First Regular Session
Sixty-first General Assembly
LLS NO. 970724.01D GWF
HOUSE BILL 971330
STATE OF COLORADO
BY REPRESENTATIVE Pfiffner;
also SENATOR Arnold.
BUSINESS AFFAIRS & LABOR
A BILL FOR AN ACT
CONCERNING A REDUCTION IN THE FUNCTIONS OF THE COLORADO
ECONOMIC DEVELOPMENT COMMISSION IN ORDER TO ELIMINATE GENERAL
FUND APPROPRIATIONS TO THE COLORADO ECONOMIC DEVELOPMENT FUND.
(Note: This summary applies to this bill as introduced
and does not necessarily reflect any amendments which may be subsequently
Specifies that expense reimbursements for members
of the Colorado economic development commission shall be paid
from available moneys in the Colorado economic development fund.
Modifies the powers and duties of the economic development commission.
Specifies that the economic development fund shall not receive
appropriations from the general fund. Eliminates the authority
of the economic development commission to make grants and loans.
Provides that outstanding loans and any interest earned thereon
that is paid back to the economic development commission shall
be credited to the general fund.
Be it enacted by the General Assembly of the State of Colorado:
SECTION 1. 2446101, Colorado Revised Statutes, 1988 Repl. Vol., is repealed as follows:
2446101. Legislative declaration.
general assembly hereby finds and declares that, in light of current
economic conditions in Colorado, it is in the best interests of
the people of this state that measures be taken to encourage,
promote, and stimulate economic development in Colorado. To that
end, it is the purpose of this article to bring together people
representing a broad spectrum of interests, including higher education,
agriculture, advanced technologies, finance and banking, venture
capital, energy, and industry, to review the economic condition
of Colorado, and to develop and implement programs for the promotion
of economic development in Colorado.
SECTION 2. 2446102 (1), Colorado Revised Statutes, 1988 Repl. Vol., as amended, is repealed as follows:
2446102. Colorado economic
development commission creation membership.
Effective July 1, 1996,
the Colorado economic development commission is abolished and
the terms of the members of the commission serving as such immediately
prior to June 30, 1996, are terminated.
SECTION 3. 2446103 (2), Colorado Revised Statutes, 1988 Repl. Vol., is amended to read:
2446103. Commission organization meetings. (2) The commission shall meet at least once each quarter. Members shall serve without compensation but shall be entitled to reimbursement for actual and necessary expenses incurred in the performance of their duties FROM ANY AVAILABLE MONEYS IN THE COLORADO ECONOMIC DEVELOPMENT FUND CREATED IN SECTION 2446105.
SECTION 4. 2446104 (1), Colorado Revised Statutes, 1988 Repl. Vol., as amended, is amended to read:
2446104. Powers and duties of commission. (1) The commission has the following powers and duties:
(a) To adopt an annual budget;
operating guidelines relating to the manner and forms of financial
assistance such as loans, grants, and local match requirements
to be provided for various types of projects;
(b.5) TO DESIGNATE OR TERMINATE ENTERPRISE ZONES OR PORTIONS THEREOF PURSUANT TO THE PROVISIONS OF ARTICLE 30 OF TITLE 39, C.R.S.
the economic needs of the various geographical regions of Colorado;
the types of businesses which need the most support in terms of
(e) and (f) (Deleted by amendment, L. 91, p. 823, 1, effective March 29, 1991.)
(g) To make information and assistance available for businesses interested in relocating or expanding their operations in the state of Colorado;
(h) To receive and expend donations or grants from the private sector;
(i) To contract for those services, including personnel services, and materials required by the activities of the commission;
and recommend to the governor expenditures of moneys of the fund
for economic incentives and marketing, as provided in section
2446105, for reimbursement for actual and necessary
expenses of the commission, as authorized in section 2446103
(2), and for operational expenses of the commission;
(k) To exercise any other powers or perform any other duties which are consistent with the purposes for which the commission was created and which are reasonably necessary for the fulfillment of the commission's assigned responsibilities.
SECTION 5. 2446105 (1), (2), and (2.5), Colorado Revised Statutes, 1988 Repl. Vol., as amended, are amended to read:
2446105. Colorado economic development fund creation. (1) There is hereby created a fund to be known as the Colorado economic development fund, referred to in this article as the "fund", which shall be administered by the commission and which shall consist of all moneys which may be available to it. COMMENCING WITH THE STATE FISCAL YEAR BEGINNING JULY 1, 1997, THE FUND SHALL RECEIVE NO APPROPRIATION FROM THE GENERAL FUND.
(2) The moneys in the fund shall be subject
to annual appropriation by the general assembly, except as provided
in subsection (2.5) of this section, for the purposes of this
article. Any moneys not expended or encumbered from any appropriation
at the end of any fiscal year shall remain available for expenditure
in the next fiscal year without further appropriation. Any interest
earned on the investment or deposit of moneys in the fund shall
credited to the general
fund. of the state but shall instead
be credited to the revolving account created in subsection (2.5)
of this section. Contributions of
money, property, or services may be received from any state agency,
county, municipality, federal agency, person, or corporation for
use in carrying out the purposes of this article.
moneys in the fund may be used by the commission to make grants
or loans to both public and private persons and entities for use
in carrying out the purposes of this article, subject to the provisions
of subsection (3) of this section. The commission may establish
whatever terms and conditions it deems appropriate in making such
grants or loans. FOR ANY LOANS MADE
BY THE COMMISSION PRIOR TO JULY 1, 1997, the loan amount and any
interest earned thereon shall be paid back to the commission,
and such moneys shall be credited to a
special account in the fund to be known as the revolving account
THE GENERAL FUND. In accordance with subsection (2) of this section,
interest earned on the investment or deposit of moneys in the
economic development fund shall also be credited to the revolving
account GENERAL FUND. All
moneys in the revolving account may be used by the commission
to make loans and grants as provided in this subsection (2.5)
without further appropriation by the general assembly.
The commission shall report to the joint budget committee by January
1 of each year all expenditures from, and the unencumbered balance
of, the revolving account
FUND. The commission shall not approve
grants or loans to state departments or agencies for specific
projects which are typically considered by the general assembly
in the general appropriation bill or in supplemental appropriation
bills unless the joint budget committee approves the application
for such grants or loans.
SECTION 6. Safety
clause. The general assembly hereby finds, determines,
and declares that this act is necessary for the immediate preservation
of the public peace, health, and safety.