Date: 02/12/2009

Final
BILL SUMMARY for SB09-022

SENATE COMMITTEE ON FINANCE

Votes: View--> Action Taken:
Adopt Amendment L.003 (Attachment C). The motion
Adopt Amendment L.004 (Attachment D). Discussion
Refer Senate Bill 09-022, as amended, to the Commi		Pass Without Objection
Pass Without Objection
PASS



11:49 AM -- Senate Bill 09-022

Senator Bacon, prime sponsor, presented Senate Bill 09-022. Senator Bacon stated SB 09-022 increases the annual limit the Colorado State Land Board can invest in the School Development Fund. He distributed a copy of Amendment L.003 (Attachment C) to members of the committee, and explained that the amendment allows the State Land Board to spend the additional money incrementally over several years.

09SenateFin0212AttachC.pdf

Senator King distributed Amendment L.004 (Attachment D) to members of the committee.

09SenateFin0212AttachD.pdf

The following witnesses testified:

11:53 AM -- Mr. Steve Holdren, representing the Colorado State Land Board, testified about the bill. He provided background about the board, and he explained that the commission has been allowed to take money that would normally be invested in the trust and invest it the development fund. He said this has been an excellent tool for the commission.

11:55 AM -- Mr. John Brejche, Colorado Land Board, testified about the bill and provided background about how much the board has invested in the development fund. He stated the Board has identified projects and areas for investment.

11:55 AM -- Mr. Tobin Follenweider, representing the Colorado Land Board, testified about the bill. He stated that he manages the trust fund and assists in drafting its annual reports.

11:56 AM -- Mr. Bruce Caughey, representing the Colorado Association of School Executives, testified in support of the bill. He stated that the organization he represents looks out for these lands on behalf of students. Mr. Caughey stated that he appreciates the work of the State Land Board and supports the legislation.

11:58 AM -- Ms. Karen Wick, representing the Colorado Education Association, testified in support of the bill. She said the bill is a sensible approach that will also increase the value of the school lands.


11:59 AM

Senator Sandoval closed public testimony.
BILL:SB09-022
TIME: 11:59:47 AM
MOVED:Hudak
MOTION:Refer Senate Bill 09-022, as amended, to the Committee on Appropriations. The motion passed 7-0.
SECONDED:
VOTE
Brophy
Yes
Heath
Yes
Isgar
Yes
King K.
Yes
Scheffel
Yes
Hudak
Yes
Sandoval
Yes
Final YES: 7 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: PASS


BILL:SB09-022
TIME: 11:59:56 AM
MOVED:Hudak
MOTION:Adopt Amendment L.003 (Attachment C). The motion passed without objection.
SECONDED:
VOTE
Brophy
Heath
Isgar
King K.
Scheffel
Hudak
Sandoval
Not Final YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection


BILL:SB09-022
TIME: 12:00:07 PM
MOVED:King K.
MOTION:Adopt Amendment L.004 (Attachment D). Discussion ensued, and the Chair ruled that the amendment fits under the title. The motion passed without objection.
SECONDED:
VOTE
Brophy
Heath
Isgar
King K.
Scheffel
Hudak
Sandoval
Not Final YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection