Amendments for HB20-1376

House Journal, June 3
48 HB20-1376 be amended as follows, and as so amended, be referred to
49 the Committee of the Whole with favorable
50 recommendation:
51
52 Amend printed bill, page 12, after line 7, insert:
53
54 "SECTION 7. Appropriation - adjustments to 2020 long bill.
55 (1) To implement this act, appropriations made in the annual general
267 1 appropriation act to the department of treasury for S.B. 17-
2 collateralization lease purchase payments for the 2020-21 state fiscal year
3 are adjusted as follows:
4 (a) The general fund appropriation is decreased by $12,000,000;
5 and
6 (b) The cash funds appropriation from various cash funds under
7 the control of the transportation commission pursuant to Section
8 24-82-1303 (2)(d)(II), C.R.S., is increased by $12,000,000.".
9
10 Renumber succeeding section accordingly.
11
12 Page 1, line 113, strike "AND REPEALING" and substitute "REPEALING".
13
14 Page 2, line 103, strike "PURPOSES." and substitute "PURPOSES, AND
15 MAKING AND REDUCING APPROPRIATIONS.".
16
17

House Journal, June 4
7 Amendment No. 1, Appropriations Report, dated June 3, 2020, and placed
8 in member’s bill file; Report also printed in House Journal, June 3, 2020.
9
10 Amendment No. 2, by Representative Gray.
11
12 Amend printed bill, page 3, strike lines 3 and 4 and substitute "(5)(c)
13 introductory portion; and repeal (5)(c)(III), (5)(c)(IV), and (5)(d)".
14
15 Page 3, strike lines 9 and 10 and substitute "Except as otherwise provided
16 in subsection (5)(d) of this section and section 43-4-714 (2)(a), on June
17 30, 2021 ON JUNE 30, 2023, and on each".
18
19 Page 3, line 12, strike "money" and substitute "money FIFTY MILLION
20 DOLLARS".
21
22 Page 3, lines 12 and 13, strike "fund as follows:" and substitute "fund. as
23 follows:".
24
25 Page 3, strike lines 14 through 22.
26
27 Strike page 4.
28
29 Page 5, strike lines 1 through 19 and substitute:
30
31 "(III) (A) If a ballot issue that authorizes the state to issue
32 transportation revenue anticipation notes is submitted to the registered
2020 33 electors of the state for their approval or rejection at the November
34 general election pursuant to section 43-4-705 (13)(b) and a majority of the
35 electors voting on the ballot issue vote "No/Against", fifty million dollars;
36 (B) (Deleted by amendment, L. 2019.)
37 (C) This subsection (5)(c)(III) is repealed, effective January 1,
38 2021, if a ballot issue that authorizes the state to issue transportation
39 revenue anticipation notes is submitted to the registered electors of the
40 state for their approval or rejection at the November 2020 general election
41 pursuant to section 43-4-705 (13)(b) and a majority of the electors voting
42 on the ballot issue vote "Yes/For";
43 (D) This subsection (5)(c)(III)(D) and subsection (5)(c)(III)(C) of
44 this section are repealed, effective January 1, 2021, if a ballot issue that
45 authorizes the state to issue transportation revenue anticipation notes is
46 submitted to the registered electors of the state for their approval or
47 rejection at the November 2020 general election pursuant to section
48 43-4-705 (13)(b) and a majority of the electors voting on the ballot issue
49 vote "No/Against"; or
50 (IV) (A) If a ballot issue that authorizes the state to issue
51 transportation revenue anticipation notes is submitted to the registered
2020 52 electors of the state for their approval or rejection at the November
53 general election pursuant to section 43-4-705 (13)(b) and a majority of the
54 electors voting on the ballot issue vote "Yes/For", ninety-two million five
55 hundred thousand dollars;
1 (B) (Deleted by amendment, L. 2019.)
2 (C) This subsection (5)(c)(IV) is repealed, effective January 1,
3 2021, if a ballot issue that authorizes the state to issue transportation
4 revenue anticipation notes is submitted to the registered electors of the
5 state for their approval or rejection at the November 2020 general election
