Second Regular Session
Sixty-first General Assembly
LLS NO. R980730.01 SLE
STATE OF COLORADO
BY SENATOR Norton;
also REPRESENTATIVE Anderson.
FINANCE
SENATE CONCURRENT RESOLUTION 98-003
SUBMITTING TO THE REGISTERED ELECTORS OF THE STATE
OF COLORADO AN AMENDMENT TO SECTION 20 (7) (d) OF ARTICLE X OF
THE CONSTITUTION OF THE STATE OF COLORADO TO EXTEND BY ONE YEAR
THE PERIOD IN WHICH STATE REVENUES THAT EXCEED THE CONSTITUTIONAL
LIMITATION ON FISCAL YEAR SPENDING MUST BE REFUNDED.
Resolution Summary
(Note: This summary applies to this resolution
as introduced and does not necessarily reflect any amendments
that may be subsequently adopted.)
Extends by one year the period in which state revenues
in excess of the constitutional limitation on state fiscal year
spending must be refunded.
Be It Resolved by the Senate of the Sixtyfirst General Assembly of the State of Colorado, the House of Representatives concurring herein:
SECTION 1. At the next election at which such question may be submitted, there shall be submitted to registered electors of the state of Colorado, for their approval or rejection, the following amendment to the constitution of the state of Colorado, to wit:
Section 20 (7) (d) of article X of the constitution of the state of Colorado is amended to read:
Section 20. The Taxpayer's Bill of Rights. (7) Spending limits. (d) If revenue from sources not excluded from fiscal year spending exceeds these limits in dollars for that fiscal year, EXCEPT AS OTHERWISE PROVIDED IN THIS PARAGRAPH (d), the excess shall be refunded in the next fiscal year unless voters approve a revenue change as an offset. THE EXCESS FOR THE STATE SHALL BE REFUNDED NO LATER THAN THE CLOSE OF THE SECOND FISCAL YEAR FOLLOWING THE FISCAL YEAR FOR WHICH THERE IS THE EXCESS, UNLESS VOTERS APPROVE A REVENUE CHANGE AS AN OFFSET. Initial district bases are current fiscal year spending and 1991 property tax collected in 1992. Qualification or disqualification as an enterprise shall change district bases and future year limits. Future creation of district bonded debt shall increase, and retiring or refinancing district bonded debt shall lower, fiscal year spending and property tax revenue by the annual debt service so funded. Debt service changes, reductions, (1) and (3) (c) refunds, and voterapproved revenue changes are dollar amounts that are exceptions to, and not part of, any district base. Voterapproved revenue changes do not require a tax rate change.
SECTION 2. Each elector voting at said election and desirous of voting for or against said amendment shall cast a vote as provided by law either "Yes" or "No" on the proposition: "AN AMENDMENT TO SECTION 20 (7) (d) OF ARTICLE X OF THE CONSTITUTION OF THE STATE OF COLORADO TO EXTEND BY ONE YEAR THE PERIOD IN WHICH STATE REVENUES THAT EXCEED THE CONSTITUTIONAL LIMITATION ON FISCAL YEAR SPENDING MUST BE REFUNDED."
SECTION 3. The votes cast for the adoption or rejection of said amendment shall be canvassed and the result determined in the manner provided by law for the canvassing of votes for representatives in Congress, and if a majority of the electors voting on the question shall have voted "Yes", the said amendment shall become a part of the state constitution.