Date: 05/10/2010

Final
BILL SUMMARY for SB10-200

HOUSE COMMITTEE ON FINANCE

Votes: View--> Action Taken:
Refer Senate Bill 10-200 to the Committee of the WPASS



12:36 PM -- Senate Bill 10-200 - Concerning School Construction Bonds

Representative Kefalas, prime sponsor explained that Senate Bill 10-200 amends language in the "Colorado Recovery and Reinvestment Finance Act of 2009" (HB09-1346) to reflect the recent changes to a type of bonding instrument in the federal "American Recovery and Reinvestment Act of 2009" (ARRA). The bill does not authorize new borrowing by public entities in Colorado, but it makes changes to enable the use of the federal bonding instruments.

The following person testified:

12:41 PM -- Ms. Mary Wickersham, representing the Office of the State Treasurer, noted that this bill responds to federal legislation that facilitates the sale of tax free bonds for school district projects. Ms. Wickersham noted that federal changes have made it difficult to sell tax free bonds. This bill makes these bonds more useful for their intended purposes, she said.

The committee discussed the private bond markets. Ms. Wickersham closed by saying that the bill will save the state about $68 million in interest expenses, depending upon the bond markets.
BILL:SB10-200
TIME: 01:09:24 PM
MOVED:Kefalas
MOTION:Refer Senate Bill 10-200 to the Committee of the Whole. The motion passed on a 6-5 vote.
SECONDED:Benefield
VOTE
DelGrosso
No
Frangas
Yes
Gerou
No
Kagan
Yes
Kefalas
Yes
Labuda
Yes
Roberts
No
Summers
No
Swalm
No
Benefield
Yes
Judd
Yes
Final YES: 6 NO: 5 EXC: 0 ABS: 0 FINAL ACTION: PASS