6 pursuant to section 43-4-705 (13)(b) and a majority of the electors voting
7 on the ballot issue vote "No/Against";
8 (D) This subsection (5)(c)(IV)(D) and subsection (5)(c)(IV)(C) of
9 this section are repealed, effective January 1, 2021, if a ballot issue that
10 authorizes the state to issue transportation revenue anticipation notes is
11 submitted to the registered electors of the state for their approval or
12 rejection at the November 2020 general election pursuant to section
13 43-4-705 (13)(b) and a majority of the electors voting on the ballot issue
14 vote "Yes/For"; or
15 (d) (I) If the transportation commission allocates money from the
16 transportation revenue anticipation notes reserve account of the state
17 highway fund pursuant to section 43-4-714 (2) during any state fiscal year,
18 the amount of any transfer required by subsection (5)(c)(IV)(A) of this
19 section is reduced by an amount equal to the amount of the allocation from
20 the account.
21 (II) This subsection (5)(d) is repealed:
22 (A) (Deleted by amendment, L. 2019.)
23 (B) Effective January 1, 2021, if a ballot issue that authorizes the
24 state to issue transportation revenue anticipation notes is submitted to the
25 registered electors of the state for their approval or rejection at the
26 November 2020 general election pursuant to section 43-4-705 (13)(b) and
27 a majority of the electors voting on the ballot issue vote "No/Against".
28 (III) This subsection (5)(d)(III) and subsection (5)(d)(II) of this
29 section are repealed, effective January 1, 2021, if a ballot issue that
30 authorizes the state to issue transportation revenue anticipation notes is
31 submitted to the registered electors of the state for their approval or
32 rejection at the November 2020 general election pursuant to section
33 43-4-705 (13)(b) and a majority of the electors voting on the ballot issue
34 vote "Yes/For".".
35
36 Page 6, strike lines 17 through 27.
37
38 Strike page 7.
39
40 Page 8, strike lines 1 through 9 and substitute:
41
42 "SECTION 3. In Colorado Revised Statutes, 24-82-1303, repeal
43 as they will become effective only if a ballot issue is proclaimed by the
44 governor (2)(a)(I), (2)(a)(II), (2)(a)(III), (2)(a)(IV), (2)(b), and (2)(d)(II)
45 as follows:
46 24-82-1303. Lease-purchase agreements for capital
47 construction and transportation projects. (2) (a) Notwithstanding the
48 provisions of sections 24-82-102 (1)(b) and 24-82-801, and pursuant to
49 section 24-36-121, no sooner than July 1, 2018, the state, acting by and
50 through the state treasurer, shall execute lease-purchase agreements, each
51 for no more than twenty years of annual payments, for the projects
52 described in subsection (4) of this section. The state shall execute the
53 lease-purchase agreements as soon as possible after July 1 of the
54 applicable state fiscal year only in accordance with the following
55 schedule:
1 (I) During the 2018-19 state fiscal year in an amount up to five
2 hundred million dollars; and
3 (II) During the 2019-20 state fiscal year, in an amount up to five
4 hundred million dollars.
5 (III) (Deleted by amendment, L. 2019.)
6 (IV) (Deleted by amendment, L. 2019.)
7 (b) The anticipated annual state-funded payments for the principal
8 and interest components of the amount payable under all lease-purchase
9 agreements entered into pursuant to subsection (2)(a) of this section shall
10 not exceed seventy-five million dollars.
11 (d) Any lease-purchase agreement executed as required by
12 subsection (2)(a) of this section shall provide that all of the obligations of
13 the state under the agreement are subject to the action of the general
14 assembly in annually making money available for all payments thereunder.
15 Payments under any lease-purchase agreement must be made, subject to
16 annual allocation pursuant to section 43-1-113 by the transportation
17 commission created in section 43-1-106 (1) or subject to annual
18 appropriation by the general assembly, as applicable, from the following
