Senators Baumgardner and Cooke, co-sponsors, presented Senate Bill 18-001. The bill diverts 10 percent of sales and use tax revenue from the General Fund to the State Highway Fund. Conditional on approval of a ballot measure, the bill authorizes the issuance of Transportation Revenue Anticipation Notes (TRANS) and repeals executions of lease-purchase agreements under Senate Bill 17-267. On net, the bill increases State Highway Fund revenue through FY 2021-22. It increases State Highway Fund expenditures for debt service, and decreases General Fund expenditures for lease payments, through FY 2037-38. Senator Baumgardner explained the effect of amendments L.001, L.002, L.003, and L.004 (Attachments A through D). He responded to committee questions about the bill.