First Regular Session Sixty-fifth General Assembly STATE OF COLORADO INTRODUCED LLS NO. 05-0112.01 Nicole Hoffman HOUSE BILL 05-1047 HOUSE SPONSORSHIP McCluskey, and Rose SENATE SPONSORSHIP Tapia, and Evans House Committees Senate Committees Finance A BILL FOR AN ACT Concerning the exemption of real and personal property used for the administration of the fire and police pension association from taxation. Bill Summary (Note: This summary applies to this bill as introduced and does not necessarily reflect any amendments that may be subsequently adopted.) Police Officers' and Firefighters' Pension Reform Commission. Clarifies that the fire and police pension association is not required to pay general ad valorem taxes on real or personal property in which it holds an ownership interest and that is used for the administration of the association. Be it enacted by the General Assembly of the State of Colorado: SECTION 1. 31-31-201 (1), Colorado Revised Statutes, is amended to read: 31-31-201. Association - creation - board - organization. (1) There is hereby created an independent public body corporate and politic to be known as the fire and police pension association. The association is constituted as a public instrumentality, and its exercise of the powers conferred by this article and article 30.5 of this title shall be deemed to be the performance of an essential public function. The association shall be a body corporate and a political subdivision of the state and shall not be an agency of state government and shall not be subject to administrative direction by any department, commission, board, or agency of the state. The association shall not be required to pay any general ad valorem taxes on real or personal property in which it holds an ownership interest and that is used for the administration of the association. SECTION 2. Effective date. This act shall take effect at 12:01 a.m. on the day following the expiration of the ninety-day period after final adjournment of the general assembly that is allowed for submitting a referendum petition pursuant to article V, section 1 (3) of the state constitution (August 10, 2005, if adjournment sine die is on May 11, 2005); except that, if a referendum petition is filed against this act or an item, section, or part of this act within such period, then the act, item, section, or part, if approved by the people, shall take effect on the date of the official declaration of the vote thereon by proclamation of the governor.