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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.