SB 18-001

  • Colorado Senate Bill
  • 2018 Regular Session
  • Introduced in Senate Apr 03, 2018
  • Passed Senate Mar 28, 2018
  • Passed House May 08, 2018
  • Signed by Governor May 31, 2018

Transportation Infrastructure Funding

Abstract

In 1999, the voters of the state authorized the executive director of the department of transportation (executive director) to issue transportation revenue anticipation notes (TRANs) in a maximum principal amount of $1.7 billion and with a maximum repayment cost of $2.3 billion in order to provide financing to accelerate the construction of qualified federal aid transportation projects. The executive director issued the TRANs as authorized, and the TRANs have been fully repaid. In 2017, the general assembly enacted Senate Bill 17-267 (SB 267), which requires the state to enter into a total of $1.88 billion of lease-purchase agreements and to use the proceeds of the lease-purchase agreements to fund transportation projects and specifically requires the state to enter into $380 million of the lease-purchase agreements in the 2018-19 state fiscal year and $500 million of such agreements in each of the 2019-20, 2020-21, and 2021-22 state fiscal years. Section 3 of the bill requires the state treasurer to transfer $500 million from the general fund to the state highway fund on June 30, 2019, and to transfer $250 million from the general fund to the state highway fund annually on June 30 of state fiscal years 2019-20 though 2038-39. Section 4 repeals the requirement that the state enter into $500 million of lease-purchase agreements in each of the 2019-20, 2020-21, and 2021-22 state fiscal years but takes effect only if, as specified in section 12 , the voters of the state approve a ballot measure that authorizes the state to issue TRANS and that is either initiated and voted on at the 2018 general election or referred to the voters as specified in section 10 at the 2019 statewide election. Section 5 restricts the authority of the department of transportation (CDOT) and any enterprise of CDOT, such as the high-performance transportation enterprise, to construct or designate or enter into a public-private partnership to construct or designate a managed lane, which is defined as a toll lane, high-occupancy tool lane, or high-occupancy vehicle lane on any state highway. Section 6 requires CDOT to expend the $500 million transferred from the general fund to the state highway fund pursuant to section 3 only for new highway construction projects and further specifies that: If the voters of the state approve an initiated ballot measure that authorizes the state to issue TRANs at the November 2018 general election, CDOT shall expend the $250 million annually transferred from the general fund to the state highway fund pursuant to section 3 first, to the extent needed, for maintenance of the transportation infrastructure projects financed by the TRANs and thereafter exclusively for maintenance of the state highway system; and If the voters of the state approve a ballot measure that authorizes the state to issue TRANs that is referred pursuant to section 10 at the November 2019 general election, CDOT shall expend the $250 million annually transferred from the general fund to the state highway fund pursuant to section 3 first, to the extent needed, to make the full amount of payments due on the TRANs and thereafter exclusively for maintenance of the state highway system. Section 7 expresses the intent of the general assembly that CDOT strongly consider, when choosing between a standard low bid process or a design-build process for the procurement of a project contract, whether the use of the design-build process is likely to reduce competition and increase project costs. Section 8 requires CDOT to include specified information about the general fund money transferred to the state highway fund pursuant to section 3 and the proceeds of SB 267 lease-purchase agreements in its annual report to the transportation committee of the senate and the transportation and energy committee of the house of representatives. Section 9 is nonsubstantive and changes the previously defined term 'revenue anticipation notes' to 'transportation revenue anticipation notes' to reflect the use of the latter term throughout the bill. If no citizen-initiated ballot measure that authorizes the state to issue TRANs is approved by the voters of the state at the November 2018 general election, section 10 requires the submission of a ballot measure seeking voter approval for the state to issue TRANs in an amount of $3.5 billion with a maximum repayment cost of $5 billion at the November 2019 statewide election. Any TRANs issued following approval of the ballot measure must have a maximum repayment term of 20 years, the certificate, trust indenture, or other instrument authorizing their issuance must provide that the state may pay the TRANs in full before the end of the specified payment term without penalty, and the transportation commission must pledge to annually allocate from legally available money under its control any money needed for payment of the notes until the notes are fully repaid. Section 11 requires TRANs proceeds not otherwise pledged for TRANs payments to be credited to the state highway fund and expended by CDOT only for qualified federal aid transportation projects that are included in CDOT's strategic transportation project investment program and designated for tier 1 funding as 10-year development program projects on CDOT's development program project list. At least 25% of the TRANs net proceeds must be used for projects in counties with populations of 50,000 or less and at least 10% of the TRANs net proceeds must be used for transit purposes or transit-related capital improvements.(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.) , Read More