19 sources of money:
20 (II) Next, for state fiscal year 2020-21 and for each succeeding
21 state fiscal year for which a payment under any lease-purchase agreement
22 must be made, fourteen million five hundred thousand dollars annually,
23 or any lesser amount that is sufficient to make each full payment due, shall
24 be paid from any legally available money under the control of the
25 transportation commission solely for the purpose of allowing the
26 construction, supervision, and maintenance of state highways to be funded
27 with the proceeds of lease-purchase agreements as specified in subsection
28 (4)(b) of this section and section 43-4-206 (1)(b)(V); and".
29
30 Page 9, strike lines 8 through 27.
31
32 Strike pages 10 and 11.
33
34 Page 12 strike lines 1 through 7 and substitute:
35
36 "SECTION 5. In Colorado Revised Statutes, 43-4-206, amend
37 (2)(b) introductory portion, (2)(b)(III), and (2)(b)(IV) as follows:
38 43-4-206. State allocation. (2) (b) Nothwithstanding
39 NOTWITHSTANDING section 24-1-136 (11)(a)(I), beginning in 1998, the
40 department of transportation shall report annually to the transportation
41 committee of the senate and the transportation and energy committee of
42 the house of representatives concerning the revenue expended by the
43 department pursuant to subsection (2)(a) of this section and, beginning in
44 2019, any state general fund money that is credited to the state highway
45 fund pursuant to section 24-75-219 (5) AND any net proceeds of
1303 46 lease-purchase agreements executed as required by section 24-82-
47 (2)(a) that are credited to the state highway fund pursuant to section
48 24-82-1303 (4)(b) and expended by the department pursuant to subsection
49 (1)(b)(V) of this section. and any net proceeds of transportation revenue
50 anticipation notes issued as authorized by a ballot issue submitted to and
51 approved by the registered electors of the state at the 2019 statewide
52 election pursuant to section 43-4-705 (13)(b) that are credited to the state
53 highway fund pursuant to this section. The department shall present the
54 report at the joint meeting required under section 43-1-113 (9)(a), and the
55 report shall describe for each fiscal year, if applicable:
1 (III) The projected amounts of revenue and net proceeds that the
219 2 department expects to receive under this subsection (2), section 24-75-
3 (5) AND section 24-82-1303 (4)(b) and section 43-4-714 (1)(a) during the
4 fiscal year;
5 (IV) The amount of revenue and net proceeds that the department
6 has already received under this subsection (2), section 24-75-219 (5) AND
7 section 24-82-1303 (4)(b) and section 43-4-714 (1)(a) during the fiscal
8 year; and
9 SECTION 6. In Colorado Revised Statutes, 43-4-705, amend
10 (2)(a)(II); and repeal (2)(a)(II.5) and (13) as follows:
11 43-4-705. Revenue anticipation notes - ballot issue - repeal.
12 (2) (a) Subject to the provisions of this subsection (2), the principal of and
13 interest on revenue anticipation notes and any costs associated with the
14 issuance and administration of such notes shall be payable solely from:
15 (II) Any proceeds of such notes and any earnings from the
16 investment of such note proceeds pledged for such purpose; AND
17 (II.5) Money transferred from the general fund to the state
18 highway fund pursuant to section 24-75-219 (5)(c); and
19 (13) (a) Notwithstanding any other provision of this part 7 to the
20 contrary, the executive director shall have the authority to issue revenue
21 anticipation notes pursuant to this part 7 only if voters statewide approve
22 the ballot question submitted at the November 1999 statewide election
23 pursuant to section 43-4-703 (1) and only then to the extent allowed under
24 the maximum amounts of debt and repayment cost so approved.
25 (b) (I) Subject to voter approval of the ballot issue submitted at the
26 November 2020 general election pursuant to subsection (13)(b)(III) of this
