BY REPRESENTATIVES Pankey, Young, June, Nichol, Paschall, Swenson, Taylor, and Entz;
also SENATOR Mutzebaugh.
CONCERNING THE FUNDING OF TRANSPORTATION SYSTEM PROJECTS
IN COLORADO, AND, IN CONNECTION THEREWITH, PROVIDING FOR THE PRIVATE
INVESTMENT IN SUCH TRANSPORTATION SYSTEM PROJECTS.
Be it enacted by the General Assembly of the State
of Colorado:
SECTION 1. Legislative declaration.
(1) The general assembly hereby finds and declares
that an efficient transportation system is essential for the economic,
social, and environmental wellbeing of the state as a whole
and for the maintenance of a high quality of life for the people
of Colorado. If the state is to continue providing and improving
an efficient transportation system, the limited public resources
available for such purposes must be enhanced. The general assembly
believes that partnerships with the private sector can provide
such additional resources.
(2) The general assembly further declares
that moneys invested in the state's transportation system can
benefit not only the public using the system, but the businesses
and individuals who make such investments. Colorado citizens
and businesses should be given every opportunity to invest in
the future of Colorado, which includes investing in the state's
transportation system.
(3) Therefore, the general assembly finds
and declares that the barriers that prevent the citizens and businesses
in Colorado from investing in the future of the state through
sound investments in transportation system projects should be
eliminated to the greatest extent possible.
SECTION 2. Part
12 of article 1 of title 43, Colorado Revised Statutes, is amended
BY THE ADDITION OF A NEW SECTION to read:
4311209. Notice of investment
opportunities. (1) THE DEPARTMENT
OR THE PRIVATE ENTITY RESPONSIBLE FOR FUNDING A PUBLICPRIVATE
INITIATIVE UNDER THIS PART 12 MAY FORWARD THE AGREEMENT AND A
DESCRIPTION OF THE INVESTMENT OPPORTUNITY FOR SUCH INITIATIVE
TO ANY OF THE FOLLOWING FOR CONSIDERATION UNDER THEIR RESPECTIVE
STATUTORY AUTHORITY:
(a) THE BOARD OF TRUSTEES OF THE PUBLIC
EMPLOYEES' RETIREMENT ASSOCIATION CREATED UNDER SECTION 2451203,
C.R.S.;
(b) THE STATE DEFERRED COMPENSATION COMMITTEE
AND THE ADMINISTRATOR, AS DEFINED IN SECTION 2452101,
C.R.S.;
(c) THE BOARD OF DIRECTORS OF THE FIRE
AND POLICE PENSION ASSOCIATION, AS DEFINED IN SECTION 3131102
(2), C.R.S.;
(d) THE BOARDS OF TRUSTEES OF THE FIREFIGHTERS'
AND POLICE OFFICERS' OLD HIRE PENSION FUNDS, AS DEFINED IN SECTION
3130.5102 (1), C.R.S.;
(e) THE BOARD OF TRUSTEES OF THE VOLUNTEER
FIREFIGHTER PENSION FUND, AS DEFINED IN SECTION 31301102
(1), C.R.S.;
(f) THE BOARDS OF EDUCATION OF SCHOOL
DISTRICTS, AS DESCRIBED IN SECTION 2264112, C.R.S.;
(g) THE BOARD OF DIRECTORS OF THE UNIVERSITY
OF COLORADO HOSPITAL AUTHORITY, AS DEFINED IN SECTION 2321502
(2), C.R.S.;
(h) THE STATE TREASURER FOR CONSIDERATION
UNDER SECTION 2320117.5, C.R.S.;
(i) THE COUNTY BOARDS OF RETIREMENT, AS
DESCRIBED IN SECTION 2454107, C.R.S.;
(j) THE GOVERNING BOARDS OF STATE COLLEGES
AND UNIVERSITIES, AS DEFINED IN SECTIONS 2454.5102
(5) AND 2454.6102 (4), C.R.S.; AND
(k) ANY EMPLOYER WHO HAS ESTABLISHED A
DEFINED CONTRIBUTION PLAN.
SECTION 3.
