S_FIN_2016A 02/11/2016 09:52:46 AM Committee Summary

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.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.pdf

10:14 AM



Senator Grantham made some closing remarks on the bill.

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.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.pdf

10:40 AM



The committee adjourned.