Second Regular Session
              Sixty-fifth General Assembly
                    STATE OF COLORADO
                                                 INTRODUCED
                                                           
                                                           
 LLS NO. 06-0474.01 Bob Lackner          SENATE BILL 06-018
                   SENATE SPONSORSHIP
 Bacon, 
 
                    HOUSE SPONSORSHIP
 Buescher, 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Senate Committees
 House Committees
 
 
 Finance
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                         A BILL FOR AN ACT
       Concerning a modification to the period that tax increment
            revenue may be allocated to a downtown development
            authority.
       
       
                           Bill Summary
       
            (Note:  This summary applies to this bill as introduced and does
       not necessarily reflect any amendments that may be subsequently
       adopted.)
       
            In connection with the allocation of a portion of municipal taxes
       to a special fund to pay the indebtedness related to a downtown
       development authority, authorizes the governing body of the municipality,
       by ordinance, to extend the period that the taxes shall be divided for
       additional increments any one of which shall not be more than a specified
       number of years.  Provides that, in such case, on the first day of the
       extended period, the established base year for the allocation of municipal
       taxes is to be advanced forward by a number of years equal to the number
       of years of the extension.
       
       
       
       Be it enacted by the General Assembly of the State of Colorado:
            SECTION 1.  31-25-807 (3), Colorado Revised Statutes, is
       amended BY THE ADDITION OF A NEW PARAGRAPH to read:
            31-25-807.  Powers - duties.  (3) (f)  During the final ten
       years of the thirty-year period during which a portion of
       municipal taxes may be allocated to, and, when collected, paid
       into the special fund pursuant to subparagraph (II) of paragraph
       (a) of this subsection (3), the governing body may, by ordinance,
       extend the period that the taxes shall be allocated for
       additional increments any one of which shall not be more than
       ten years in length.  In such case, on the first day of any
       extension, the established base year for the allocation
       pursuant to subparagraph (II) of paragraph (a) of this subsection
       (3) shall be advanced forward by a number of years equal to the
       number of years of the extension adopted pursuant to this
       paragraph (f).
            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 9, 2006, if adjournment sine die is on May 10,
       2006); 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.