Part 2 of article 3 of title 43, Colorado Revised Statutes, is
amended BY THE ADDITION OF A NEW SECTION to read:
433220. Notice of investment
opportunity. (1) THE DEPARTMENT
OR THE PRIVATE ENTITY RESPONSIBLE FOR ISSUING BONDS UNDER THIS
PART 2 MAY FORWARD A COPY OF THE BONDS AND A DESCRIPTION OF THE
INVESTMENT OPPORTUNITY FOR SUCH BONDS TO ANY OF THE FOLLOWING
FOR CONSIDERATION UNDER THEIR RESPECTIVE STATUTORY AUTHORITY:
(a) THE BOARD OF TRUSTEES OF THE PUBLIC
EMPLOYEES' RETIREMENT ASSOCIATION CREATED UNDER SECTION 2451203,
C.R.S.;
(b) THE STATE DEFERRED COMPENSATION COMMITTEE
AND THE ADMINISTRATOR, AS DEFINED IN SECTION 2452101,
C.R.S.;
(c) THE BOARD OF DIRECTORS OF THE FIRE
AND POLICE PENSION ASSOCIATION, AS DEFINED IN SECTION 3131102
(2), C.R.S.;
(d) THE BOARDS OF TRUSTEES OF THE FIREFIGHTERS'
AND POLICE OFFICERS' OLD HIRE PENSION FUNDS, AS DEFINED IN SECTION
3130.5102 (1), C.R.S.;
(e) THE BOARD OF TRUSTEES OF THE VOLUNTEER
FIREFIGHTER PENSION FUND, AS DEFINED IN SECTION 31301102
(1), C.R.S.;
(f) THE BOARDS OF EDUCATION OF SCHOOL
DISTRICTS, AS DESCRIBED IN SECTION 2264112, C.R.S.;
(g) THE BOARD OF DIRECTORS OF THE UNIVERSITY
OF COLORADO HOSPITAL AUTHORITY, AS DEFINED IN SECTION 2321502
(2), C.R.S.;
(h) THE STATE TREASURER FOR CONSIDERATION
UNDER SECTION 2320117.5, C.R.S.;
(i) THE COUNTY BOARDS OF RETIREMENT, AS DESCRIBED IN SECTION 2454107, C.R.S.;
(j) THE GOVERNING BOARDS OF STATE COLLEGES
AND UNIVERSITIES, AS DEFINED IN SECTIONS 2454.5102
(5) AND 2454.6102 (4), C.R.S.; AND
(k) ANY EMPLOYER WHO HAS ESTABLISHED A
DEFINED CONTRIBUTION PLAN.
SECTION 4. Part
4 of article 3 of title 43, Colorado Revised Statutes, is amended
BY THE ADDITION OF A NEW SECTION to read:
433416. Notice of investment
opportunity. (1) THE DEPARTMENT
OR THE PRIVATE ENTITY RESPONSIBLE FOR ISSUING ANTICIPATION WARRANTS
UNDER THIS PART 4 MAY FORWARD A COPY OF THE ANTICIPATION WARRANTS
AND A DESCRIPTION OF THE INVESTMENT OPPORTUNITY FOR SUCH ANTICIPATION
WARRANTS TO ANY OF THE FOLLOWING FOR CONSIDERATION UNDER THEIR
RESPECTIVE STATUTORY AUTHORITY:
(a) THE BOARD OF TRUSTEES OF THE PUBLIC
EMPLOYEES' RETIREMENT ASSOCIATION CREATED UNDER SECTION 2451203,
C.R.S.;
(b) THE STATE DEFERRED COMPENSATION COMMITTEE
AND THE ADMINISTRATOR, AS DEFINED IN SECTION 2452101,
C.R.S.;
(c) THE BOARD OF DIRECTORS OF THE FIRE
AND POLICE PENSION ASSOCIATION, AS DEFINED IN SECTION 3131102
(2), C.R.S.;
(d) THE BOARDS OF TRUSTEES OF THE FIREFIGHTERS'
AND POLICE OFFICERS' OLD HIRE PENSION FUNDS, AS DEFINED IN SECTION
3130.5102 (1), C.R.S.;
(e) THE BOARD OF TRUSTEES OF THE VOLUNTEER
FIREFIGHTER PENSION FUND, AS DEFINED IN SECTION 31301102
(1), C.R.S.;
(f) THE BOARDS OF EDUCATION OF SCHOOL
DISTRICTS, AS DESCRIBED IN SECTION 2264112, C.R.S.;
(g) THE BOARD OF DIRECTORS OF THE UNIVERSITY
OF COLORADO HOSPITAL AUTHORITY, AS DEFINED IN SECTION 2321502
(2), C.R.S.;
(h) THE STATE TREASURER FOR CONSIDERATION
UNDER SECTION 2320117.5, C.R.S.;
(i) THE COUNTY BOARDS OF RETIREMENT, AS
DESCRIBED IN SECTION 2454107, C.R.S.;
(j) THE GOVERNING BOARDS OF STATE COLLEGES
AND UNIVERSITIES, AS DEFINED IN SECTIONS 2454.5102
(5) AND 2454.6102 (4), C.R.S.; AND
(k) ANY EMPLOYER WHO HAS ESTABLISHED A
DEFINED CONTRIBUTION PLAN.
