In 2017, the general assembly (GA) enacted Senate Bill 17-267, which required the state treasurer to issue up to $500 million of lease-purchase agreements (COPS) in each of the 2018-19, 2019-20, 2020-21, and 2021-22 state fiscal years for the purpose of funding transportation projects. Subsequently, in a series of 4 bills, the GA referred a statewide ballot issue, initially at the November 2019 statewide election but thereafter twice modified and delayed until the 2021 statewide election, that, if approved, would have authorized the state to issue transportation revenue anticipation notes (TRANs) for the purpose of funding transportation projects and prevented the issuance of the state fiscal year 2021-22 COPS.
The GA intended that, upon approval of the ballot issue, the TRANs authorized would replace the unissued COPS as a source of funding for transportation projects. The act amends the effective date clause of one of the 4 bills to prevent the unintended consequence, resulting from the interplay of the bill with another one of the 4 bills, that TRANs could be authorized without preventing the issuance of the state fiscal year 2021-22 COPS. However, the act has no practical effect because Senate Bill 21-260 repealed the requirement that a statewide ballot issue seeking authorization for the issuance of TRANS be referred to the voters at the 2021 statewide election.
(Note: This summary applies to this bill as enacted.)