AE46C8BB8F7C93C5872584F10056DEB4 Hearing Summary

Jason Gelender, OLLS, testified before the committee, explaining that the effective date in SB 19-163 erroneously references a "citizen-initiated ballot issue", rather than the referred ballot issue. If the error is not corrected and the voters of the state approve the ballot issue authorizing the state to issue transportation revenue anticipation notes (TRANs) that will be referred for their approval or rejection at the November 2020 general election, TRANs will be issued in addition to, rather than in lieu of, Senate Bill 17-267 lease-purchase agreements that current law requires the state to execute during the 2020-21 and 2021-22 state fiscal years. That result would be directly contrary to the intent of the general assembly in enacting both Senate Bill 19-263 and Senate Bill 18-001 that any voter-approved TRANs be issued in lieu of, and not in addition to, the as yet unissued lease-purchase agreements. The bill amends the 2019 Session Laws of Colorado to correct the error in the effective date section of Senate Bill 19-263.