Joint Budget Committee. Under current law, enacted by Senate Bill 17-267, the state will execute the second of 4 tranches of lease-purchase agreements of up to $500 million in principal value each before the end of state fiscal year 2019-20 for the sole purpose of funding transportation projects. Due to a favorable interest rate environment, the state is expected to actually receive more than $500 million of proceeds from the execution of this second tranche of lease-purchase agreements. The bill requires the lesser of all of proceeds received in excess of $500 million or $49 million of such proceeds to be credited to the capital construction fund and appropriated for controlled maintenance projects instead of transportation projects.(Note: This summary applies to this bill as introduced.)

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