SECTION 5. 2320117.5
(3), Colorado Revised Statutes, is amended to read:
2320117.5. University of
Colorado fund creation control use.
(3) Moneys in the university of Colorado fund may
be invested by the state treasurer in investments authorized by
sections 2436109, 2436112, and 2436113,
C.R.S., ANY PUBLICPRIVATE INITIATIVES WITH THE DEPARTMENT
OF TRANSPORTATION, AS DEFINED IN SECTION 4311201 (3),
C.R.S., BONDS ISSUED FOR TURNPIKES IN ACCORDANCE WITH PART 2 OF
ARTICLE 3 OF TITLE 43, C.R.S., AND ANTICIPATION WARRANTS ISSUED
FOR TOLL TUNNELS IN ACCORDANCE WITH PART 4 OF ARTICLE 3 OF TITLE
43, C.R.S. The board shall determine the amount of moneys to
be credited in the fund. Until the board of regents withdraws
the moneys from the fund, the state treasurer shall invest the
moneys on behalf of the board of regents.
SECTION 6. 31301113,
Colorado Revised Statutes, is amended BY THE ADDITION OF THE FOLLOWING
NEW SUBSECTIONS to read:
31301113. Fund investments.
(3) NOTWITHSTANDING SUBSECTION (1) OF THIS SECTION,
THE BOARD MAY INVEST ALL OR ANY PART OF FUND MONEYS IN THE NAME
OF THE BOARD'S TREASURER OR IN THE NAME OF A CUSTODIAN OR CUSTODIANS
APPOINTED BY THE BOARD UNDER THIS SECTION IN ONE OR MORE OF THE
FOLLOWING:
(a) ANY PUBLICPRIVATE INITIATIVE
WITH THE DEPARTMENT OF TRANSPORTATION, AS DEFINED IN SECTION 4311201
(3), C.R.S.;
(b) BONDS ISSUED FOR TURNPIKES IN ACCORDANCE
WITH PART 2 OF ARTICLE 3 OF TITLE 43, C.R.S.;
(c) ANTICIPATION WARRANTS ISSUED FOR TOLL
TUNNELS IN ACCORDANCE WITH PART 4 OF ARTICLE 3 OF TITLE 43, C.R.S.;
OR
(d) ANY OTHER PUBLICPRIVATE INITIATIVE
PROGRAM FOR TRANSPORTATION SYSTEM PROJECTS IN COLORADO AUTHORIZED
BY LAW.
(4) THE BOARD MAY GIVE PREFERENCE TO THE
INVESTMENTS DESCRIBED IN SUBSECTION (3) OF THIS SECTION IF SUCH
INVESTMENTS ARE CONSISTENT WITH SOUND INVESTMENT POLICY.
SECTION 7. 401104,
Colorado Revised Statutes, is amended BY THE ADDITION OF A NEW
SUBSECTION to read:
401104. Securities
issuance guarantee. (9) NOTWITHSTANDING
ANY PROVISION OF LAW TO THE CONTRARY, THE COMMISSION MAY APPROVE
A PETITION FROM A PUBLIC UTILITY PROPOSING AN INVESTMENT IN ANY
OF THE FOLLOWING IF THE COMMISSION DETERMINES THAT SUCH INVESTMENT
IS NOT OTHERWISE INCONSISTENT WITH THE PUBLIC INTEREST OR THAT
SUCH INVESTMENT IS NOT OTHERWISE INCONSISTENT WITH THIS SECTION:
(a) ANY PUBLICPRIVATE INITIATIVE
WITH THE DEPARTMENT OF TRANSPORTATION, AS DEFINED IN SECTION 4311201
(3), C.R.S.;
(b) BONDS ISSUED FOR TURNPIKES IN ACCORDANCE
WITH PART 2 OF ARTICLE 3 OF TITLE 43, C.R.S.;
(c) ANTICIPATION WARRANTS ISSUED FOR TOLL
TUNNELS IN ACCORDANCE WITH PART 4 OF ARTICLE 3 OF TITLE 43, C.R.S.;
OR
(d) ANY OTHER PUBLICPRIVATE INITIATIVE
PROGRAM FOR TRANSPORTATION SYSTEM PROJECTS IN COLORADO AUTHORIZED
BY LAW.
SECTION 8. Part
1 of article 9.5 of title 40, Colorado Revised Statutes, is amended
BY THE ADDITION OF A NEW SECTION to read:
409.5116. Investment in
publicprivate transportation facilities.
(1) NOTWITHSTANDING ANY PROVISION OF LAW TO THE CONTRARY,
THE BOARD OF DIRECTORS OF A COOPERATIVE ELECTRIC ASSOCIATION MAY
CONSIDER INVESTING IN ONE OR MORE OF THE FOLLOWING:
(a) ANY PUBLICPRIVATE INITIATIVE
WITH THE DEPARTMENT OF TRANSPORTATION, AS DEFINED IN SECTION 4311201
(3), C.R.S.;
(b) BONDS ISSUED FOR TURNPIKES IN ACCORDANCE WITH PART 2 OF ARTICLE 3 OF TITLE 43, C.R.S.;
(c) ANTICIPATION WARRANTS ISSUED FOR TOLL
TUNNELS IN ACCORDANCE WITH PART 4 OF ARTICLE 3 OF TITLE 43, C.R.S.;
OR
(d) ANY OTHER PUBLICPRIVATE INITIATIVE
PROGRAM FOR TRANSPORTATION SYSTEM PROJECTS IN COLORADO AUTHORIZED
BY LAW.
(2) THE BOARD OF DIRECTORS OF A COOPERATIVE
ELECTRIC ASSOCIATION MAY GIVE PREFERENCE TO THE INVESTMENTS DESCRIBED
IN SUBSECTION (1) OF THIS SECTION IF SUCH INVESTMENTS ARE IN THE
INTEREST OF THE COOPERATIVE ELECTRIC ASSOCIATION'S MEMBERS AND
ARE CONSISTENT WITH SOUND INVESTMENT POLICY.
SECTION 9. 4020102
(1), Colorado Revised Statutes, is amended BY THE ADDITION OF
A NEW PARAGRAPH to read:
4020102. Powers of corporation.
(1) Every such corporation, in addition to the powers
conferred in articles 101 to 117 of title 7, C.R.S., has the power:
(h) NOTWITHSTANDING ANY PROVISION OF LAW
TO THE CONTRARY, TO INVEST IN ANY OF THE FOLLOWING IF SUCH INVESTMENT
IS CONSISTENT WITH SOUND INVESTMENT POLICY:
(I) ANY PUBLICPRIVATE INITIATIVE
WITH THE DEPARTMENT OF TRANSPORTATION, AS DEFINED IN SECTION 4311201
(3), C.R.S.;
(II) BONDS ISSUED FOR TURNPIKES IN ACCORDANCE
WITH PART 2 OF ARTICLE 3 OF TITLE 43, C.R.S.;
(III) ANTICIPATION WARRANTS ISSUED FOR
TOLL TUNNELS IN ACCORDANCE WITH PART 4 OF ARTICLE 3 OF TITLE 43,
C.R.S.; OR
(IV) ANY OTHER PUBLICPRIVATE INITIATIVE
PROGRAM FOR TRANSPORTATION SYSTEM PROJECTS IN COLORADO AUTHORIZED
BY LAW.
