Second Regular Session
Sixty-first General Assembly
LLS NO. 980624.01 GWF
HOUSE BILL 981336
STATE OF COLORADO
BY REPRESENTATIVE Paschall
FINANCE
A BILL FOR AN ACT
CONCERNING THE USE OF STATE REVENUES IN EXCESS OF
THE CONSTITUTIONAL LIMITATION ON STATE FISCAL YEAR SPENDING IN
LIEU OF SALES TAX REVENUES TO PROVIDE PUBLIC MONEYS FOR A STADIUM
PURSUANT TO THE PROVISIONS OF THE "METROPOLITAN FOOTBALL
STADIUM DISTRICT ACT".
Bill Summary
(Note: This summary applies to this bill as introduced
and does not necessarily reflect any amendments that may be subsequently
adopted.)
Requires the state treasurer to transfer an amount of moneys from the general fund to the metropolitan football stadium district to acquire a site for, construct, and operate a football stadium. Provides that the moneys transferred shall be in an amount not to exceed $180 million of any excess state revenues above the spending limit imposed upon the state by the Taxpayer's Bill of Rights for the 199798 state fiscal year.
Repeals the authority of the metropolitan football stadium district to impose a sales tax and issue bonds. Provides that the owner and operator of the football team (the "franchise") that will use the stadium shall pay all costs of renovation or construction that exceed the amount of state revenues transferred to the district.
Requires the franchise to agree to repay to the state general fund any state revenues transferred to the district subject to specified terms and conditions.
Specifies that all proceeds from the sale or lease of the name of the stadium shall be paid to the state general fund to repay the amount of state revenues provided to the district. Provides that unneeded moneys of the district and any proceeds from a sale of the stadium shall be credited to the state general fund rather than to each city, county, city and county, and town within the district. Subject to certain conditions, allows proceeds from the sale or lease of the stadium name and unneeded moneys of the district to be credited against the amount of state revenues to be repaid by the franchise to the state general fund.
Makes conforming amendments.
Refers this act to voters for approval at the 1998
general election. Specifies that approval of this act shall nullify
any sales tax or bonded debt of the district approved by the voters
at the 1998 general election pursuant to existing law.
Be it enacted by the General Assembly of the State of Colorado:
SECTION 1. Article 15 of title 32, Colorado Revised Statutes, is amended BY THE ADDITION OF A NEW SECTION to read:
3215106.5. Transfer of excess state revenues to the district. (1) EXCEPT AS PROVIDED IN SUBSECTION (2) OF THIS SECTION, THE STATE TREASURER SHALL TRANSFER FROM THE GENERAL FUND TO THE DISTRICT AN AMOUNT EQUAL TO THE AMOUNT OF STATE REVENUES FROM SOURCES NOT EXCLUDED FROM STATE FISCAL YEAR SPENDING THAT ARE IN EXCESS OF THE FISCAL YEAR SPENDING LIMITATIONS IMPOSED UPON THE STATE BY SECTION 20 OF ARTICLE X OF THE STATE CONSTITUTION FOR THE 199798 STATE FISCAL YEAR. ON OR BEFORE JANUARY 15, 1999, THE STATE AUDITOR SHALL DETERMINE WHETHER ANY SUCH EXCESS EXISTS FOR THE 199798 STATE FISCAL YEAR, CALCULATE THE AMOUNT OF ANY SUCH EXCESS REVENUES, AND NOTIFY THE STATE TREASURER OF THE EXISTENCE AND THE AMOUNT OF SUCH EXCESS REVENUES. THE STATE TREASURER SHALL, WITHIN FIFTEEN DAYS AFTER RECEIVING SUCH NOTIFICATION, MAKE THE TRANSFER REQUIRED BY THIS SECTION FROM THE GENERAL FUND TO THE DISTRICT.
(2) IN NO EVENT SHALL THE TRANSFER MADE PURSUANT TO THIS SECTION EXCEED THE AMOUNT OF ONE HUNDRED EIGHTY MILLION DOLLARS.
