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Second Regular Session

Sixty-first General Assembly

LLS NO. 98­0457.01D SLE SENATE BILL 98­170

STATE OF COLORADO

BY SENATOR Norton;

also REPRESENTATIVE Anderson.

TRANSPORTATION

A BILL FOR AN ACT

CONCERNING INCREASED FUNDING FOR TRANSPORTATION NEEDS IN THE STATE OF COLORADO.

Bill Summary

(Note: This summary applies to this bill as introduced and does not necessarily reflect any amendments that may be subsequently adopted.)

For the 1998­99 fiscal year, and for each of the 4 succeeding fiscal years thereafter, makes an additional transfer of revenues to the capital construction fund to be distributed for state and local transportation construction, reconstruction, repair, and maintenance projects. Specifies the distribution of the moneys transferred between counties, municipalities, and the state. Requires the transportation commission to submit annual capital construction requests to the capital development committee of the general assembly for state transportation projects to be funded with the state's share of such transferred moneys.

Increases the percentage of state sales and use tax revenues attributable to sales or use of vehicles and related items that are credited to the highway users tax fund from 10% to 15%. Requires the resulting additional moneys be distributed for state and local transportation purposes. Specifies the distribution of such additional moneys between counties, municipalities, and the state. Extends the time during which state sales and use tax revenues attributable to sales or use of vehicles and related items are credited to the highway users tax fund from July 1, 2002, until July 1, 2008.

Creates the state excess revenue transportation fund in the state treasury. Requires the state treasurer to annually transfer the required amount of state excess revenues for certain fiscal years to the state excess revenue transportation fund. Specifies that such transfers are not appropriations subject to the statutory limitation on general fund appropriations. Sets forth the formula by which moneys in the fund are to be distributed to counties, municipalities, and the state.

Specifies that the moneys distributed for transportation purposes constitute a voter­approved revenue change and shall not be included in state or local fiscal year spending for purposes of section 20 of article X of the state constitution.

Refers the act to the voters at the 1998 general election.


Be it enacted by the General Assembly of the State of Colorado:

SECTION 1.  The introductory portion to 24­75­302 (2) and 24­75­302 (2) (l), (2) (m), and (2) (n), Colorado Revised Statutes, are amended, and the said 24­75­302 (2) is further amended BY THE ADDITION OF THE FOLLOWING NEW PARAGRAPHS, to read:

24­75­302.  Capital construction fund ­ capital assessment fees ­ calculation. (2)  As of July 1, 1988, and July 1 of each year thereafter through July 1, 2001 JULY 1, 2002, a sum as specified in this subsection (2) shall accrue to the capital construction fund. The state treasurer and the controller shall transfer such sum out of the general fund and into the capital construction fund as moneys become available in the general fund during the fiscal year beginning on said July 1. Transfers between funds pursuant to this subsection (2) shall not be deemed to be appropriations subject to the limitations of section 24­75­201.1. MONEYS THAT ARE MADE AVAILABLE FOR TRANSPORTATION CONSTRUCTION, RECONSTRUCTION, REPAIR, AND MAINTENANCE PROJECTS AS THE RESULT OF TRANSFERS MADE PURSUANT TO SUBSECTION (2) OF THIS SECTION, AS AMENDED BY SENATE BILL 98­____, ENACTED AT THE SECOND REGULAR SESSION OF THE SIXTY­FIRST GENERAL ASSEMBLY, SHALL CONSTITUTE A VOTER­APPROVED REVENUE CHANGE AND SHALL NOT BE INCLUDED IN EITHER STATE OR LOCAL GOVERNMENT FISCAL YEAR SPENDING FOR PURPOSES OF SECTION 20 OF ARTICLE X OF THE STATE CONSTITUTION AND SECTION 24­77­102 (17). The amount which shall accrue pursuant to this subsection (2) shall be as follows:

(k.5)  IN ADDITION TO ANY OTHER MONEYS TRANSFERRED PURSUANT TO PARAGRAPH (k) OF THIS SUBSECTION (2), ON THE EFFECTIVE DATE OF THIS PARAGRAPH (k.5), ONE HUNDRED MILLION DOLLARS TO BE AVAILABLE AS FOLLOWS:

(I)  TWENTY­TWO MILLION DOLLARS SHALL BE PAID TO THE COUNTY TREASURERS OF THE RESPECTIVE COUNTIES, SUBJECT TO ANNUAL APPROPRIATION BY THE GENERAL ASSEMBLY, SHALL BE ALLOCATED AND EXPENDED AS PROVIDED IN SECTION 43­4­207, C.R.S., SHALL BE EXPENDED FOR TRANSPORTATION CONSTRUCTION, RECONSTRUCTION, REPAIR, AND MAINTENANCE PROJECTS, AND SHALL NOT BE EXPENDED FOR ADMINISTRATIVE PURPOSES.

(II)  EIGHTEEN MILLION DOLLARS SHALL BE PAID TO CITIES AND INCORPORATED TOWNS WITHIN THE LIMITS OF THE RESPECTIVE COUNTIES, SUBJECT TO ANNUAL APPROPRIATION BY THE GENERAL ASSEMBLY, SHALL BE ALLOCATED AND EXPENDED AS PROVIDED IN SECTION 43­4­208 (2) (b) AND (6) (a), C.R.S., SHALL BE EXPENDED FOR TRANSPORTATION CONSTRUCTION, RECONSTRUCTION, REPAIR, AND MAINTENANCE PROJECTS, AND SHALL NOT BE EXPENDED FOR ADMINISTRATIVE PURPOSES.

(III)  SIXTY MILLION DOLLARS SHALL BE AVAILABLE FOR APPROPRIATION ONLY FOR STATE TRANSPORTATION CONSTRUCTION, RECONSTRUCTION, REPAIR, AND MAINTENANCE PROJECTS;

(l) (I)  On July 1, 1999, three hundred twenty­three thousand nine hundred ninety­eight dollars pursuant to H.B. 97­1186, enacted at the first regular session of the sixty­first general assembly;

(II)  IN ADDITION TO ANY OTHER MONEYS TRANSFERRED PURSUANT TO SUBPARAGRAPH (I) OF THIS PARAGRAPH (l), ON JULY 1, 1999, ONE HUNDRED MILLION DOLLARS TO BE AVAILABLE AS FOLLOWS:

(A)  TWENTY­TWO MILLION DOLLARS SHALL BE PAID TO THE COUNTY TREASURERS OF THE RESPECTIVE COUNTIES, SUBJECT TO ANNUAL APPROPRIATION BY THE GENERAL ASSEMBLY, SHALL BE ALLOCATED AND EXPENDED AS PROVIDED IN SECTION 43­4­207, C.R.S., SHALL BE EXPENDED FOR TRANSPORTATION CONSTRUCTION, RECONSTRUCTION, REPAIR, AND MAINTENANCE PROJECTS, AND SHALL NOT BE EXPENDED FOR ADMINISTRATIVE PURPOSES.

(B)  EIGHTEEN MILLION DOLLARS SHALL BE PAID TO CITIES AND INCORPORATED TOWNS WITHIN THE LIMITS OF THE RESPECTIVE COUNTIES, SUBJECT TO ANNUAL APPROPRIATION BY THE GENERAL ASSEMBLY, SHALL BE ALLOCATED AND EXPENDED AS PROVIDED IN SECTION 43­4­208 (2) (b) AND (6) (a), C.R.S., SHALL BE EXPENDED FOR TRANSPORTATION CONSTRUCTION, RECONSTRUCTION, REPAIR, AND MAINTENANCE PROJECTS, AND SHALL NOT BE EXPENDED FOR ADMINISTRATIVE PURPOSES.

(C)  SIXTY MILLION DOLLARS SHALL BE AVAILABLE FOR APPROPRIATION ONLY FOR STATE TRANSPORTATION CONSTRUCTION, RECONSTRUCTION, REPAIR, AND MAINTENANCE PROJECTS.

