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SB19-263

Delay Referral Of TRANs Transportation Revenue Anticipation Notes Ballot Issue To 2020

Concerning the delay until the November 2020 general election of the requirement that a ballot issue seeking approval for the issuance of transportation revenue anticipation notes be submitted to the voters of the state at the November 2019 statewide election, and, in connection therewith, amending the ballot issue to reduce the amount of notes authorized to be issued to offset the additional transportation funding that will result from the repeal of only two, rather than three, tranches of lease-purchase agreements authorized by Senate Bill 17-267 if the ballot issue is approved and extending from twenty to twenty-one years the period for which annual fifty million dollar transfers from the general fund to the state highway fund are required.
Session:
2019 Regular Session
Subjects:
State Government
Transportation & Motor Vehicles
Bill Summary

Current law, enacted by Senate Bill 18-001, requires that a ballot issue seeking approval for the issuance of transportation revenue anticipation notes (TRANs) be submitted to the voters of the state at the November 2019 statewide election. If the ballot issue is approved, the requirement, enacted by Senate Bill 17-267, that the state execute 3 separate tranches of up to $500 million each of lease-purchase agreements in state fiscal years 2019-20, 2020-21, and 2021-22 for the purpose of funding transportation will be repealed. The bill:

  • Delays the requirement that the ballot issue be submitted for one year by requiring it to be submitted at the November 2020 general election rather than the November 2019 statewide election;
  • Amends the ballot issue to reduce the amount of TRANs authorized to be issued by $500 million to offset the additional $500 million of lease-purchase agreement transportation funding that becomes available because the approval of the ballot issue at the November 2020 general election will repeal only the 2 state fiscal year 2020-21 and 2021-22 tranches of lease-purchase agreements, rather than the 3 state fiscal year 2019-20, 2020-21, and 2021-22 tranches of lease-purchase agreements; and
  • Extends from 20 to 21 years the period for which, as enacted in Senate Bill 18-001, annual $50 million transfers from the general fund to the state highway fund are required.
    (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

Status

Introduced
Passed

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Bill Text

  • All Versions (6 )
    Date Bill Type Documents
    05/15/2019 Final Act PDF
    05/02/2019 Rerevised PDF
    05/01/2019 Revised PDF
    05/01/2019 Reengrossed PDF
    04/30/2019 Engrossed PDF
    04/27/2019 Introduced PDF