(1) The general assembly hereby finds and declares that:(a) Section 20 of article X of the state constitution limits state fiscal year spending.(b) Section 20 (2)(e) of article X defines 'fiscal year spending' to include all revenues and expenditures except those for refunds and those from certain sources, such as property sales.(c) Monetary consideration paid to the state by a private person in connection with a leveraged leasing agreement constitutes revenues to the state from a property sale because the consideration is paid in exchange for a property interest in a qualified state asset and constitutes revenues from a property sale, and such revenues are therefore excluded from state fiscal year spending.(2) The general assembly further finds and declares that:(a) Section 20 of article X of the state constitution requires voter approval in advance for creation of any multiple-fiscal year financial obligation whatsoever without adequate present cash reserves pledged irrevocably and held for payments in all future fiscal years.(b) The sublease of a qualified state capital asset from a private person to the state under a leveraged leasing agreement is a multiple-fiscal year y and held for payments in all future fiscal years.(b) The sublease of a qualified state capital asset from a private person to the state under a leveraged leasing agreement is a multiple-fiscal year financial obligation of the state under section 20 of article X of the state constitution, but the state may enter into a leveraged leasing agreement without voter approval in advance because a leveraged leasing agreement requires the state to deposit into a specified account adequate cash reserves pledged irrevocably for sublease payments in all future fiscal years.L. 2003: Entire part added, p. 1717, § 1, effective May 14.
Colorado Legal Code