Date: 04/16/2012

Final
BILL SUMMARY for SB12-145

HOUSE COMMITTEE ON EDUCATION

Votes: View--> Action Taken:
Adopt prepared Amendment L.002 (Attachment B). The
Refer Senate Bill 12-145, as amended, to the House		Pass Without Objection
PASS



02:00 PM -- Senate Bill 12-145

 Representative Becker, sponsor of Senate Bill 12-145, presented the bill. The bill, which is recommended by the Joint Budget Committee (JBC), caps the transfer to the State Public School Fund of royalty revenue earned on state school lands and interest earned on the Public School Fund (Permanent Fund) at $21.0 million and $15.0 million, respectively.

Colorado's original allocation of school trust lands, and the Permanent Fund that is supported by proceeds from these lands, were both established in the state's enabling act. The Permanent Fund receives revenue resulting from the sale of state school lands, and the interest earned by the Permanent Fund is meant to support public schools. Section 3 of Article IX of the State Constitution makes the principal of this fund inviolate and requires the interest and other income be used only to support the public schools of Colorado.

Prior to the establishment of Building Excellent Schools Today (BEST) program in 2008, all income from these lands above what was required for operation of the State Land Board was transferred to the Permanent Fund. Under current law, income from these lands is allocated as follows:

• 50 percent of gross income from these lands is transferred to BEST;
• $9.1 million supports State Land Board operations; and
• the remainder is transferred to the State Public School Fund for appropriation through the School Finance Act.

The following person testified:

02:02 PM -- Lyndon Burnett, Colorado Association of School Boards (CASB), testified in support of the bill. Mr. Burnett stated that the bill is a good idea and that it will provide an opportunity to start growing the Permanent Fund again so that there is money for educating kids in the future.
BILL:SB12-145
TIME: 02:03:53 PM
MOVED:Massey
MOTION:Adopt prepared Amendment L.002 (Attachment B). The motion passed without objection.

HseEd0416AttachB.pdf
SECONDED:Beezley
VOTE
Hamner
Holbert
Joshi
Murray
Peniston
Ramirez
Schafer S.
Solano
Summers
Todd
Young
Beezley
Massey
YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection
BILL:SB12-145
TIME: 02:05:08 PM
MOVED:Holbert
MOTION:Refer Senate Bill 12-145, as amended, to the House Committee on Appropriations. The motion passed on a roll call vote of 13-0.
SECONDED:Ramirez
VOTE
Hamner
Yes
Holbert
Yes
Joshi
Yes
Murray
Yes
Peniston
Yes
Ramirez
Yes
Schafer S.
Yes
Solano
Yes
Summers
Yes
Todd
Yes
Young
Yes
Beezley
Yes
Massey
Yes
Final YES: 13 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: PASS