s_fin_2016a_2016-03-15t14:06:00z3 Hearing Summary
Date: 03/15/2016
Final
BILL SUMMARY for HB16-1229
SENATE COMMITTEE ON FINANCE
| Votes: View--> | Action Taken: |
| Refer House Bill 16-1229 to the Committee on Appro | PASS |
02:24 PM -- HB16-1229
Senator Steadman, prime sponsor, presented House Bill 16-1229. For FY 2015-16, the reengrossed bill transfers any money in the Higher Education Maintenance and Reserve Fund (reserve fund) into the Higher Education Federal Mineral Lease (FML) Revenues Fund (revenues fund). The bill then eliminates the reserve fund and directs all FML moneys previously deposited to the reserve fund to the revenues fund.
Under current law, a portion of FML revenue is allocated to two cash funds to pay for lease purchase agreements (certificates of participation/COPs) that fund capital construction projects at state institutions of higher education. The bill prohibits the state from entering into any additional lease-purchase agreements to be repaid from the revenues fund. Finally, the bill clarifies that annual appropriations for these higher education COP payments are made to the Department of Higher Education for transfer to the State Treasurer.
Senator Steadman distributed a handout illustrating the changes to the distribution of FML revenue under the bill (Attachment D).
16SenateFin0315AttachD.pdf
| BILL: | HB16-1229 | |
| TIME: | 02:26:58 PM | |
| MOVED: | Holbert | |
| MOTION: | Refer House Bill 16-1229 to the Committee on Appropriations. The motion passed on a vote of 5-0. | |
| SECONDED: | ||
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VOTE
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Holbert
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Yes
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Johnston
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Yes
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Kerr
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Yes
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Hill
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Yes
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Neville T.
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Yes
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Final YES: 5 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: PASS
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