27 section and the repayment funding commitment requirement specified in
28 subsection (13)(b)(II) of this section, the executive director shall issue
29 additional transportation revenue anticipation notes in a maximum amount
30 of one billion eight hundred thirty-seven million dollars and with a
31 maximum repayment cost of two billion five hundred sixty million dollars.
32 The maximum repayment term for any notes issued pursuant to this
33 subsection (13)(b) is twenty years, and the certificate, trust indenture, or
34 other instrument authorizing their issuance shall provide that the state may
35 pay the notes in full without penalty no later than ten years following the
36 date of issuance.
37 (II) Notwithstanding section 43-1-113 (19) and subsection (12)(a)
38 of this section, before issuing any revenue anticipation notes as authorized
39 by subsection (13)(b)(I) of this section, the transportation commission
40 shall adopt a resolution in which it agrees, subject to the requirements of
41 section 43-4-706 (2), that it intends to annually allocate from legally
42 available money under its control any amount needed for payment of the
43 notes until the notes are fully repaid. The commission shall first allocate
44 for payment of the notes money transferred from the general fund to the
45 state highway fund pursuant to section 24-75-219 (5)(b) and any money
46 allocated by the commission from the transportation revenue anticipation
47 notes reserve account created in section 43-4-714 (2) and thereafter shall
48 allocate for payment of the notes any other legally available money under
49 its control.
50 (III) The secretary of state shall submit to the registered electors
51 of the state for their approval or rejection at the November 2020 general
52 election the following ballot issue: "Shall state of Colorado debt be
53 increased $1,837,000,000, with a maximum repayment cost of
54 $2,560,000,000, without raising taxes, through the issuance of
55 transportation revenue anticipation notes for the purpose of addressing
1 critical priority transportation needs in the state by financing
2 transportation projects, shall note proceeds and investment earnings on
3 note proceeds be excluded from state fiscal year spending limits, and shall
4 the amount of lease-purchase agreements required by current law to be
5 issued for the purpose of financing transportation projects be reduced?"
6 (IV) No later than May 1, 2020, the department shall provide to the
7 director of research of the legislative council the most recent available list
8 of qualified federal aid transportation projects, including multimodal
9 capital projects, that are designated for tier 1 funding as ten-year
10 development program projects on the department's 2020 development
11 program project list and that the department will fund with proceeds of
12 any transportation revenue anticipation notes issued as authorized by this
13 subsection (13)(b). In order to fully inform the voters of the state
14 concerning the projects to be funded with proceeds of any such additional
15 transportation revenue anticipation notes before the voters vote on the
16 ballot question specified in subsection (13)(b)(III) of this section, the
17 director of research shall publish the list, including any subsequent
18 updates to the list made before final approval by the legislative council of
19 the 2020 ballot information booklet prepared pursuant to section
20 1-40-124.5, which updates the department shall expeditiously provide to
21 the director of research, in the ballot information booklet.
22 (V) (A) (Deleted by amendment, L. 2019.)
23 (B) This subsection (13)(b) is repealed, effective January 1, 2021,
24 if a majority of the electors voting on the ballot issue in subsection
25 (13)(b)(III) of this section vote "No/Against".
26 (C) This subsection (13)(b)(V) is repealed, effective January 1,
27 2021, if a majority of the electors voting on the ballot issue in subsection
28 (13)(b)(III) of this section vote "Yes/For".
