BILL SUMMARY for HB09-1346
HOUSE COMMITTEE ON LOCAL GOVERNMENT
|Votes: View--> ||Action Taken: |
|Moved amendment L.001 (Attachment C). The motion |
Moved amendment L.004 (Attachment B). The motion
Moved to refer House Bill 09-1346, as amended, to
|Pass Without Objection|
Pass Without Objection
The committee chair, Representative Peniston, called the meeting to order.
03:17 PM -- House Bill 09-1346
Representative T. Carroll, prime sponsor of House Bill 09-1346, discussed the bill, which concerns the authorization for public entities in the state to fully utilize the financing instruments available to them under the federal economic stimulus act known as the "American Recovery and Reinvestment Act of 2009" (ARRA).
Cary Kennedy, State Treasurer, discussed the need for the bill to provide the statutory authority to allow public entities in the state to fully utilize the financing instruments available under the federal economic stimulus act known as the ARRA. Treasurer Kennedy discussed the need for local governments to use federal money to finance debt for community projects at a lower rate and distributed a handout concerning Colorado ARRA bond estimations (Attachment A). She talked about the bond market and discussed the process for local governments to use federal funds to finance bonds for community projects and programs.
Treasurer Kennedy responded to questions from the committee members concerning the federal requirements for receiving funding and refinancing current bonds. She also explained how unused federal funds could be reallocated to other state needs or revert back to the federal government. She discussed the various types of projects in the state that would benefit from ARRA funds and the ability to levy bonds with such funds. She also talked about the staffing needs to implement ARRA funds at the state and local levels, explained how federal funds are prioritized according to federal formulas, and explained that funds for school districts would be distributed by an independent board according to the provisions of the bill.
Treasurer Kennedy addressed questions from the committee members concerning the fiscal impact of the bill and discussed how unused ARRA funds would be allocated to other public entities. She discussed the federal population requirements for some of the ARRA funding based on population formulas.
John Karakoulakis, testified in support of the bill and discussed the need for an additional FTE to handle the additional requirements of ARRA funding on the Department of Higher Education.
Representative T. Carroll made closing comments on the bill and discussed prepared amendments L.001 (Attachment B) and L.004 (Attachment C).
Mary Wickersham, Office of the State Treasurer, addressed the committee to explain L.001 (Attachment C).
|TIME: || 04:03:03 PM|
|MOTION:||Moved to refer House Bill 09-1346, as amended, to the Committee of the Whole. The motion passed on a 8-3 roll call vote.|
Final YES: 8 NO: 3 EXC: 0 ABS: 0 FINAL ACTION: PASS