SECTION 10. Part
2 of article 2 of title 43, Colorado Revised Statutes, is amended
BY THE ADDITION OF A NEW SECTION to read:
432219. County authority
to privatize county highways and bridges charge a toll. NOTWITHSTANDING
ANY PROVISION OF LAW TO THE CONTRARY, THE BOARD OF COUNTY COMMISSIONERS
OF A COUNTY MAY ENTER PUBLICPRIVATE INITIATIVES, AS DEFINED
IN SECTION 4311201 (3), FOR COUNTY HIGHWAYS AND BRIDGES
ON BEHALF OF THE COUNTY. IN ADDITION, THE BOARD OF COUNTY COMMISSIONERS
OF A COUNTY MAY ENTER INTO CONTRACTS OR OTHER AGREEMENTS ON BEHALF
OF THE COUNTY TO PRIVATIZE ANY COUNTY HIGHWAY OR BRIDGE OR CHARGE
A TOLL THEREFOR. THE BOARD MAY ALSO CHARGE A TOLL FOR ANY COUNTY
HIGHWAY OR BRIDGE FOR THE PURPOSE OF CONSTRUCTING, OPERATING,
OR MAINTAINING SUCH BRIDGE OR HIGHWAY.
SECTION 11. Repeal. 4311208,
Colorado Revised Statutes, is repealed as follows:
4311208. Repeal. This
part 12 is repealed, effective July 1, 2000. The repeal of this
part 12 shall have no effect on contracts entered into on or before
July 1, 2000.
SECTION 12. 4311204
(3), Colorado Revised Statutes, is amended to read:
4311204. Publicprivate
initiative agreement. (3) The
agreement shall
MAY provide that:
(a) The private entity shall
not pledge or cause a lien to be created on the transportation
system or rightofway involved in the transportation
system project MAY PLEDGE THE TRANSPORTATION
SYSTEM PROJECT OR THE RIGHTOFWAY INVOLVED IN THE TRANSPORTATION
SYSTEM PROJECT IF THE PROJECT OR RIGHTOFWAY IS ENTIRELY
FUNDED BY PRIVATE MONEYS AND THE DEPARTMENT DETERMINES THAT SUCH
A PLEDGE IS IN THE PUBLIC INTEREST. THE PRIVATE ENTITY SHALL
NOT PLEDGE OR CAUSE A LIEN TO BE CREATED ON A TRANSPORTATION SYSTEM
PROJECT OR A RIGHTOFWAY INVOLVED IN A TRANSPORTATION
SYSTEM PROJECT IF PUBLIC FUNDS WERE USED TO PURCHASE THE PROJECT
OR RIGHTOFWAY OR THE DEPARTMENT OWNS THE PROJECT OR
RIGHTOFWAY;
(b) The department
PRIVATE ENTITY owns the highway and rightofway involved
in the transportation system project at
all times. IF THE PROJECT OR RIGHTOFWAY
IS ENTIRELY FUNDED BY PRIVATE MONEYS AND THE DEPARTMENT DETERMINES
THAT SUCH OWNERSHIP IS IN THE PUBLIC INTEREST. THE DEPARTMENT
MAY NOT TRANSFER OWNERSHIP OF A TRANSPORTATION SYSTEM PROJECT
OR A RIGHTOFWAY INVOLVED IN A TRANSPORTATION SYSTEM
PROJECT IF PUBLIC FUNDS WERE USED TO PURCHASE THE PROJECT OR RIGHTOFWAY
OR THE DEPARTMENT OWNS THE PROJECT OR RIGHTOFWAY.
SECTION 13. Effective
date. This act shall take effect at 12:01 a.m.
on the day following the expiration of the ninetyday 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; 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.
____________________________ ____________________________
Charles E. Berry Tom Norton
SPEAKER OF THE HOUSE PRESIDENT OF
OF REPRESENTATIVES THE SENATE
____________________________ ____________________________
Judith M. Rodrigue Patricia K. Dicks
CHIEF CLERK OF THE HOUSE ASSISTANT SECRETARY OF
OF REPRESENTATIVES THE SENATE
APPROVED________________________________________
_________________________________________
Roy Romer
GOVERNOR OF THE STATE
OF COLORADO