29 SECTION 7. In Colorado Revised Statutes, 43-4-1102, repeal (1)
30 as follows:
31 43-4-1102. Definitions. As used in this part 11, unless the context
32 otherwise requires:
33 (1) "Account" means the transportation revenue anticipation notes
34 proceeds account of the multimodal transportation options fund created in
35 section 43-4-1103 (1)(b).
36 SECTION 8. In Colorado Revised Statutes, 43-4-1103, amend
37 (2)(c), (3)(a) introductory portion, (3)(a)(I), and (3)(a)(II) introductory
38 portion; and repeal (1)(b) and (2)(b) as follows:
39 43-4-1103. Multimodal transportation options fund - creation
40 - revenue sources for fund - use of fund. (1) (b) The transportation
41 revenue anticipation notes proceeds account is hereby created in the fund.
42 Net proceeds of transportation revenue anticipation notes that the state
714 43 issues shall be credited to the account as specified in section 43-4-
44 (1)(b). The state treasurer shall credit all interest and income derived from
45 the deposit and investment of money in the account to the account.
46 (2) (b) (I) Subject to the limitations set forth in subsection
47 (2)(b)(II) of this section, money must be expended from the account as
48 follows:
49 (A) Eighty-five percent to the commission for local multimodal
50 projects; and
51 (B) Fifteen percent to the commission for state multimodal
52 projects that are selected by the commission.
53 (II) The commission shall ensure, in cooperation with each
54 recipient of such money from the account, that any net proceeds of
55 tax-exempt transportation revenue anticipation notes credited to the
1 account and any interest and income derived from the deposit and
2 investment of any such proceeds are expended only in compliance with all
3 applicable federal laws and regulations governing the use of tax-exempt
4 note proceeds.
5 (c) With respect to the distribution of money for local multimodal
6 projects required by subsection (2)(a)(I)(A) of this section, and, for net
7 proceeds of taxable transportation revenue anticipation notes and interest
8 and income derived from the deposit and investment of such proceeds
9 only, the distribution of money for local multimodal projects required by
10 subsection (2)(b)(I)(A) of this section, the commission shall establish a
11 formula for disbursement of the amount allocated for local multimodal
12 projects, based on population and transit ridership, in consultation with the
13 transportation advisory committee created in section 43-1-1104, the transit
14 and rail advisory committee of the department, transit advocacy
15 organizations, and bicycle and pedestrian advocacy organizations.
16 Recipients shall provide a match equal to the amount of the award; except
17 that the commission may create a formula for reducing or exempting the
18 match requirement for local governments or agencies due to their size or
19 any other special circumstances.
20 (3) (a) The department shall annually report to the transportation
21 legislation review committee of the general assembly created in section
22 43-2-145 (1) regarding its expenditures from the fund and the account
23 including, at a minimum:
24 (I) An aggregate accounting of all money expended from the fund
25 and the account during the prior fiscal year; and
26 (II) A listing of all projects receiving funding from the fund and
27 the account during the prior fiscal year that includes for each project:
28 SECTION 9. In Colorado Revised Statutes, repeal 43-4-714.".
29
30 Renumber succeeding section accordingly.
31
32 Page 1, line 102, strike "DELAYING".
33
34 Page 1, strike lines 103 through 108.
35
36 Page 1, line 109, strike "TO BE ISSUED," and substitute "REPEALING THE
37 REQUIREMENT THAT A BALLOT ISSUE SEEKING APPROVAL FOR THE
38 ISSUANCE OF TRANSPORTATION REVENUE ANTICIPATION NOTES BE
2020 39 SUBMITTED TO THE VOTERS OF THE STATE AT THE NOVEMBER
40 GENERAL ELECTION,".
41
42 As amended, ordered engrossed and placed on the Calendar for Third
43 Reading and Final Passage.
44

