Sen. Randy Baumgardner, R-Cowdrey; Rep. Perry Buck, R-Windsor
Senate Bill 1 repeals the
provisions required by SB-267 that provides revenue generated through lease
purchase agreements to be used for transportation projects. In its place, it
offers a 20-year bonding proposal, subject to voter approval in 2018, similar
to the Trans Bonds issued in 1999 that funded the TRex project in South Denver.
The bond would be paid for by allocating 10 percent of existing sales tax
revenue. The bill still maintains many of the general requirements outlined in
SB-267 including requiring 25 percent of the money go to state highway projects
in rural areas and 10 percent of the money going to transit. Any remaining
money that is not required to repay the bonds would go to projects included in
USDOT’s Strategic Transportation Project Investment Program and designated to
tier 1 funding.