: 02/11/2016



Final

BILL SUMMARY for SB16-121



SENATE COMMITTEE ON FINANCE


Votes: View--> Action Taken:
Adopt amendment L.002 (Attachment D). The motion p

Refer Senate Bill 16-121, as amended, to the Commi
PASS

PASS







10:16 AM -- SB16-121



The committee recessed.





10:18 AM



Senator Tate, prime sponsor, presented Senate Bill 16-121, which bill allows the governing board of a higher education institution or institutions to pledge up to 100 percent of tuition revenues, excluding any General Fund appropriations, when it issues bonds to pay the costs of a capital project. Institutions that participate in the Higher Education Revenue Bond Intercept Program (intercept program) are only allowed to pledge up to 10 percent of tuition revenues, which is the amount permitted in current law. Senator Tate distributed and read a letter of support from the State Treasurer (Attachment C).



16SenateFin0211AttachC.pdf16SenateFin0211AttachC.pdf



10:21 AM --
Regent Steve Bosley and Mr. Dan Wilson, Treasurer, both representing the University of Colorado System (CU), testified in support of the bill. Mr. Wilson addressed a question from the committee about why CU does not participate in the intercept program. Discussion ensued about the difference between two existing 10 percent limits in current law related to borrowing.





10:34 AM



Senator Tate made some closing remarks on the bill. He distributed and explained Amendment L.002 (Attachment D).



16SenateFin0211AttachD.pdf16SenateFin0211AttachD.pdf

BILL: SB16-121
TIME: 10:35:16 AM
MOVED: Holbert
MOTION: Adopt amendment L.002 (Attachment D). The motion passed on a vote of 3-2.
SECONDED:
VOTE
Holbert
Yes
Johnston
Yes
Kerr
No
Hill
No
Neville T.
Yes
YES: 3 NO: 2 EXC: 0 ABS: 0 FINAL ACTION: PASS




BILL: SB16-121
TIME: 10:39:22 AM
MOVED: Kerr
MOTION: Refer Senate Bill 16-121, as amended, to the Committee of the Whole. The motion passed on a vote of 5-0.
SECONDED:
VOTE
Holbert
Yes
Johnston
Yes
Kerr
Yes
Hill
Yes
Neville T.
Yes
Final YES: 5 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: PASS





10:40 AM



The committee adjourned.










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