Senate Journal, June 9
HB20-1376 by Representative(s) Esgar and McCluskie; also Senator(s) Zenzinger and Rankin, Moreno-
Concerning the modification of transportation funding mechanisms, and, in connection
therewith, repealing the requirement that a ballot issue seeking approval for the issuance of
transportation revenue anticipation notes be submitted to the voters of the state at the
November 2020 general election, eliminating specified scheduled general fund transfers to
the state highway fund, reducing the amount of general fund money dedicated to make
lease-purchase agreement payments due during state fiscal years 2020-21 and 2021-22,
repealing department of transportation rule-making and reporting requirements relating to
motor vehicles used for certain types of commercial purposes, and making and reducing
appropriations.

Amendment No. 1(L.004), by Senators Zenzinger and Rankin.

Amend reengrossed bill, page 3, strike lines 3 through 23.

Strike page 4.

Page 5, strike lines 1 through 23 and substitute "(5)(c) introductory
portion, (5)(c)(III)(A), (5)(c)(III)(C), (5)(c)(III)(D), (5)(c)(IV)(A),
(5)(c)(IV)(C), (5)(c)(IV)(D), (5)(d)(II)(B), and (5)(d)(III) as follows:
24-75-219. Transfers - transportation - capital construction
- definitions - repeal. (5) (c) The state treasurer shall transfer fifty
million dollars from the general fund to the state highway fund on June
30, 2020. Except as otherwise provided in subsection (5)(d) of this
section and section 43-4-714 (2)(a), on June 30, 2021 JUNE 30, 2023, and
on each succeeding June 30 through June 30, 2040, the state treasurer
shall transfer money from the general fund to the state highway fund as
follows:
(III) (A) If a ballot issue that authorizes the state to issue
transportation revenue anticipation notes is submitted to the registered
electors of the state for their approval or rejection at the November 2020
general NOVEMBER 2021 STATEWIDE election pursuant to section
43-4-705 (13)(b) and a majority of the electors voting on the ballot issue
vote "No/Against", fifty million dollars;
(C) This subsection (5)(c)(III) is repealed, effective January 1,
2021 JANUARY 1, 2022, if a ballot issue that authorizes the state to issue
transportation revenue anticipation notes is submitted to the registered
electors of the state for their approval or rejection at the November 2020
general NOVEMBER 2021 STATEWIDE election pursuant to section
43-4-705 (13)(b) and a majority of the electors voting on the ballot issue
vote "Yes/For";
(D) This subsection (5)(c)(III)(D) and subsection (5)(c)(III)(C) of
this section are repealed, effective January 1, 2021 JANUARY 1, 2022, if
a ballot issue that authorizes the state to issue transportation revenue
anticipation notes is submitted to the registered electors of the state for
their approval or rejection at the November 2020 general NOVEMBER
2021 STATEWIDE election pursuant to section 43-4-705 (13)(b) and a
majority of the electors voting on the ballot issue vote "No/Against"; or
(IV) (A) If a ballot issue that authorizes the state to issue
transportation revenue anticipation notes is submitted to the registered
electors of the state for their approval or rejection at the November 2020
general NOVEMBER 2021 STATEWIDE election pursuant to section
43-4-705 (13)(b) and a majority of the electors voting on the ballot issue
vote "Yes/For", ninety-two SEVENTY-NINE million five hundred thousand
dollars;
(C) This subsection (5)(c)(IV) is repealed, effective January 1,
2021 JANUARY 1, 2022, if a ballot issue that authorizes the state to issue
transportation revenue anticipation notes is submitted to the registered
electors of the state for their approval or rejection at the November 2020
general NOVEMBER 2021 STATEWIDE election pursuant to section
43-4-705 (13)(b) and a majority of the electors voting on the ballot issue
vote "No/Against";
(D) This subsection (5)(c)(IV)(D) and subsection (5)(c)(IV)(C)
of this section are repealed, effective January 1, 2021 JANUARY 1, 2022,
if a ballot issue that authorizes the state to issue transportation revenue
anticipation notes is submitted to the registered electors of the state for
their approval or rejection at the November 2020 general NOVEMBER
2021 STATEWIDE election pursuant to section 43-4-705 (13)(b) and a
majority of the electors voting on the ballot issue vote "Yes/For"; or
(d) (II) This subsection (5)(d) is repealed:
(B) Effective January 1, 2021 JANUARY 1, 2022, if a ballot issue
that authorizes the state to issue transportation revenue anticipation notes
is submitted to the registered electors of the state for their approval or
rejection at the November 2020 general NOVEMBER 2021 STATEWIDE
election pursuant to section 43-4-705 (13)(b) and a majority of the
electors voting on the ballot issue vote "No/Against".
(III) This subsection (5)(d)(III) and subsection (5)(d)(II) of this
section are repealed, effective January 1, 2021 JANUARY 1, 2022, if a
ballot issue that authorizes the state to issue transportation revenue
anticipation notes is submitted to the registered electors of the state for
their approval or rejection at the November 2020 general NOVEMBER
2021 STATEWIDE election pursuant to section 43-4-705 (13)(b) and a
majority of the electors voting on the ballot issue vote "Yes/For".".