(m) (I)  On July 1, 2000, one hundred eighty­four thousand ninety dollars pursuant to H.B. 97­1186, plus four hundred seventy­eight thousand six hundred thirty­four dollars pursuant to H.B. 97­1077, enacted at the first regular session of the sixty­first general assembly; and

(II)  IN ADDITION TO ANY OTHER MONEYS TRANSFERRED PURSUANT TO SUBPARAGRAPH (I) OF THIS PARAGRAPH (m), ON JULY 1, 2000, ONE HUNDRED MILLION DOLLARS TO BE AVAILABLE AS FOLLOWS:

(A)  TWENTY­TWO MILLION DOLLARS SHALL BE PAID TO THE COUNTY TREASURERS OF THE RESPECTIVE COUNTIES, SUBJECT TO ANNUAL APPROPRIATION BY THE GENERAL ASSEMBLY, SHALL BE ALLOCATED AND EXPENDED AS PROVIDED IN SECTION 43­4­207, C.R.S., SHALL BE EXPENDED FOR TRANSPORTATION CONSTRUCTION, RECONSTRUCTION, REPAIR, AND MAINTENANCE PROJECTS, AND SHALL NOT BE EXPENDED FOR ADMINISTRATIVE PURPOSES.

(B)  EIGHTEEN MILLION DOLLARS SHALL BE PAID TO CITIES AND INCORPORATED TOWNS WITHIN THE LIMITS OF THE RESPECTIVE COUNTIES, SUBJECT TO ANNUAL APPROPRIATION BY THE GENERAL ASSEMBLY, SHALL BE ALLOCATED AND EXPENDED AS PROVIDED IN SECTION 43­4­208 (2) (b) AND (6) (a), C.R.S., SHALL BE EXPENDED FOR TRANSPORTATION CONSTRUCTION, RECONSTRUCTION, REPAIR, AND MAINTENANCE PROJECTS, AND SHALL NOT BE EXPENDED FOR ADMINISTRATIVE PURPOSES.

(C)  SIXTY MILLION DOLLARS SHALL BE AVAILABLE FOR APPROPRIATION ONLY FOR STATE TRANSPORTATION CONSTRUCTION, RECONSTRUCTION, REPAIR, AND MAINTENANCE PROJECTS.

(n) (I)  On July 1, 2001, one hundred fifty­four thousand six hundred thirty­six dollars pursuant to H.B. 97­1186, plus nine hundred five thousand seven hundred twenty­three dollars pursuant to H.B. 97­1077, enacted at the first regular session of the sixty­first general assembly;

(II)  IN ADDITION TO ANY OTHER MONEYS TRANSFERRED PURSUANT TO SUBPARAGRAPH (I) OF THIS PARAGRAPH (n), ON JULY 1, 2001, ONE HUNDRED MILLION DOLLARS TO BE AVAILABLE AS FOLLOWS:

(A)  TWENTY­TWO MILLION DOLLARS SHALL BE PAID TO THE COUNTY TREASURERS OF THE RESPECTIVE COUNTIES, SUBJECT TO ANNUAL APPROPRIATION BY THE GENERAL ASSEMBLY, SHALL BE ALLOCATED AND EXPENDED AS PROVIDED IN SECTION 43­4­207, C.R.S., SHALL BE EXPENDED FOR TRANSPORTATION CONSTRUCTION, RECONSTRUCTION, REPAIR, AND MAINTENANCE PROJECTS, AND SHALL NOT BE EXPENDED FOR ADMINISTRATIVE PURPOSES.

(B)  EIGHTEEN MILLION DOLLARS SHALL BE PAID TO CITIES AND INCORPORATED TOWNS WITHIN THE LIMITS OF THE RESPECTIVE COUNTIES, SUBJECT TO ANNUAL APPROPRIATION BY THE GENERAL ASSEMBLY, SHALL BE ALLOCATED AND EXPENDED AS PROVIDED IN SECTION 43­4­208 (2) (b) AND (6) (a), C.R.S., SHALL BE EXPENDED FOR TRANSPORTATION CONSTRUCTION, RECONSTRUCTION, REPAIR, AND MAINTENANCE PROJECTS, AND SHALL NOT BE EXPENDED FOR ADMINISTRATIVE PURPOSES.