Bill Sponsors (4)

Votes


Actions


May 31, 2018

Office of the Governor

Governor Signed

May 17, 2018

Office of the Governor

Sent to the Governor

House

Signed by the Speaker of the House

May 16, 2018

Senate

Signed by the President of the Senate

May 08, 2018

Senate

Senate Considered House Amendments - Result was to Concur - Repass

House

House Third Reading Passed with Amendments - Floor

May 07, 2018

House

House Second Reading Special Order - Passed with Amendments - Floor

May 04, 2018

House

House Committee on Appropriations Refer Unamended to House Committee of the Whole

  • Referral-Committee
  • Committee-Passage
House Committee of the Whole Appropriations

House

House Committee on Finance Refer Unamended to Appropriations

  • Referral-Committee
Finance Appropriations

May 03, 2018

House

House Committee on Transportation & Energy Refer Amended to Finance

  • Referral-Committee
Transportation & Energy Finance

Apr 03, 2018

House

Introduced In House - Assigned to Transportation & Energy + Finance + Appropriations

  • Introduction
Finance Appropriations Transportation & Energy

Mar 28, 2018

Senate

Senate Third Reading Passed with Amendments - Floor

Mar 27, 2018

Senate

Senate Third Reading Laid Over Daily - No Amendments

Mar 23, 2018

Senate

Senate Third Reading Laid Over to 03/27/2018 - No Amendments

Mar 22, 2018

Senate

Senate Third Reading Laid Over Daily - No Amendments

Mar 21, 2018

Senate

Senate Second Reading Passed with Amendments - Committee, Floor

Mar 20, 2018

Senate

Senate Second Reading Laid Over Daily - No Amendments

Mar 15, 2018

Senate

Senate Second Reading Laid Over with Amendments to 03/20/2018 - Floor

Mar 14, 2018

Senate

Senate Second Reading Laid Over Daily with Amendments - Committee, Floor

Mar 12, 2018

Senate

Senate Second Reading Laid Over to 03/14/2018 - No Amendments

Mar 09, 2018

Senate

Senate Second Reading Laid Over Daily - No Amendments

Mar 07, 2018

Senate

Senate Committee on Appropriations Refer Amended to Senate Committee of the Whole

  • Referral-Committee
  • Committee-Passage
Appropriations Senate Committee of the Whole

Mar 01, 2018

Senate

Senate Committee on Finance Refer Unamended to Appropriations

  • Referral-Committee
Finance Appropriations

Jan 23, 2018

Senate

Senate Committee on Transportation Refer Amended to Finance

  • Referral-Committee
Transportation Finance

Jan 10, 2018

Senate

Introduced In Senate - Assigned to Transportation

  • Introduction
Transportation

Bill Text

Bill Text Versions Format
Committee Amendment PDF
PA1 (01/24/2018) PDF
PA2 (03/07/2018) PDF
PA3 (05/04/2018) PDF
Introduced (01/10/2018) PDF
Engrossed (03/21/2018) PDF
Reengrossed (03/28/2018) PDF
Revised (05/07/2018) PDF
Rerevised (05/08/2018) PDF
Final Act (05/17/2018) PDF
Signed Act (05/31/2018) PDF

Related Documents

Document Format
Fiscal Note SA1 (03/07/2018) PDF
Fiscal Note SA2 (05/04/2018) PDF
Fiscal Note FN1 (01/19/2018) PDF
Fiscal Note FN2 (02/16/2018) PDF
Fiscal Note FN3 (03/20/2018) PDF
Fiscal Note FN4 (04/04/2018) PDF
Fiscal Note FN5 (05/04/2018) PDF
Fiscal Note FN6 (05/08/2018) PDF
Fiscal Note FN7 (08/28/2018) PDF

Sources

Data on Open States is updated nightly from the official website of the Colorado General Assembly.

If you notice any inconsistencies with these official sources, feel free to file an issue.