Transportation Infrastructure Funding
Colorado Ballot Measure - Senate Bill 18
Election: Nov. 2, 2021 (General)
Concerning transportation infrastructure funding, and, in connection therewith, requiring specified amounts to be transferred from the general fund to the state highway fund, the highway users tax fund, and a new multimodal transportation options fund during state fiscal years 2018-19 and 2019-20 for the purpose of funding transportation projects and to the state highway fund during any state fiscal year from 2019-20 through 2038-39 for state highway purposes and to repay any transportation revenue anticipation notes that may be issued as specified in the bill and, if no citizen-initiated ballot measure that requires the state to issue transportation revenue anticipation notes is approved by the voters of the state at the November 2018 general election, requiring the secretary of state to submit a ballot question to the voters of the state at the November 2019 statewide election, which, if approved, would require the state, with no increase in any taxes, to issue additional transportation revenue anticipation notes for the purpose of addressing critical priority transportation needs in the state by funding transportation projects; would exclude note proceeds and investment earnings on note proceeds from state fiscal year spending limits; and would reduce the amount of lease-purchase agreements required by current law to be issued for the purpose of funding transportation projects.
(B) (I) Subject to Voter Approval of the Ballot Issue Submitted at the November 2019 Statewide Election Pursuant to Subsection (13)(B)(Iii) of This Section and the Repayment Funding Commitment Requirement Specified in Subsection (13)(B)(Ii) of This Section, the Executive Director Shall Issue Additional Transportation Revenue Anticipation Notes in a Maximum Amount of Two Billion Three Hundred Thirty-seven Million Dollars and With a Maximum Repayment Cost of Three Billion Two Hundred Fifty Million Dollars. The Maximum Repayment Term for Any Notes Issued Pursuant to This Subsection (13)(B) is Twenty Years, and the Certificate, Trust Indenture, or Other Instrument Authorizing Their Issuance Shall Provide That the State May Pay the Notes in Full Without Penalty No Later Than Ten Years Following the Date of Issuance.
(II) Notwithstanding Section 43-1-113 (19) and Subsection (12)(a) of This Section, Before Issuing Any Revenue Anticipation Notes as Authorized by Subsection (13)(B)(I) of This Section, the Transportation Commission Shall Adopt a Resolution in Which It Agrees, Subject to the Requirements of Section 43-4-706 (2), That It Intends to Annually Allocate From Legally Available Money Under Its Control Any Amount Needed for Payment of the Notes Until the Notes Are Fully Repaid. The Commission Shall First Allocate for Payment of the Notes Money Transferred From the General Fund to the State Highway Fund Pursuant to Section 24-75-219 (5)(B) and Any Money Allocated by the Commission From the Transportation Revenue Anticipation Notes Reserve Account Created in Section 43-4-714 (2) and Thereafter Shall Allocate for Payment of the Notes Any Other Legally Available Money Under Its Control.
(III) the Secretary of State Shall Submit to the Registered Electors of the State for Their Approval or Rejection at the November 2019 Statewide Election the Following Ballot Issue: "Shall State of Colorado Debt Be Increased $2,337,000,000, With a Maximum Repayment Cost of $3,250,000,000, Without Raising Taxes, Through the Issuance of Transportation Revenue Anticipation Notes for the Purpose of Addressing Critical Priority Transportation Needs in the State by Financing Transportation Projects, Shall Note Proceeds and Investment Earnings on Note Proceeds Be Excluded From State Fiscal Year Spending Limits, and Shall the Amount of Lease-purchase Agreements Required by Current Law to Be Issued for the Purpose of Financing Transportation Projects Be Reduced?"