(C)  SIXTY MILLION DOLLARS SHALL BE AVAILABLE FOR APPROPRIATION ONLY FOR STATE TRANSPORTATION CONSTRUCTION, RECONSTRUCTION, REPAIR, AND MAINTENANCE PROJECTS.

(o)  ON JULY 1, 2002, ONE HUNDRED MILLION DOLLARS TO BE AVAILABLE AS FOLLOWS:

(I)  TWENTY­TWO MILLION DOLLARS SHALL BE PAID TO THE COUNTY TREASURERS OF THE RESPECTIVE COUNTIES, SUBJECT TO ANNUAL APPROPRIATION BY THE GENERAL ASSEMBLY, SHALL BE ALLOCATED AND EXPENDED AS PROVIDED IN SECTION 43­4­207, C.R.S., SHALL BE EXPENDED FOR TRANSPORTATION CONSTRUCTION, RECONSTRUCTION, REPAIR, AND MAINTENANCE PROJECTS, AND SHALL NOT BE EXPENDED FOR ADMINISTRATIVE PURPOSES.

(II)  EIGHTEEN MILLION DOLLARS SHALL BE PAID TO CITIES AND INCORPORATED TOWNS WITHIN THE LIMITS OF THE RESPECTIVE COUNTIES, SUBJECT TO ANNUAL APPROPRIATION BY THE GENERAL ASSEMBLY, SHALL BE ALLOCATED AND EXPENDED AS PROVIDED IN SECTION 43­4­208 (2) (b) AND (6) (a), C.R.S., SHALL BE EXPENDED FOR TRANSPORTATION CONSTRUCTION, RECONSTRUCTION, REPAIR, AND MAINTENANCE PROJECTS, AND SHALL NOT BE EXPENDED FOR ADMINISTRATIVE PURPOSES.

(III)  SIXTY MILLION DOLLARS SHALL BE AVAILABLE FOR APPROPRIATION ONLY FOR STATE TRANSPORTATION CONSTRUCTION, RECONSTRUCTION, REPAIR, AND MAINTENANCE PROJECTS.

SECTION 2.  2­3­1304 (1) (a.5), Colorado Revised Statutes, is amended to read:

2­3­1304.  Powers and duties of capital development committee. (1)  The capital development committee shall have the following powers and duties:

(a.5)  To study the capital construction request from the transportation commission for state highway TRANSPORTATION CONSTRUCTION, reconstruction, repair, and maintenance projects to be funded from money transferred to the capital construction fund pursuant to section 24­75­302 (2), C.R.S., specifically for such purpose. On or before October 1 of each year, the transportation commission shall submit its capital construction request, based on the statewide transportation improvement programs, with a prioritized list of recommended state highway TRANSPORTATION CONSTRUCTION, reconstruction, repair, and maintenance projects with the priority of projects on the list determined on the basis of greatest need without regard to location in the state. except that, for the 1996­97 fiscal year , the prioritized list of projects to be funded by the revenues appropriated for such year by S.B. 96­197, as enacted at the second regular session of the sixtieth general assembly, shall consist only of state highway reconstruction, repair, maintenance, and capacity expansion projects. The capital development committee shall determine the number of projects on the list that may be funded from money available in the capital construction fund for state highway TRANSPORTATION CONSTRUCTION, reconstruction, repair, or maintenance projects. Only projects on the list may be funded from money available in the capital construction fund for state highway TRANSPORTATION CONSTRUCTION, reconstruction, repair, or maintenance projects, and the projects must be funded in the priority determined by the transportation commission. Projects on the list submitted by the transportation commission by October 1 may be funded from money transferred to the capital construction fund and available in the current fiscal year or money to be transferred to the capital construction fund for the fiscal year beginning the following July 1.