Page 6, strike lines 21 through 27.

Strike page 7.

Page 8, strike lines 1 through 10 and substitute:

"SECTION 3. In Colorado Revised Statutes, 24-82-1303, amend
as they will become effective only if a ballot issue is proclaimed by
the governor (2)(b) and (2)(d)(II); and repeal as they will become
effective only if a ballot issue is proclaimed by the governor (2)(a)(I)
and (2)(a)(II) as follows:
24-82-1303. Lease-purchase agreements for capital
construction and transportation projects. (2) (a) Notwithstanding the
provisions of sections 24-82-102 (1)(b) and 24-82-801, and pursuant to
section 24-36-121, no sooner than July 1, 2018, the state, acting by and
through the state treasurer, shall execute lease-purchase agreements, each
for no more than twenty years of annual payments, for the projects
described in subsection (4) of this section. The state shall execute the
lease-purchase agreements as soon as possible after July 1 of the
applicable state fiscal year only in accordance with the following
schedule:
(I) During the 2018-19 state fiscal year in an amount up to five
hundred million dollars; and
(II) During the 2019-20 state fiscal year, in an amount up to five
hundred million dollars.
(b) The anticipated annual state-funded payments for the principal
and interest components of the amount payable under all lease-purchase
agreements entered into pursuant to subsection (2)(a) of this section shall
not exceed seventy-five ONE HUNDRED TWELVE million FIVE HUNDRED
THOUSAND dollars.
(d) Any lease-purchase agreement executed as required by
subsection (2)(a) of this section shall provide that all of the obligations
of the state under the agreement are subject to the action of the general
assembly in annually making money available for all payments
thereunder. Payments under any lease-purchase agreement must be made,
subject to annual allocation pursuant to section 43-1-113 by the
transportation commission created in section 43-1-106 (1) or subject to
annual appropriation by the general assembly, as applicable, from the
following sources of money:
(II) Next, for state fiscal year 2020-21 YEAR 2021-22 and for
each succeeding state fiscal year for which a payment under any
lease-purchase agreement must be made, fourteen THIRTY-SIX million
five SEVEN hundred thousand dollars annually, or any lesser amount that
is sufficient to make each full payment due, shall be paid from any
legally available money under the control of the transportation
commission solely for the purpose of allowing the construction,
supervision, and maintenance of state highways to be funded with the
proceeds of lease-purchase agreements as specified in subsection (4)(b)
of this section and section 43-4-206 (1)(b)(V); EXCEPT THAT, FOR THE
PAYMENT DUE DURING STATE FISCAL YEAR 2021-22 ONLY, FORTY-EIGHT
MILLION SEVEN HUNDRED THOUSAND DOLLARS, OR ANY LESSER AMOUNT
THAT IS SUFFICIENT TO MAKE THE FULL PAYMENT DUE SHALL BE PAID
FROM SUCH LEGALLY AVAILABLE MONEY FOR SAID PURPOSE; and".

Page 9, strike lines 9 through 27.

Strike pages 10 through 14.

