Bill Summary for Bill Number SB12-177

Date: 05/03/2012

Final
BILL SUMMARY for SB12-177

HOUSE COMMITTEE ON ECONOMIC AND BUSINESS DEVELOPMENT

Votes: View-->	Action Taken:
Moved amendment L.003 (Attachment C). The motion p Moved amendment L.004 (Attachment D). The motion p Moved amendment L.005 (Attachment E). The motion p Moved to refer Senate Bill 12-177, as amended, to	Pass Without Objection Pass Without Objection Pass Without Objection PASS

02:53 PM -- Senate Bill 12-177

Representatives Liston and Pabon, prime sponsors, presented Senate Bill 12-177. Under current law, the Colorado Housing and Finance Authority (CHFA) has the authority to issue revenue bonds on behalf of the unemployment insurance (UI) program in the Colorado Department of Labor and Employment (CDLE). In the event of a bond issuance, Senate Bill 12-177 allows special assessments charged to employers for bond principal repayment to be deposited in the UI Trust Fund rather than paid directly to CHFA, thus allowing these assessments to count toward improving the experience rating of employers. The bill also authorizes assessments for interest and bond costs, conforms UI bonding statutes with CHFA bonding statutes, and accelerates the date for the creation of the Division of Unemployment Insurance to June 1, 2012.

The bill requires that the Governor, State Treasurer, and the Executive Director of the CDLE certify that:

the issuance of bonds is the most cost-effective means for the division to maintain adequate balances in the UI Trust Fund or to repay loan balances;
the amount of money required to maintain adequate balances in the UI Trust Fund or to repay loan balances; and
the amount of bonds to be issued.

In addition, the Executive Director must certify that the issuance of bonds will not:

result in decertification of Colorado's UI program;
impact any cap application; affect the receipt of emergency UI compensation funds;
create an ineligibility for receipt of federal funds; or

result in other penalties or sanctions under the Federal "Social Security Act", or the Federal Unemployment Tax Act.


BILL:	SB12-177
TIME:	03:03:52 PM
MOVED:	Liston
MOTION:	Moved amendment L.003 (Attachment C). The motion passed without objection.
SECONDED:	Swalm
		VOTE
	Balmer
	Holbert
	Miklosi	Excused
	Priola
	Singer
	Soper
	Swerdfeger
	Szabo
	Tyler
	Williams A.
	Wilson
	Swalm
	Liston

YES: 0 NO: 0 EXC: 1 ABS: 0 FINAL ACTION: Pass Without Objection


BILL:	SB12-177
TIME:	03:04:09 PM
MOVED:	Liston
MOTION:	Moved amendment L.004 (Attachment D). The motion passed without objection.
SECONDED:	Holbert
		VOTE
	Balmer
	Holbert
	Miklosi	Excused
	Priola
	Singer
	Soper
	Swerdfeger
	Szabo
	Tyler
	Williams A.
	Wilson
	Swalm
	Liston

YES: 0 NO: 0 EXC: 1 ABS: 0 FINAL ACTION: Pass Without Objection


BILL:	SB12-177
TIME:	03:04:41 PM
MOVED:	Liston
MOTION:	Moved amendment L.005 (Attachment E). The motion passed without objection.
SECONDED:	Holbert
		VOTE
	Balmer
	Holbert
	Miklosi	Excused
	Priola
	Singer
	Soper
	Swerdfeger
	Szabo
	Tyler
	Williams A.
	Wilson
	Swalm
	Liston

YES: 0 NO: 0 EXC: 1 ABS: 0 FINAL ACTION: Pass Without Objection


BILL:	SB12-177
TIME:	03:06:11 PM
MOVED:	Liston
MOTION:	Moved to refer Senate Bill 12-177, as amended, to the Committee of the Whole. The motion passed on a vote of 12-0.
SECONDED:	Szabo
		VOTE
	Balmer	Yes
	Holbert	Yes
	Miklosi	Excused
	Priola	Yes
	Singer	Yes
	Soper	Yes
	Swerdfeger	Yes
	Szabo	Yes
	Tyler	Yes
	Williams A.	Yes
	Wilson	Yes
	Swalm	Yes
	Liston	Yes

YES: 12 NO: 0 EXC: 1 ABS: 0 FINAL ACTION: PASS