SECTION 3.  39­26­123 (1), (2) (a) (I) (A), (2) (d), and (2) (e), Colorado Revised Statutes, are amended to read:

39­26­123.  Receipts ­ disposition ­ repeal. (1)  Eighty­five percent of all receipts collected under the provisions of this article shall be credited to the old age pension fund. Before July 1, 1997, and for the fiscal year commencing July 1, 2002 JULY 1, 2008, and each year thereafter, the remaining fifteen percent shall be credited to the general fund, and the general assembly shall make appropriations therefrom for the expenses of the administration of this article.

(2) (a) (I) (A)   Eighty­five percent of all receipts collected under the provisions of this article shall be credited to the old age pension fund. For the fiscal year commencing July 1, 1997, and for four succeeding fiscal years thereafter, the remaining fifteen percent shall be allocated between and credited to the general fund and the highway users tax fund, as a portion of the sales and use taxes attributable to sales or use of vehicles and related items, as follows: Ten percent of net revenue from sales and use tax to the highway users tax fund and five percent thereof to the general fund.

(B)  EIGHTY­FIVE PERCENT OF ALL RECEIPTS COLLECTED UNDER THE PROVISIONS OF THIS ARTICLE SHALL BE CREDITED TO THE OLD AGE PENSION FUND. FOR THE FISCAL YEAR COMMENCING JULY 1, 1998, AND FOR NINE SUCCEEDING FISCAL YEARS THEREAFTER, THE REMAINING FIFTEEN PERCENT SHALL BE CREDITED TO THE HIGHWAY USERS TAX FUND AS A PORTION OF THE SALES AND USE TAXES ATTRIBUTABLE TO SALES OR USE OF VEHICLES AND RELATED ITEMS.

(B) (C)  For purposes of this subparagraph (I), "net revenue" means the gross amount of sales and use tax receipts collected under the provisions of this article, less three and one­third percent of such amount retained by vendors for the collection and remittance of such tax pursuant to section 39­26­105 (1) (a).

(d)  For the fiscal year commencing July 1, 1997, and for four TEN succeeding fiscal years thereafter, the state treasurer shall credit an amount of sales and use taxes attributable to sales or use of vehicles and related items to the highway users tax fund as provided in paragraph (a) of this subsection (2).

(e)  This subsection (2) is repealed, effective July 1, 2002 JULY 1, 2008.

SECTION 4.  43­4­205 (6.5), Colorado Revised Statutes, is amended to read:

43­4­205.  Allocation of fund. (6.5) (a) (I)  THIRTY­THREE PERCENT OF the revenues credited to the highway users tax fund pursuant to section 39­26­123 (2), C.R.S., shall be paid to the state highway fund for allocation to the department of transportation and shall be expended as provided in section 43­4­206 (2).

(II)  SIXTY­SIX PERCENT OF THE REVENUES CREDITED TO THE HIGHWAY USERS TAX FUND PURSUANT TO SECTION 39­26­123 (2), C.R.S., SHALL BE PAID AS FOLLOWS:

(A)  TWENTY­TWO PERCENT OF SUCH REVENUES SHALL BE PAID TO THE COUNTY TREASURERS OF THE RESPECTIVE COUNTIES, SUBJECT TO ANNUAL APPROPRIATION BY THE GENERAL ASSEMBLY, SHALL BE ALLOCATED AND EXPENDED AS PROVIDED IN SECTION 43­4­207, SHALL BE EXPENDED ONLY FOR TRANSPORTATION PURPOSES, AND SHALL NOT BE EXPENDED FOR ADMINISTRATIVE PURPOSES.

(B)  EIGHTEEN PERCENT OF SUCH REVENUES SHALL BE PAID TO CITIES AND INCORPORATED TOWNS WITHIN THE LIMITS OF THE RESPECTIVE COUNTIES, SUBJECT TO ANNUAL APPROPRIATION BY THE GENERAL ASSEMBLY, SHALL BE ALLOCATED AND EXPENDED AS PROVIDED IN SECTION 43­4­208 (2) (b) AND (6) (a), SHALL BE EXPENDED ONLY FOR TRANSPORTATION PURPOSES, AND SHALL NOT BE EXPENDED FOR ADMINISTRATIVE PURPOSES.