(3) ANY TRANSFER OF REVENUES FROM THE GENERAL FUND TO THE DISTRICT PURSUANT TO THE PROVISIONS OF THIS SECTION SHALL NOT BE DEEMED TO BE AN APPROPRIATION SUBJECT TO THE LIMITATION OF SECTION 2475201.1, C.R.S.
(4) REVENUES TRANSFERRED TO THE DISTRICT OR TO THE STATE GENERAL FUND PURSUANT TO THIS ARTICLE SHALL CONSTITUTE A VOTERAPPROVED REVENUE CHANGE, AND SUCH REVENUES SHALL NOT BE INCLUDED IN EITHER STATE OR DISTRICT FISCAL YEAR SPENDING FOR THE PURPOSES OF SECTION 20 OF ARTICLE X OF THE STATE CONSTITUTION AND SECTION 2477102 (17), C.R.S.
(5) IT IS THE INTENT OF THE GENERAL ASSEMBLY THAT IF THE VOTERS APPROVE HOUSE BILL 98______, THE PROVISIONS OF THIS ARTICLE, AS AMENDED, SHALL SUPERSEDE ANY PREVIOUSLY EXISTING STATUTORY PROVISIONS AND THE DISTRICT SHALL NOT HAVE THE AUTHORITY TO IMPOSE A SALES TAX OR ISSUE MULTIPLE FISCAL YEAR OBLIGATIONS, NOTWITHSTANDING THE FACT THAT THE VOTERS OF THE DISTRICT MAY HAVE APPROVED SUCH TAX OR OBLIGATION AT THE 1998 GENERAL ELECTION.
SECTION 2. Repeal. 3215103 (6), Colorado Revised Statutes, is repealed as follows:
3215103. Definitions. As used in this article, unless the context otherwise requires:
(6) "Special
obligation bonds" means the bonds issued by the district
pursuant to the provisions of section 3215113.
SECTION 3. 3215106 (1) (c) and (1) (e), the introductory portion to 3215106 (1) (f), 3215106 (1) (f) (III) and (1) (f) (VI), the introductory portion to 3215106 (2), 3215106 (2) (a), (2) (i), (2) (n), and (3), the introductory portion to 3215106 (6) (a), and 3215106 (6) (b), Colorado Revised Statutes, are amended to read:
3215106. Board of directors powers and duties. (1) In addition to any other powers specifically granted to the board in this article, the board shall have the following duties and powers:
(c) To negotiate an agreement with the franchise:
(I) Requiring the franchise to provide
all costs of renovation or construction that exceed the maximum
amount of the special obligation bonds issued by the district
AMOUNT OF REVENUES TRANSFERRED TO THE DISTRICT PURSUANT TO SECTION
3215106.5, or at least twentyfive percent of
the costs of renovating Mile High stadium or constructing a new
stadium, whichever is greater; and
(II) Requiring the franchise to pay for any costs of renovation of Mile High stadium or construction of the new stadium in excess of the maximum amount paid by the district pursuant to subparagraph (I) of this paragraph (c), including, but not limited to, cost overruns; AND
(III) REQUIRING THE FRANCHISE TO PAY AN AMOUNT EQUAL TO THE AMOUNT OF REVENUES TRANSFERRED TO THE DISTRICT PURSUANT TO SECTION 3215106.5 TO THE STATE TREASURER WHO SHALL CREDIT SUCH AMOUNT TO THE STATE GENERAL FUND. SUCH AGREEMENT SHALL INCLUDE, BUT SHALL NOT BE LIMITED TO, THE FOLLOWING TERMS AND CONDITIONS:
(A) SUCH AMOUNT SHALL BE REPAID IN EQUAL ANNUAL INSTALLMENTS OVER A PERIOD NOT TO EXCEED TWENTY YEARS FROM THE DATE THE REVENUES ARE TRANSFERRED TO THE DISTRICT PURSUANT TO SECTION 3215106.5.
(B) NO INTEREST SHALL BE CHARGED ON THE OUTSTANDING AMOUNT TO BE REPAID AS LONG AS THE FRANCHISE IS CURRENT IN ITS REPAYMENT OBLIGATIONS PURSUANT TO THE TERMS OF SUCH AGREEMENT.
