Second Regular Session
              Sixty-ninth General Assembly
                    STATE OF COLORADO
                                                 INTRODUCED
                                                           
                                                           
 LLS NO. 14-0609.01 Ed DeCecco x4216     SENATE BILL 14-065
                   SENATE SPONSORSHIP
 Harvey, 
 
                    HOUSE SPONSORSHIP
 Holbert, 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Senate Committees
 House Committees
 
 
 State, Veterans, & Military Affairs
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                         A BILL FOR AN ACT
       Concerning the prohibition on a political subdivision
            pledging business personal property tax revenue to pay
            future financial obligations.
       
       
                           Bill Summary
       
            (Note:  This summary applies to this bill as introduced and does
       not reflect any amendments that may be subsequently adopted. If this bill
       passes third reading in the house of introduction, a bill summary that
       applies to the reengrossed version of this bill will be available at
       http://www.leg.state.co.us/billsummaries.)
       
            Beginning September 1, 2014, the bill prohibits a political
       subdivision, which includes counties, municipalities, special districts, and
       school districts, from pledging any revenues from the property tax levied
       on business personal property for the payment of interest or principal
       owed on any type of bond or for the repayment of any other
       multiple-fiscal year debt or other obligation that requires voter approval.
       
       
       
       Be it enacted by the General Assembly of the State of Colorado:
            SECTION 1.  In Colorado Revised Statutes, add 39-1-123 as
       follows:
            39-1-123.  Business personal property revenue - pledging for
       bonds - prohibition. Notwithstanding any other provision of law,
       beginning September 1, 2014, a political subdivision may not
       pledge any revenues from the property tax levied on business
       personal property for the payment of interest or principal owed
       on any type of bond or for the payment of any other
       multiple-fiscal year direct or indirect debt or other financial
       obligation that requires voter approval under section 20 (4) (b)
       of article X of the state constitution.
            SECTION 2.  Act subject to petition - effective date. This act
       takes effect at 12:01 a.m. on the day following the expiration of the
       ninety-day period after final adjournment of the general assembly (August
       6, 2014, if adjournment sine die is on May 7, 2014); except that, if a
       referendum petition is filed pursuant to section 1 (3) of article V of the
       state constitution against this act or an item, section, or part of this act
       within such period, then the act, item, section, or part will not take effect
       unless approved by the people at the general election to be held in
       November 2014 and, in such case, will take effect on the date of the
       official declaration of the vote thereon by the governor.