Bill Summary for Bill Number HB05-1333

Final
BILL SUMMARY for HB05-1333

HOUSE COMMITTEE ON FINANCE

Votes:

Action Taken:

Refer HB 05-1333 to the Committee of the Whole. T

PASS

01:10 PM -- House Bill 05-1333 - Concerning the Critical Needs Financing Corporation

(This bill was referred back to the House Finance Committee during the third-reading House debate on April 29 to allow the committee to discuss the need for a rainy-day fund for purposes of meeting state bond obligations during a future economic downturn.)

Representative Buescher, prime sponsor, explained the provisions of the bill and commented that a rainy day fund was not needed for purposes of meeting state bond obligations during a future economic downturn. Representative Buescher asked that testimony be heard from the Office of State Planning and Budgeting to address this issue.

The following persons testified;

01:11 PM -- Mr. Henry Sobanet, Director of the Office of State Planning and Budgeting, responded to committee questions and commented that if the state experiences an economic downturn in the future, for purposes of meeting bonding obligations under House Bill 05-1333, the state could use HUTF funds or moneys from securitizing tobacco moneys in place of a rainy day fund.

01:18 PM -- Mr. J.J. Ament, City Group Global Markets, responded to committee questions and questioned whether an additional reserve fund (rainy day fund) is needed for the state to ensure against any future economic downturn for purposes of paying future bond obligations.


BILL:	HB05-1333
TIME:	01:23:17 PM
MOVED:	Frangas
MOTION:	Refer HB 05-1333 to the Committee of the Whole. The motion passed on a 11-2-0 vote.
SECONDED:	Judd
		VOTE
	Benefield	Yes
	Cloer	Yes
	Crane	No
	Frangas	Yes
	Garcia	Yes
	Jahn	Yes
	Marshall	Yes
	Massey	Yes
	May M.	No
	McCluskey	Yes
	Witwer	Yes
	Judd	Yes
	Vigil	Yes
Final YES: 11 NO: 2 EXC: 0 ABS: 0 FINAL ACTION: PASS

01:25 PM

Adjourn.