(C)  SIXTY PERCENT OF SUCH REVENUES SHALL BE PAID TO THE STATE HIGHWAY FUND FOR ALLOCATION TO THE DEPARTMENT OF TRANSPORTATION AND SHALL BE EXPENDED AS PROVIDED IN SECTION 43­4­206 (2).

(III)  MONEYS CREDITED TO THE HIGHWAY USERS TAX FUND PURSUANT TO SECTION 39­26­123 (2), C.R.S., AND DISTRIBUTED PURSUANT TO SUBPARAGRAPH (II) OF THIS PARAGRAPH (a) SHALL CONSTITUTE A VOTER­APPROVED REVENUE CHANGE AND SHALL NOT BE INCLUDED IN EITHER STATE OR LOCAL GOVERNMENT FISCAL YEAR SPENDING FOR PURPOSES OF SECTION 20 OF ARTICLE X OF THE STATE CONSTITUTION AND SECTION 24­77­102 (17), C.R.S.

(b)  This subsection (6.5) is repealed, effective July 1, 2002 JULY 1, 2008.

SECTION 5.  Article 75 of title 24, Colorado Revised Statutes, is amended BY THE ADDITION OF A NEW PART to read:

PART 11

STATE EXCESS REVENUE TRANSPORTATION FUND

24­75­1101.  State excess revenue transportation fund ­ created. (1)  THERE IS HEREBY ESTABLISHED IN THE STATE TREASURY THE STATE EXCESS REVENUE TRANSPORTATION FUND, WHICH SHALL CONSIST OF GENERAL FUND REVENUES TRANSFERRED THERETO PURSUANT TO SUBSECTION (2) OF THIS SECTION. ALL INTEREST DERIVED FROM THE DEPOSIT AND INVESTMENT OF MONEYS IN THE FUND SHALL BE CREDITED TO THE FUND. ANY MONEYS REMAINING IN THE FUND AT THE END OF ANY FISCAL YEAR SHALL NOT REVERT OR BE TRANSFERRED TO THE GENERAL FUND OF THE STATE.

(2) (a)  NO LATER THAN FEBRUARY 1, 1999, THE STATE TREASURER SHALL TRANSFER AN AMOUNT OF REVENUES FROM THE GENERAL FUND TO THE STATE EXCESS REVENUE TRANSPORTATION FUND CREATED IN SUBSECTION (1) OF THIS SECTION EQUAL TO THE LESSER OF:

(I)  SEVENTY­FIVE MILLION DOLLARS; OR

(II)  THE AMOUNT OF STATE REVENUES FROM SOURCES NOT EXCLUDED FROM STATE FISCAL YEAR SPENDING THAT ARE IN EXCESS OF THE FISCAL YEAR SPENDING LIMITATION IMPOSED UPON THE STATE BY SECTION 20 (7) (a) OF ARTICLE X OF THE STATE CONSTITUTION FOR THE 1997­98 STATE FISCAL YEAR.

(b) (I)  UPON CERTIFICATION THAT STATE REVENUES FROM SOURCES NOT EXCLUDED FROM STATE FISCAL YEAR SPENDING EXCEED THE LIMITATION ON FISCAL YEAR SPENDING IMPOSED UPON THE STATE BY SECTION 20 (7) (a) OF ARTICLE X OF THE STATE CONSTITUTION FOR ANY FISCAL YEAR COMMENCING ON OR AFTER JULY 1, 1998, BUT PRIOR TO JULY 1, 2003, THE STATE TREASURER SHALL TRANSFER AN AMOUNT OF REVENUES FROM THE GENERAL FUND TO THE STATE EXCESS REVENUE TRANSPORTATION FUND CREATED IN SUBSECTION (1) OF THIS SECTION EQUAL TO THE LESSER OF:

(A)  SEVENTY­FIVE MILLION DOLLARS; OR

(B)  THE AMOUNT OF STATE REVENUES FROM SOURCES NOT EXCLUDED FROM STATE FISCAL YEAR SPENDING THAT ARE IN EXCESS OF THE FISCAL YEAR SPENDING LIMITATION IMPOSED UPON THE STATE BY SECTION 20 (7) (a) OF ARTICLE X OF THE STATE CONSTITUTION FOR SUCH STATE FISCAL YEAR AS CERTIFIED AND AUDITED PURSUANT TO SECTION 24­77­106.5.

