Beth Martinez Humenik
Under current law, in connection with the use of a special fund (fund) of an urban renewal authority (authority) to collect the increment used to finance urban renewal projects, any additional revenues received by a municipality, county, special district, or school district (collectively, taxing entity) resulting because the voters have authorized the taxing entity to retain and spend such money under the TABOR requirements of the state constitution after the creation of the fund or as a result of an increase in the property tax mill levy approved by the voters of the taxing entity after the creation of the fund, to the extent the total mill levy of any taxing entity exceeds the respective mill levy in effect at the time of approval or substantial modification of the urban renewal plan, are not included in the amount of the increment that is allocated to and, when collected, paid into the special fund. Under the bill, such additional revenues that have been received because of the 2 specified forms of voter-approved revenue changes are restricted from being pledged by an authority for the payment of any bonds of, or any loans or advances to, or any indebtedness incurred by the authority without the consent of the relevant taxing entity. To the extent the authority has received a certain notification specified in the bill, such additional revenues shall then be promptly repaid by the authority to the municipality or other taxing entity. The bill requires the authority to be notified of the amount of additional revenues and the calculations used in computing the amount by the applicable municipality or other taxing entity prior to making repayment and, in any event, not later than February 1 in each fiscal year following the year in which a voter-approved revenue increase has taken effect. The bill permits an authority and a municipality or any other taxing entity to negotiate for the purpose of entering into an agreement on the issues of the amount of repayment, the mechanics of how repayment of the additional revenues will be accomplished, a method for resolving disputes regarding the amount of repayment, and whether the municipality or taxing entity will waive the repayment requirement, singularly or in combination, and are further authorized to enter into an intergovernmental agreement regarding any of these issues. (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.) , Read More
Sent to the Governor
Signed by the Speaker of the House
Signed by the President of the Senate
House Third Reading Passed - No Amendments
Senate Third Reading Passed - No Amendments
Senate Second Reading Special Order - Passed with Amendments - Committee
|Bill Text Versions||Format|
|Final Act (05/11/2018)|
|Signed Act (05/30/2018)|
|Fiscal Note FN1 (04/23/2018)|
|Fiscal Note FN2 (07/23/2018)|
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