BILL SUMMARY for HB09-1346
SENATE COMMITTEE ON FINANCE
|Votes: View--> ||Action Taken: |
|Refer House Bill 09-1346 to the Committee of the W||PASS|
12:14 PM -- House Bill 09-1346
Senator Shaffer, prime sponsor, presented House Bill 09-1346 which clarifies the process for public entities in Colorado to take advantage of financing mechanisms provided under the federal economic stimulus package. The bill also specifies how federally-established caps on the volume of bonds will be administered. By way of background, public entities that issue stimulus bonds or borrow money under a capped program must report how much of their allocation is used, so any unused capacity can be reallocated. The bill allows two or more public entities to act jointly to issue stimulus bonds.
Senator Shaffer explained that the bill enables the state and school districts to finance more projects and allows agencies to obtain lower-cost financing. He stated that education finance would be a priority and provided background information about the Building Excellent Schools Today (BEST) program.
The following person testified:
12:18 PM -- Ms. Mary Wickersham, representing the Colorado Department of the Treasury, testified in support of the bill. She explained that the bill will allow public entities access to bond financing that is subsidized by the federal government. Ms. Wickersham explained the bond programs and responded to questions about state bonds and interest rates.
Senator Sandoval closed public testimony.
|TIME: || 12:23:49 PM|
|MOTION:||Refer House Bill 09-1346 to the Committee of the Whole with a recommendation that it be placed on the consent calendar. The motion passed 5-2. |
Final YES: 5 NO: 2 EXC: 0 ABS: 0 FINAL ACTION: PASS
The committee recessed, and Senator Sandoval stated it would reconvene at 2:30 p.m.