Page 15, strike lines 1 through 7 and substitute:
"SECTION 5. In Colorado Revised Statutes, 43-4-705, amend
(13)(b)(I), (13)(b)(III), (13)(b)(IV), (13)(b)(V)(B), and (13)(b)(V)(C) as
follows:
43-4-705. Revenue anticipation notes - ballot issue - repeal.
(13) (b) (I) Subject to voter approval of the ballot issue submitted at the
November 2020 general NOVEMBER 2021 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 one billion eight
THREE hundred thirty-seven million dollars and with a maximum
repayment cost of two ONE billion five EIGHT hundred sixty SIXTY-FIVE
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.
(III) The secretary of state shall submit to the registered electors
of the state for their approval or rejection at the November 2020 general
NOVEMBER 2021 STATEWIDE election the following ballot issue: "Shall
state of Colorado debt be increased $1,837,000,000 INCREASED
$1,337,000,000, with a maximum repayment cost of $2,560,000,000 OF
$1,865,000,000, 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?"
(IV) No later than May 1, 2020 MAY 1, 2021, the department
shall provide to the director of research of the legislative council the most
recent available list of qualified federal aid transportation projects,
including multimodal capital projects, that are designated for tier 1
funding as ten-year development program projects on the department's
2020 DEPARTMENT'S 2021 development program project list and that the
department will fund with proceeds of any transportation revenue
anticipation notes issued as authorized by this subsection (13)(b). In
order to fully inform the voters of the state concerning the projects to be
funded with proceeds of any such additional transportation revenue
anticipation notes before the voters vote on the ballot question specified
in subsection (13)(b)(III) of this section, the director of research shall
publish the list, including any subsequent updates to the list made before
final approval by the legislative council of the 2020 THE 2021 ballot
information booklet prepared pursuant to section 1-40-124.5, which
updates the department shall expeditiously provide to the director of
research, in the ballot information booklet.
(V) (B) This subsection (13)(b) is repealed, effective January 1,
2021 JANUARY 1, 2022, if a majority of the electors voting on the ballot
issue in subsection (13)(b)(III) of this section vote "No/Against".
(C) This subsection (13)(b)(V) is repealed, effective January 1,
2021 JANUARY 1, 2022, if a majority of the electors voting on the ballot
issue in subsection (13)(b)(III) of this section vote "Yes/For".
SECTION 6. In Colorado Revised Statutes, 43-4-714, amend
(2)(a) and (3) as follows:
43-4-714. Use of note proceeds - repeal. (2) (a) The
transportation revenue anticipation notes reserve account is hereby
created in the state highway fund. The state treasurer shall credit a
portion of the money transferred from the general fund to the state
highway fund pursuant to section 24-75-219 (5)(c)(IV)(A) to the reserve
account as follows:
(I) On June 30, 2021, fifty-nine JUNE 30, 2022, FORTY-THREE
million seven FOUR hundred two FIFTY-TWO thousand five hundred
dollars; and
(II) On June 30, 2022, fifty-nine JUNE 30, 2022, FORTY-THREE
million seven FOUR hundred two FIFTY-TWO thousand five hundred
dollars.
(3) (a) This section is repealed:
(I) (Deleted by amendment, L. 2019.)
(II) Effective January 1, 2021 JANUARY 1, 2022, if a ballot issue
that authorizes the state to issue transportation revenue anticipation notes
is submitted to the registered electors of the state for their approval or
rejection at the November 2020 general NOVEMBER 2021 STATEWIDE
election pursuant to section 43-4-705 (13)(b) and a majority of the
electors voting on the ballot issue vote "No/Against".
(b) This subsection (3) is repealed, effective January 1, 2021
JANUARY 1, 2022, if a ballot issue that authorizes the state to issue
transportation revenue anticipation notes is submitted to the registered
electors of the state for their approval or rejection at the November 2020
general NOVEMBER 2021 STATEWIDE election pursuant to section
43-4-705 (13)(b) and a majority of the electors voting on the ballot issue
vote "Yes/For".".

Renumber succeeding sections accordingly.

Page 1, strike lines 103 through 106 and substitute "DELAYING FROM
THE NOVEMBER 2020 GENERAL ELECTION UNTIL THE NOVEMBER 2021
STATEWIDE ELECTION THE REQUIREMENT THAT A BALLOT ISSUE
SEEKING APPROVAL FOR THE ISSUANCE OF TRANSPORTATION
REVENUE ANTICIPATION NOTES BE SUBMITTED TO THE VOTERS OF THE
STATE, AMENDING THE BALLOT ISSUE TO REDUCE THE AMOUNT OF
NOTES AUTHORIZED TO BE ISSUED,".

As amended, ordered revised and placed on the calendar for third reading and final
passage.