SENATE BILL 98141
BY SENATORS Blickensderfer and Linkhart;
also REPRESENTATIVES Owen and Lawrence.
CONCERNING CONDITIONS FOR THE DISTRIBUTION OF MONEYS
FROM THE COLORADO ECONOMIC DEVELOPMENT FUND.
Be it enacted by the General Assembly of the State
of Colorado:
SECTION 1. 2446101,
Colorado Revised Statutes, is amended to read:
2446101. Legislative declaration. The
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 AND EMPLOYMENT 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, AND TO ENSURE THAT SUCH ECONOMIC DEVELOPMENT
PROGRAMS CREATE EMPLOYMENT OPPORTUNITIES FOR COLORADO RESIDENTS
AND BENEFIT COLORADO COMPANIES.
SECTION 2. 2446105
(2.5), Colorado Revised Statutes, is amended to read:
2446105. Colorado economic
development fund creation. (2.5) (a) The
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 PARAGRAPH (b) OF THIS SUBSECTION (2.5) AND subsection (3) of
this section. IN DETERMINING WHETHER TO MAKE A GRANT OR LOAN,
THE COMMISSION SHALL CONSIDER EACH OF THE FOLLOWING GUIDELINES:
(I) THE AMOUNT OF THE GRANT OR LOAN;
(II) THE NUMBER OF JOBS THAT ARE LIKELY
TO BE GENERATED IN THE STATE AS A DIRECT OR INDIRECT RESULT OF
THE FACILITY OR OPERATION THE GRANT OR LOAN WOULD FUND AND ANCILLARY
FACILITIES THERETO;
(III) THE QUALITY AND WAGE LEVEL OF JOBS
CREATED;
(IV) THE EXTENT TO WHICH A PERSON OR ENTITY
ESTABLISHING OR EXPANDING A BUSINESS OPERATION OR FACILITY INTENDS
TO EMPLOY COLORADO RESIDENTS AT THE NEW OR EXPANDED OPERATION
OR FACILITY THE GRANT OR LOAN WOULD FUND AND ANCILLARY FACILITIES
THERETO;
(V) THE EXTENT TO WHICH A PERSON OR ENTITY
ESTABLISHING OR EXPANDING A BUSINESS FACILITY OR OPERATION INTENDS
TO CONTRACT WITH COLORADO RESIDENTS AND COLORADOBASED COMPANIES
FOR SERVICES AND GOODS AT THE NEW OR EXPANDED OPERATION OR FACILITY
THE GRANT OR LOAN WOULD FUND AND ANCILLARY FACILITIES THERETO;
AND
(VI) THE EXTENT OF THE PUBLIC BENEFITS
EXPECTED TO RESULT FROM THE GRANT OR LOAN.
(b) The commission may establish whatever
terms and conditions it deems appropriate in making such
grants or loans PURSUANT TO THIS SECTION. 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. 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. 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. 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 3. Effective
date applicability. This act shall
take effect July 1, 1998, and shall apply to grants and loans
made on or after said date.
SECTION 4. 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.
____________________________ ____________________________
Tom Norton Charles E. Berry
PRESIDENT OF SPEAKER OF THE HOUSE
THE SENATE OF REPRESENTATIVES
____________________________ ____________________________
Patricia K. Dicks Judith M. Rodrigue
ASSISTANT SECRETARY OF CHIEF CLERK OF THE HOUSE
THE SENATE OF REPRESENTATIVES
APPROVED________________________________________
_________________________________________
Roy Romer
GOVERNOR OF THE STATE
OF COLORADO