(II)  THE STATE TREASURER SHALL TRANSFER SAID AMOUNT OF REVENUES TO THE STATE EXCESS REVENUE TRANSPORTATION FUND NO LATER THAN NOVEMBER 1 OF THE CALENDAR YEAR IN WHICH THE STATE FISCAL YEAR FOR WHICH SUCH EXCESS STATE REVENUES ARE CERTIFIED ENDED.

(c)  ANY TRANSFER OF REVENUES FROM THE GENERAL FUND TO THE STATE EXCESS REVENUE TRANSPORTATION FUND PURSUANT TO THE PROVISIONS OF THIS SECTION SHALL NOT BE DEEMED TO BE AN APPROPRIATION SUBJECT TO THE LIMITATION OF SECTION 24­75­201.1.

24­75­1102.  Purposes. (1)  FOR THE FISCAL YEARS COMMENCING ON AND AFTER JULY 1, 1999, BUT PRIOR TO JULY 1, 2003, THE REVENUES IN THE STATE EXCESS REVENUE TRANSPORTATION FUND SHALL BE DISTRIBUTED AS FOLLOWS:

(a)  TWENTY­TWO PERCENT OF SUCH REVENUES IN THE STATE EXCESS REVENUE TRANSPORTATION FUND FOR ANY GIVEN FISCAL YEAR SHALL BE PAID TO THE COUNTY TREASURERS OF THE RESPECTIVE COUNTIES, SUBJECT TO ANNUAL APPROPRIATION BY THE GENERAL ASSEMBLY, SHALL BE ALLOCATED AND EXPENDED AS PROVIDED IN SECTION 43­4­207, C.R.S., SHALL BE EXPENDED ONLY FOR TRANSPORTATION PURPOSES, AND SHALL NOT BE EXPENDED FOR ADMINISTRATIVE PURPOSES.

(b)  EIGHTEEN PERCENT OF SUCH REVENUES IN THE STATE EXCESS REVENUE TRANSPORTATION FUND FOR ANY GIVEN FISCAL YEAR SHALL BE PAID TO CITIES AND INCORPORATED TOWNS WITHIN THE LIMITS OF THE RESPECTIVE COUNTIES, SUBJECT TO ANNUAL APPROPRIATION BY THE GENERAL ASSEMBLY, SHALL BE ALLOCATED AND EXPENDED AS PROVIDED IN SECTION 43­4­208 (2) (b) AND (6) (a), C.R.S., SHALL BE EXPENDED ONLY FOR TRANSPORTATION PURPOSES, AND SHALL NOT BE EXPENDED FOR ADMINISTRATIVE PURPOSES.

(c)  SIXTY PERCENT OF SUCH REVENUES IN THE STATE EXCESS REVENUE TRANSPORTATION FUND SHALL BE PAID TO THE STATE HIGHWAY FUND FOR ALLOCATION TO THE DEPARTMENT OF TRANSPORTATION AND SHALL BE EXPENDED AS PROVIDED IN SECTION 43­4­206 (2), C.R.S.

(2)  MONEYS DISTRIBUTED FROM THE STATE EXCESS REVENUE TRANSPORTATION FUND PURSUANT TO SUBSECTION (1) OF THIS SECTION SHALL CONSTITUTE A VOTER­APPROVED REVENUE CHANGE AND SHALL NOT BE INCLUDED IN EITHER STATE OR LOCAL GOVERNMENT FISCAL YEAR SPENDING FOR PURPOSES OF SECTION 20 OF ARTICLE X OF THE STATE CONSTITUTION AND SECTION 24­77­102 (17).

