Mr. Paul continued his presentation with arguments in favor of and against pension bonds. He discussed prior legislative attempts in Colorado to securitize pension bonds (House Bill 15-1388), and his recollections of why the bill failed. He provided some case studies on pension bond successes and failures, and how the 30-year period makes it difficult to draw absolute conclusions. He concluded his presentation with a discussion of opportune bond rates; the importance of understanding and articulating the financial, political, and public policy goals of pension bonding; and the importance of thinking about how the future will be different than the present. Mr. Paul responded to questions from the committee. Senator Tate asked about tax implications. Representative Van Winkle discussed his recollections of House Bill 15-1388. Mr. Sharf asked a question about measuring bond payments based on the discount rate and the rate of return. Mr. Valore-Caplan asked a question about covenants specific to bond issuances.