(C) THE DISTRICT SHALL REQUIRE SUCH SECURITY IN PROPERTY OR OTHER ASSETS OF THE FRANCHISE AS THE BOARD DEEMS SUFFICIENT TO ENSURE THE REPAYMENT OF REVENUES TO THE STATE BY THE FRANCHISE.
(e) To negotiate
with the counties within the district and with the city and county
of Denver and enter into an agreement to provide such counties
and the city and county of Denver with a benefit from the revenues
other than sales tax revenues, derived from the operation of Mile
High stadium if it is renovated or the new stadium. during the
period of time the district is collecting the sales tax;
(f) After completion of the review, negotiations,
and other matters set forth in paragraphs (a) to (e)
(d) of this subsection (1) and if the board determines that there
is a need to renovate Mile High stadium or to construct a new
stadium and that the renovation of Mile High stadium or the construction
of a new stadium is more cost effective and economically viable
than maintaining and repairing Mile High stadium, the board shall
then determine whether it is more cost effective and economically
viable to renovate Mile High stadium or to construct a new stadium,
after which the board shall adopt a resolution that in
addition to the statements required by section 3215107
(1) (b), includes, but shall not
be limited to, the following declarations:
(III) That the district has entered into an agreement with the franchise that requires the franchise:
(A) To provide all costs of renovation
or construction that exceed the maximum
amount of the special obligation bonds issued by the district
AMOUNT OF REVENUES TRANSFERRED TO THE DISTRICT PURSUANT TO SECTION
3215106.5, or at least twentyfive percent of
the costs of renovating Mile High stadium or constructing a new
stadium, whichever is greater; and
(B) To provide any costs of renovation of Mile High stadium or construction of the new stadium in excess of the maximum amount paid by the district pursuant to subparagraph (I) of paragraph (c) of subsection (1) of this section, including, but not limited to, cost overruns; AND
(C) TO REPAY TO THE STATE GENERAL FUND THE AMOUNT OF REVENUES TRANSFERRED TO THE DISTRICT PURSUANT TO SECTION 3215106.5, WHICH AGREEMENT SHALL INCLUDE, BUT SHALL NOT BE LIMITED TO, THE TERMS AND CONDITIONS THAT SUCH AMOUNT SHALL BE REPAID IN EQUAL ANNUAL INSTALLMENTS OVER A PERIOD NOT TO EXCEED TWENTY YEARS; THAT NO INTEREST SHALL BE CHARGED ON THE OUTSTANDING AMOUNT TO BE REPAID AS LONG AS THE FRANCHISE IS CURRENT IN ITS REPAYMENT OBLIGATIONS PURSUANT TO THE TERMS OF SUCH AGREEMENT; AND THAT THE DISTRICT SHALL REQUIRE SUCH SECURITY IN PROPERTY OR OTHER ASSETS OF THE FRANCHISE AS THE BOARD DEEMS SUFFICIENT TO ENSURE THE REPAYMENT OF THE REVENUES TO THE STATE BY THE FRANCHISE;
(VI) That
the board has entered into an agreement with the counties within
the district and with the city and county of Denver to provide
such counties and the city and county of Denver with a benefit
from the revenues other than sales tax revenues, derived from
the operation of Mile High stadium if it is renovated or the new
stadium. during the period of time the district is collecting
the sales tax.
