Second Regular Session
             Sixty-seventh General Assembly
                    STATE OF COLORADO
                                                 INTRODUCED
 
 
 LLS NO. R10-0950.01 Ed DeCecco                  HCR10-1003
                    HOUSE SPONSORSHIP
 Curry, 
 
                   SENATE SPONSORSHIP
 Penry, 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 House Committees
 Senate Committees
 
 
 Finance
 
 
 
 Appropriations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
               HOUSE CONCURRENT RESOLUTION 10-1003 
       Submitting to the registered electors of the state of
            Colorado an amendment to article X of the
            constitution of the state of Colorado, concerning a
            state rainy day fund, and, in connection therewith,
            creating the state rainy day fund; beginning July 1,
            2011, requiring twenty-five million dollars of
            severance tax revenues to be credited to the fund for
            each fiscal year in which total severance tax revenues
            are greater than fifty million dollars; and allowing
            the moneys in the fund to be used only during economic
            downturns and with a three-fifths majority vote of
            both houses of the general assembly.
       
       
                        Resolution Summary
       
            (Note:  This summary applies to this resolution as introduced and
       does not reflect any amendments that may be subsequently adopted.  If
       this resolution passes third reading in the house of introduction, a
       resolution summary that applies to the reengrossed version of this
       resolution will be available at http://www.leg.state.co.us/billsummaries.)
       
            The resolution creates the state rainy day fund.  Beginning July 1,
       2011, if the total severance tax revenues collected in a state fiscal year are
       greater than $50 million, $25 million of such revenues will be credited to
       the fund.  The fund will also include any other moneys required by law
       to be credited thereto.  Moneys in the fund may be used for any purpose
       during economic downturns with a three-fifths majority vote of both
       houses of the general assembly.
       
       
       
            Be It Resolved by the House of Representatives of the Sixty-seventh
       General Assembly of the State of Colorado, the Senate concurring herein:
            SECTION 1.  At the next election at which such question may be
       submitted, there shall be submitted to the registered electors of the state
       of Colorado, for their approval or rejection, the following amendment to
       the constitution of the state of Colorado, to wit:
            Article X of the constitution of the state of Colorado is amended
       BY THE ADDITION OF A NEW SECTION to read:
            Section 22.  State rainy day fund - severance tax receipts - use. 
       (1)  The state rainy day fund is hereby created in the state
       treasury.  Beginning on July 1, 2011, if the total gross receipts
       realized from the severance taxes imposed on minerals and
       mineral fuels during a state fiscal year are greater than fifty
       million dollars, twenty-five million dollars of such receipts
       shall be credited to the fund.  The fund shall also include any
       other moneys required by law to be credited thereto.  Interest
       and income earned on the deposit and investment of moneys in
       the fund shall be credited to the fund.  All moneys, including
       any interest and income, shall remain in the fund unless
       appropriated or transferred from the fund pursuant to
       subsection (2) of this section.
            (2)  During economic downturns, the general assembly
       may appropriate or transfer moneys from the state rainy day
       fund for any purpose by the enactment of a bill approved by a
       three-fifths majority vote of all the members elected to each
       house of the general assembly.
            SECTION 2.  Each elector voting at said election and desirous of
       voting for or against said amendment shall cast a vote as provided by law
       either "Yes" or "No" on the proposition:  "Shall there be an
       amendment to article X of the constitution of the state of
       Colorado, concerning a state rainy day fund, and, in connection
       therewith, creating the state rainy day fund; beginning July 1,
       2011, requiring twenty-five million dollars of severance tax
       revenues to be credited to the fund for each fiscal year in which
       total severance tax revenues are greater than fifty million
       dollars; and allowing the moneys in the fund to be used only
       during economic downturns and with a three-fifths majority
       vote of both houses of the general assembly?"
            SECTION 3.  The votes cast for the adoption or rejection of said
       amendment shall be canvassed and the result determined in the manner
       provided by law for the canvassing of votes for representatives in
       Congress, and if a majority of the electors voting on the question shall
       have voted "Yes", the said amendment shall become a part of the state
       constitution.