Bill Summary for Bill Number SB05-196

Final
BILL SUMMARY for SB05-196

HOUSE COMMITTEE ON FINANCE

Votes:

Action Taken:

Refer SB 05-196 to the Committee on Appropriations

PASS

03:41 PM -- Senate Bill 05-196 - Concerning the Creation of an Investment and Development Fund to the State Board of Land Commissioners

Representative Buescher, prime sponsor, explained the provisions of the bill and distributed a Joint Budget Committee factsheet (Attachment A) on Senate Bill 05-196. Representative Buescher explained that Senate Bill 05-196 transfers $1 million in cash fund exempt moneys from the State Land Board earnings on mineral royalties into the State Board of Land Commissioners Investment and Development Fund to increase the value of or rate of return on the lands.

The following persons testified:

03:45 PM -- Ms. Britt Weygandt, Director for the State Land Board, responded to committee questions. Ms. Weygandt commented that Senate Bill 05-196 would allow the income for the land trust to increase.

03:48 PM -- Ms. Karen Gerwitz, State Board of Education, School Land Trust Steering Committee, testified in support of the legislation and distributed a letter (Attachment B) in support of the legislation from the Colorado State Board of Education.

03:52 PM -- Mr. Ben Stein, Deputy State Treasurer, responded to committee questions.


BILL:	SB05-196
TIME:	03:56:21 PM
MOVED:	McCluskey
MOTION:	Refer SB 05-196 to the Committee on Appropriations. The motion passed on a 12-0-1 vote.
SECONDED:	Massey
		VOTE
	Benefield	Yes
	Cloer	Yes
	Crane	Yes
	Frangas	Yes
	Garcia	Yes
	Jahn	Yes
	Marshall	Yes
	Massey	Yes
	May M.	Excused
	McCluskey	Yes
	Witwer	Yes
	Judd	Yes
	Vigil	Yes
Final YES: 12 NO: 0 EXC: 1 ABS: 0 FINAL ACTION: PASS