(2) After the board has completed the
review and negotiations set forth in paragraphs (a) to (e) of
subsection (1) of this section, and
if the board has received notice from the secretary of state stating
that a valid petition has been filed and verified and has adopted
a resolution pursuant to paragraph (f) of subsection (1) of this
section, in addition to any powers
granted to the board in subsection (1) of this section or in this
article, the board shall have the following powers and duties:
(a) To decide
at which general election or election held on the first Tuesday
of November in an oddnumbered year the question specified
in section 3215107 (1) shall be submitted to the registered
electors within the geographical boundaries of the district;
(i) To borrow
money, contract to borrow money for the purpose of issuing special
obligation bonds, and issue obligations for any of its corporate
purposes and to fund such obligations, to refinance such obligations,
and to refund such obligations as provided in this article subject
to the requirements of section 20 of article X of the state constitution;
(n) To levy
and collect a sales tax pursuant to the provisions of this article,
subject to the requirements of section 20 of article X of the
state constitution, and the board may pledge such sales tax revenues
or any portion thereof for the payment of any indebtedness of
the district;
(3) If Mile High stadium is renovated
or if a new stadium is built, the board shall make a good faith
effort to sell or lease the name of the stadium and any symbol
or image of the general design, appearance, or configuration of
the stadium, including trademarks, service marks, trade names,
and logos. All proceeds from such sale or lease, if any, shall
be used by the board to pay the principal,
interest, and prepayment premium, if any, on outstanding special
obligation bonds issued by the board pursuant to the provisions
of this article TRANSFERRED TO THE
STATE GENERAL FUND. IF THE STADIUM IS REGULARLY AND SUBSTANTIALLY
USED FOR PURPOSES UNRELATED TO PROFESSIONAL FOOTBALL AND IF THE
FRANCHISE IS IN COMPLIANCE WITH THE AGREEMENT ENTERED INTO WITH
THE DISTRICT PURSUANT TO PARAGRAPH (c) OF SUBSECTION (1) OF THIS
SECTION, THE AMOUNT TRANSFERRED TO THE STATE GENERAL FUND PURSUANT
TO THIS SUBSECTION (3) SHALL BE CREDITED AGAINST THE OUTSTANDING
BALANCE, IF ANY, OF THE AMOUNT OF REVENUES TO BE PAID BY THE FRANCHISE
TO THE STATE GENERAL FUND PURSUANT TO SUBPARAGRAPH (III) OF PARAGRAPH
(c) OF SUBSECTION (1) OF THIS SECTION. ANY REVENUES CREDITED
TO THE GENERAL FUND PURSUANT TO THIS SUBSECTION (3) SHALL CONSTITUTE
A VOTERAPPROVED REVENUE CHANGE, AND SUCH REVENUES SHALL
NOT BE INCLUDED IN STATE FISCAL YEAR SPENDING FOR THE PURPOSES
OF SECTION 20 OF ARTICLE X OF THE STATE CONSTITUTION AND SECTION
2477102 (17), C.R.S.
(6) (a) The board shall study, consider,
and pursue opportunities for privatizing the costs of acquiring
Mile High stadium or acquiring a stadium site for a new stadium,
the costs of renovating Mile High stadium or constructing a new
stadium, or the costs of operating a stadium. in
order to minimize the use of sales tax revenues to the greatest
extent possible for the purposes of this article.
Such methods to be studied, considered, and pursued by the board
in order to achieve such privatization shall include, but not
be limited to, the following:
(b) The board
shall study and consider whether it would be beneficial to use
a tax other than the sales and use tax authorized in section 3215110
to fund all or a portion of any multiplefiscal year financial
obligations issued by the board.
SECTION 4. The introductory portion to 3215111 (1) and 3215111 (1) (a), (1) (b), (1) (d), (1) (e), and (2), Colorado Revised Statutes, are amended to read:
3215111. State revenues
use. (1) Sales
tax revenues levied and collected pursuant to the provisions of
section 3215110 REVENUES
TRANSFERRED TO THE DISTRICT PURSUANT TO SECTION 3215106.5
shall be used by the board for the following purposes:
(a) To pay
the principal, interest, and prepayment premium, if any, on outstanding
special obligation bonds issued by the board pursuant to the provisions
of this article;
(b) Upon the
approval of the registered electors of the ballot question set
forth in section 3215107 (1) (d) (I) (B),
To acquire a site within the district that shall be suitable for
construction of a stadium;
(d) To reimburse the board for the daytoday
operating costs incurred in the administration of the district;
however, such costs shall not exceed
threefourths of one percent of the amount of sales tax revenues
collected annually;
(e) To reimburse the board for any loans
made to the board or any direct outofpocket expenses
incurred by the board on and after the
effective date of this act MAY 23,
1996, for matters directly related to the duties of the board
prior to the time that sales tax
revenues TRANSFERRED TO THE DISTRICT PURSUANT TO SECTION 3215106.5
were available for use by the board;
(2) If sales
tax revenues levied and collected pursuant to the provisions of
section 3215110 and the operating revenues generated
by the district are insufficient for all of the purposes set forth
in subsection (1) of this section, the purpose set forth in paragraph
(a) of said subsection (1) shall have first priority of such sales
tax revenues.
