SB 18-248

  • Colorado Senate Bill
  • 2018 Regular Session
  • Introduced in Senate Apr 26, 2018
  • Passed Senate Apr 26, 2018
  • Passed House May 03, 2018
  • Signed by Governor May 30, 2018

Additional Revenues Urban Renewal Projects

Abstract

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

Bill Sponsors (3)

Votes


Actions


May 30, 2018

Office of the Governor

Governor Signed

May 11, 2018

Office of the Governor

Sent to the Governor

House

Signed by the Speaker of the House

Senate

Signed by the President of the Senate

May 03, 2018

House

House Third Reading Passed - No Amendments

May 02, 2018

House

House Second Reading Special Order - Passed - No Amendments

House

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

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

Apr 26, 2018

House

Introduced In House - Assigned to Finance

  • Introduction
Finance

Senate

Senate Third Reading Passed - No Amendments

Apr 25, 2018

Senate

Senate Second Reading Special Order - Passed with Amendments - Committee

Apr 24, 2018

Senate

Senate Committee on Finance Refer Amended - Consent Calendar to Senate Committee of the Whole

  • Committee-Passage
Finance

Apr 16, 2018

Senate

Introduced In Senate - Assigned to Finance

  • Introduction
Finance

Bill Text

Bill Text Versions Format
Committee Amendment PDF
PA1 (04/25/2018) PDF
Introduced (04/16/2018) PDF
Engrossed (04/25/2018) PDF
Reengrossed (04/26/2018) PDF
Revised (05/02/2018) PDF
Rerevised (05/03/2018) PDF
Final Act (05/11/2018) PDF
Signed Act (05/30/2018) PDF

Related Documents

Document Format
Fiscal Note FN1 (04/23/2018) PDF
Fiscal Note FN2 (07/23/2018) 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.