SECTION 6.  24­77­106.5, Colorado Revised Statutes, is amended to read:

24­77­106.5.  Annual financial report ­ certification of state excess revenues. (1) (a)  For each fiscal year, the controller shall prepare a financial report for the state for purposes of ascertaining compliance with the provisions of this article. Any financial report prepared pursuant to this section shall include, but shall not be limited to, state fiscal year spending, reserves, revenues, and debt.

(b)  BASED UPON THE FINANCIAL STATEMENT PREPARED IN ACCORDANCE WITH PARAGRAPH (a) OF THIS SUBSECTION (1) FOR ANY FISCAL YEAR COMMENCING ON OR AFTER JULY 1, 1998, THE CONTROLLER SHALL CERTIFY TO THE GOVERNOR, THE GENERAL ASSEMBLY, AND THE EXECUTIVE DIRECTOR OF THE DEPARTMENT OF REVENUE NO LATER THAN SEPTEMBER 1 FOLLOWING THE END OF A FISCAL YEAR THE AMOUNT OF STATE REVENUES IN EXCESS OF THE LIMITATION ON STATE FISCAL YEAR SPENDING IMPOSED BY SECTION 20 (7) (a) OF ARTICLE X OF THE STATE CONSTITUTION, IF ANY, FOR SUCH FISCAL YEAR.

(2)  Such ANY financial report PREPARED AND CERTIFICATION OF STATE EXCESS REVENUES MADE PURSUANT TO SUBSECTION (1) OF THIS SECTION shall be audited by the state auditor. NO LATER THAN SEPTEMBER 15 FOLLOWING THE CERTIFICATION MADE BY THE STATE CONTROLLER FOR ANY GIVEN FISCAL YEAR, THE STATE AUDITOR SHALL REPORT AND TRANSMIT TO THE GOVERNOR, THE GENERAL ASSEMBLY, AND THE EXECUTIVE DIRECTOR OF THE DEPARTMENT OF REVENUE THE RESULTS OF ANY AUDIT CONDUCTED IN ACCORDANCE WITH THIS SUBSECTION (2).

SECTION 7.  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 general election, 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, and 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: "FOR THE PURPOSE OF PROVIDING FINANCIAL ASSISTANCE FOR STATE AND LOCAL TRANSPORTATION NEEDS, SHALL THE STATE OF COLORADO BE PERMITTED: TO ANNUALLY RETAIN UP TO SEVENTY­FIVE MILLION DOLLARS OF STATE REVENUES IN EXCESS OF THE CONSTITUTIONAL LIMITATION ON STATE FISCAL YEAR SPENDING FOR THE 1997­98 STATE FISCAL YEAR AND FOR EACH OF THE SUCCEEDING FOUR STATE FISCAL YEARS, NOTWITHSTANDING ANY RESTRICTION ON STATE FISCAL YEAR SPENDING, INCLUDING WITHOUT LIMITATION THE RESTRICTIONS OF SECTION 20 OF ARTICLE X OF THE STATE CONSTITUTION; TO INCREASE THE AMOUNT OF STATE SALES AND USE TAX REVENUES ANNUALLY TRANSFERRED TO THE HIGHWAY USERS TAX FUND, TO EXTEND THE TIME DURING WHICH SUCH REVENUES ARE TRANSFERRED, AND TO ALLOW LOCAL GOVERNMENTS TO RECEIVE A PORTION OF SUCH REVENUES; TO TRANSFER ADDITIONAL STATE GENERAL FUND REVENUES TO THE CAPITAL CONSTRUCTION FUND FOR STATE AND LOCAL TRANSPORTATION PROJECTS; AND TO SPECIFY THAT SUCH TRANSFERS ARE NOT SUBJECT TO ANY STATE CONSTITUTIONAL OR STATUTORY RESTRICTION OR LIMITATION ON STATE FISCAL YEAR SPENDING OR APPROPRIATIONS?" 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.