SECTION 5. Repeal. 3215112 (1) (a), (1) (e), and (2), Colorado Revised Statutes, are repealed as follows:
3215112. Operating revenues use. (1) Any operating revenues generated by the district, including, but not limited to, lease payments, fees, rentals, rates, tolls, penalties, and charges for services, programs, or facilities furnished by the district, shall be used by the board for the following purposes:
(a) To pay
the principal, interest, and prepayment premium, if any, on outstanding
special obligation bonds issued by the board pursuant to the provisions
of this article;
(e) To meet
the obligations of any agreement with the counties within the
district and the city and county of Denver to provide such counties
and the city and county of Denver with a benefit from the revenues
other than sales tax revenues, derived from the operation of the
stadium during the period of time the district is collecting the
sales tax.
(2) If operating
revenues and sales tax revenues are insufficient for all of the
purposes set forth in subsection (1) of this section, the purpose
set forth in paragraph (a) of said subsection (1) shall have first
priority of such operating revenues if such operating revenues
are pledged to secure the payment of the special obligation bonds.
SECTION 6. 3215121, Colorado Revised Statutes, is amended to read:
3215121. Management agreement
operation of stadium. Upon
the approval of the registered electors pursuant to the provisions
of section 3215107 UPON
THE TRANSFER OF REVENUES TO THE DISTRICT PURSUANT TO SECTION 3215106.5,
the board shall negotiate and enter into one or more management
agreements for the management and operation of the stadium upon
such terms and conditions that the board deems reasonable and
necessary. Such agreements shall be legally binding contracts
between the district and management organizations that shall contain
appropriate and reasonable provisions with respect to termination,
default, and legal remedies.
SECTION 7. 3215122 (1) (a), Colorado Revised Statutes, is amended to read:
3215122. Lease of stadium. (1) Any lease agreement entered into by the district and the franchise shall include, but is not limited to, the following:
(a) A lease term that is at
a minimum, for the same length of time as the length of time the
sales tax is levied and collected by the district;
NOT LESS THAN TWENTY YEARS.
SECTION 8. 3215123, Colorado Revised Statutes, is amended to read:
3215123. Revenue sharing. After
all the principal, interest, and premium, if any, of the special
obligation bonds issued pursuant to this article are paid in full
and the levy and collection of sales tax revenues by the district
is discontinued, but Prior to the
repeal of this article, any funds
MONEYS collected by the district that are, in the sole discretion
of the board, deemed not to be necessary for the anticipated expenses
and reserves of the district shall be credited
TRANSFERRED at least annually to the STATE TREASURER WHO SHALL
CREDIT SUCH MONEYS TO THE STATE general fund. of
each county, city and county, city, and town which is included,
in whole or in part, in the district based upon the proportion
of the total amount of sales tax revenues collected pursuant to
section 3215110 within such county, city and county,
city, and town to the total amount of sales tax revenues collected
pursuant to section 3215110 within the district.
For purposes of this section, the total amount of sales tax revenues
collected within a county shall not include any sales tax revenues
collected in any city or town located within such county. In
addition, in computing said proportion, any sales tax revenues
collected in any county, city, or town which is not included,
in whole or in part, within the geographical boundaries of the
district shall not be included in the total amount of sales tax
revenues collected within the district.
