s_tra_2017a_2017-04-04t14:01:35z0 Hearing Summary

Date: 04/04/2017

Location: SCR 352

02:01 PM -- SB17-205



Senator Kefalas, prime sponsor, presented Senate Bill 17-205. This bill requires the Transportation Commission to submit a ballot question in the November 2017, 2018, or 2019 election allowing voters to authorize $4 billion in Transportation Revenue Anticipation Notes (TRANs) and a 0.25 percentage point sales and use tax increase.



If approved, the TRANs allows the state to borrow up to $4 billion to accelerate construction of transportation projects and must be paid back in 20 years with a total repayment cost of $5.75 billion. At least $500 million of the TRANs proceeds must be used to extend passenger rail service along the I-25 corridor. Remaining TRANs proceeds must be used to pay for transportation projects on the Colorado Department of Transportation's (CDOT) priority list.



If approved, the state sales and use tax increases from 2.9 percent to 3.15 percent. The additional sales tax revenue would be credited to the Highway Users Tax Fund (HUTF) and paid to the State Highway Fund (SHF) to repay the bonds and fund state transportation projects. Any sales tax revenue above the bond repayment amount can be combined with existing state transportation funding.



Senator Kefalas distributed amendment L.001 (Attachment A) and amendment L.002 (Attachment B), and responded to questions from the committee.



17SenateTran0404AttachA.pdf 17SenateTran0404AttachB.pdf



02:11 PM -- Theresa Conley, representing Conservation Colorado, testified in opposition to the bill.



02:14 PM -- Sandra Solin, representing the Northern Colorado Legislative Alliance, testified from a neutral position on the bill.



02:16 PM -- Amber Egbert, representing the Colorado Department of Revenue, was available to respond to questions.

02:18 PM



Senator Kefalas wrapped up his presentation of the bill and asked the committee to postpone it indefinitely.