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S_FIN_2016A 02/11/2016 Committee Summary

Final

STAFF SUMMARY OF MEETING



SENATE COMMITTEE ON FINANCE

Date: 02/11/2016
ATTENDANCE
Time: 09:52 AM to 10:40 AM
Holbert
X
Johnston
X
Place: LSB B
Kerr
X
Hill
X
This Meeting was called to order by
Neville T.
X
Senator Neville T.
This Report was prepared by
Kori Donaldson
X = Present, E = Excused, A = Absent, * = Present after roll call
Bills Addressed: Action Taken:
SB16-073

SB16-121
Amended, Referred to the Committee of the Whole

Amended, Referred to the Committee of the Whole





The committee was called to order. A quorum was present.



09:52 AM -- SB16-073



Senator Grantham, prime sponsor, presented Senate Bill 16-073, which requires the State Auditor to conduct postaudits and performance audits of the limited gaming funds that are transferred to the State Historical Fund for the preservation and restoration of the gaming cities of Central, Black Hawk, and Cripple Creek. Senator Grantham discussed potential amendments to the bill.



09:56 AM --
Mr. Bruce Brown, Mayor, Mr. Ray Du Bois, City Administrator, and Mr. Paul Harris, Finance Director, all representing the City of Cripple Creek, testified in support of the bill. Mr. Harris distributed a handout showing the distribution of limited gaming moneys since FY 2010-11 (Attachment A).



16SenateFin0211AttachA.pdf16SenateFin0211AttachA.pdf



10:01 AM --
Mr. Corey Hoffmann, representing the City of Black Hawk, testified in support of the bill and a potential amendment. Mr. Hoffmann addressed a question from the committee.



10:07 AM --
Ms. Dianne Ray, State Auditor, addressed a question from the committee about a proposed amendment to strike lines 10 through 13 on page 3 of the introduced bill.





















10:12 AM



Senator Grantham distributed Amendment L.002 (Attachment B).



16SenateFin0211AttachB.pdf16SenateFin0211AttachB.pdf

BILL: SB16-073
TIME: 10:12:19 AM
MOVED: Holbert
MOTION: Adopt amendment L.002 (Attachment B). The motion passed on a vote of 4-1.
SECONDED:
VOTE
Holbert
Yes
Johnston
Yes
Kerr
No
Hill
Yes
Neville T.
Yes
YES: 4 NO: 1 EXC: 0 ABS: 0 FINAL ACTION: PASS


BILL: SB16-073
TIME: 10:14:10 AM
MOVED: Hill
MOTION: Amend the bill to stike lines 10 though 13 on page 3 of the introduced bill. The motion passed without objection.
SECONDED:
VOTE
Holbert
Johnston
Kerr
Hill
Neville T.
YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection





















10:14 AM



Senator Grantham made some closing remarks on the bill.

BILL: SB16-073
TIME: 10:15:41 AM
MOVED: Holbert
MOTION: Refer Senate Bill 16-073, 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





10:16 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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