IF THE STADIUM IS REGULARLY AND SUBSTANTIALLY USED FOR PURPOSES
UNRELATED TO PROFESSIONAL FOOTBALL AND IF THE FRANCHISE IS IN
COMPLIANCE WITH THE AGREEMENT ENTERED INTO WITH THE DISTRICT PURSUANT
TO SECTION 3215106 (1) (c), THE AMOUNT TRANSFERRED
TO THE STATE TREASURER PURSUANT TO THIS SECTION SHALL BE CREDITED
AGAINST THE OUTSTANDING BALANCE, IF ANY, OF THE AMOUNT OF REVENUES
TO BE PAID BY THE FRANCHISE TO THE STATE GENERAL FUND PURSUANT
TO SECTION 3215106 (1) (c) (III). ANY MONEYS CREDITED
TO THE STATE GENERAL FUND PURSUANT TO THIS SECTION SHALL CONSTITUTE
A VOTERAPPROVED REVENUE CHANGE, AND SUCH MONEYS SHALL NOT
BE INCLUDED IN STATE FISCAL YEAR SPENDING FOR THE PURPOSES OF
SECTION 20 OF ARTICLE X OF THE STATE CONSTITUTION AND SECTION
2477102 (17), C.R.S.
SECTION 9. 3215124, Colorado Revised Statutes, is amended to read:
3215124. Report. On
or before the first day of March immediately following the levy
and collection of the sales tax by the district
DISTRIBUTION OF ANY REVENUES PURSUANT TO SECTION 3215106.5
and on and after March 1 of each year thereafter, the board shall
file a report with the general assembly indicating the
amount of any revenues raised by any sales tax levied and collected
pursuant to the provisions of this article,
the amount of any revenues generated from the operation of the
stadium pursuant to the provisions of this article, the amount
of any revenues received from all other sources and specifying
such sources, and the distribution and use of such revenues.
SECTION 10. 3215125, Colorado Revised Statutes, is amended to read:
3215125. Limitations upon
liabilities. Neither
the directors nor any person executing any obligations issued
pursuant to the provisions of this article shall be personally
liable on the obligations by reason of the issuance thereof.
Obligations issued pursuant to this article shall not in any way
create or constitute any indebtedness, liability, or obligation
of the state or of any political subdivision thereof, except the
district, and nothing in this article shall be construed to authorize
the district to incur any indebtedness on behalf of or in any
way to obligate the state or any political subdivision thereof,
except the district, and Nothing
in this article shall be construed to authorize the district to
incur any indebtedness on behalf of or in any way to obligate
the state or any political subdivision thereof, except as specifically
provided in this article.
SECTION 11. 3215126, Colorado Revised Statutes, is amended to read:
3215126. Sale of real and
personal property of district. Upon
completion of the renovation of Mile High stadium or the construction
of a new stadium pursuant to the provisions of this article, the
board shall make a good faith effort to sell the real and personal
property of the district, including the stadium, to any qualified
buyer subject to the leasehold interest and other contract rights
of the franchise. The board shall establish criteria to determine
qualified buyers. The board shall not accept any offer from any
qualified buyer for such real and personal property of the district
for an amount less than the total amount of outstanding
obligations of the district or the amount of sales tax
revenues TRANSFERRED PURSUANT TO SECTION 3215106.5
AND used by the board to acquire a site for the stadium and to
construct the stadium. whichever is
greater.
SECTION 12. 3215133, Colorado Revised Statutes, is amended to read:
3215133. Repeal of article.
(1) This article is repealed, effective as of the
earliest
occurrence of the following:
(a) Five years
after July 1, 2003, if the board has not submitted the question
set forth in section 3215107 (1) to the registered
electors within the geographic boundaries of the district pursuant
to the provisions of said section; or
(b) At such
time as a majority of the registered electors within the geographical
boundaries of the district vote negatively on the question set
forth in section 3215107 (1); or
(c) Upon the completion of the sale of the stadium by the board to any qualified buyer pursuant to the provisions of section 3215126.
(2) Upon repeal of this article, any funds
collected by the district but not used for the purposes set forth
in this article shall be credited to the STATE general fund. of
each county, city and county, city, and town that is included,
in whole or in part, in the district based upon the proportion
of the total amount of sales tax revenues collected pursuant to
section 3215110 within such county, city and county,
city, and town to the total amount of sales tax revenues collected
pursuant to section 3215110 within the district.
For purposes of this subsection (2), the total amount of sales
tax revenues collected within a county shall not include any sales
tax revenues collected in any city or town located within such
county. In addition, in computing said proportion, any sales
use tax revenues collected in any county, city, or town that is
not included, in whole or in part, within the geographical boundaries
of the district shall not be included in the total amount of sales
tax revenues collected within the district.
ANY REVENUES CREDITED TO THE STATE GENERAL FUND PURSUANT TO THIS
SUBSECTION (2) SHALL CONSTITUTE A VOTERAPPROVED REVENUE
CHANGE, AND SUCH REVENUES SHALL NOT BE INCLUDED IN STATE FISCAL
YEAR SPENDING FOR THE PURPOSES OF SECTION 20 OF ARTICLE X OF THE
STATE CONSTITUTION AND SECTION 2477102 (17), C.R.S.
SECTION 13. Repeal. 3215103 (6), 3215107, 3215110, 3215113, 3215114, 3215115, 3215116, 3215117, 3215118, 3215119, and 3215127, Colorado Revised Statutes, are repealed.
SECTION 14. Effective date priority over existing law. Notwithstanding the fact that the registered electors within the geographical boundaries of the district approve the imposition of a sales tax and the issuance of multiple fiscal year obligations pursuant to the existing provisions of the "Metropolitan Football Stadium District Act", article 15 of title 32, Colorado Revised Statutes, at the same election at which this act is submitted for approval by the registered electors of the state of Colorado, if this act is approved by the people of the state of Colorado, it shall take effect on the date of the official declaration of the vote thereon by proclamation of the governor and shall supersede the previously existing provisions of the "Metropolitan Football Stadium District Act", article 15 of title 32, Colorado Revised Statutes, and any voter approval obtained under such previously existing provisions shall be void and of no effect.
SECTION 15. Refer to people under referendum. This act shall be submitted to a vote of the registered electors of the state of Colorado at the next election for which it may be submitted, for their approval or rejection, under the provisions of the referendum as provided for in section 1 of article V and section 20 of article X of the state constitution, and in article 40 of title 1, Colorado Revised Statutes. Each elector voting at said election and desirous of voting for or against said act shall cast a vote as provided by law either "Yes" or "No" on the proposition: "SHALL THE STATE OF COLORADO BE PERMITTED TO COLLECT, RETAIN, AND EXPEND UP TO ONE HUNDRED EIGHTY MILLION DOLLARS OF STATE REVENUES IN EXCESS OF THE CONSTITUTIONAL LIMITATION ON STATE FISCAL YEAR SPENDING FOR THE 199798 STATE FISCAL YEAR, NOTWITHSTANDING ANY STATE RESTRICTION OR LIMITATION ON APPROPRIATIONS OR FISCAL YEAR SPENDING, INCLUDING, WITHOUT LIMITATION, THE RESTRICTIONS OF SECTION 20 OF ARTICLE X OF THE STATE CONSTITUTION, FOR THE PURPOSE OF TRANSFERRING SUCH AMOUNT TO THE METROPOLITAN FOOTBALL STADIUM DISTRICT TO CONSTRUCT AND OPERATE A STADIUM DESIGNED FOR USE PRIMARILY AS A NATIONAL FOOTBALL LEAGUE FOOTBALL STADIUM, TO REQUIRE THE NATIONAL FOOTBALL LEAGUE FRANCHISE TO REPAY TO THE STATE OVER A PERIOD OF TIME THE AMOUNT TRANSFERRED TO THE DISTRICT, AND TO REPEAL THE EXISTING AUTHORITY OF THE DISTRICT TO LEVY A SALES TAX OR ISSUE BONDS AFTER OBTAINING VOTER APPROVAL PURSUANT TO THE PROVISIONS OF THE "METROPOLITAN FOOTBALL STADIUM DISTRICT ACT"?" The votes cast for the adoption or rejection of said act shall be canvassed and the result determined in the manner provided by law for the canvassing of votes for representatives in Congress.