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SHALL THERE BE AN AMENDMENT TO THE COLORADO REVISED STATUTES CONCERNING THE FUNDING OF A TESTING AND PLANNING PROGRAM FOR A HIGH-SPEED FIXED GUIDEWAY TRANSPORTATION SYSTEM, AND IN CONNECTION THEREWITH, REQUIRING $50 MILLION OF EXCESS STATE REVENUES COLLECTED DURING THE 2000-2001 STATE FISCAL YEAR TO BE CREDITED TO A NEWLY CREATED FIXED GUIDEWAY TECHNOLOGY DEVELOPMENT FUND; AUTHORIZING THE COLORADO INTERMOUNTAIN FIXED GUIDEWAY AUTHORITY TO EXPEND MONIES FROM THE FUND UNTIL DECEMBER 31, 2004, TO DESIGN AND TEST A HIGH-SPEED FIXED GUIDEWAY TRANSPORTATION SYSTEM, INCLUDING BUT NOT LIMITED TO A MONORAIL SYSTEM, TO ENSURE REVIEW AND APPROVAL OF THE SYSTEM UNDER FEDERAL SAFETY STANDARDS, AND TO CONDUCT PLANNING STUDIES, INCLUDING STUDIES OF THE DESIGN, FINANCE, CONSTRUCTION, AND OPERATION OF A FIXED GUIDEWAY SYSTEM CONNECTING DENVER INTERNATIONAL AIRPORT AND EAGLE COUNTY AIRPORT; REQUIRING ANY MONIES IN THE FUND NOT EXPENDED BY THE AUTHORITY TO BE REFUNDED TO THE STATE ON JANUARY 1, 2005; EXEMPTING THE AUTHORITY FROM CONSTITUTIONAL REVENUE AND SPENDING LIMITATIONS; AUTHORIZING THE AUTHORITY TO EXPEND ANY STATE FUNDS THAT IT MAY RECEIVE; AND DELAYING THE TERMINATION OF THE AUTHORITY FROM JANUARY 1, 2004 UNTIL JANUARY 1, 2005?

Be It Enacted by the People of the State of Colorado:

SECTION 1. Section 32-16-106(1), Colorado Revised Statutes, is amended BY THE ADDITION OF THE FOLLOWlNG NEW PARAGRAPHS to read:

32-l6-106. Board of directors - powers and duties. (1) In addition to any other powers specifically granted to the Board in this article, the Board shall have the following duties and powers:

(1)(1) TO CREATE A FIXED GUIDEWAY DEVELOPMENT FUND TO BE ADMINISTERED BY THE AUTHORITY AND TO BE CALLED THE "FIXED GUIDEWAY TECHNOLOGY DEVELOPMENT FUND" FOR THE PURPOSE OF RECEIVING AND EXPENDING FUNDS FROM THE STATE OF COLORADO PURSUANT TO SUBSECTION (1)(2) BELOW.

(2) TO RECEIVE AND EXPEND FOR ALL LAWFUL PURPOSES A TOTAL OF $50 MILLION OF EXCESS STATE REVENUES FOR STATE FISCAL YEAR ENDING JUNE 30, 2001, TO BE FUNDED AND DEPOSITED INTO THE FIXED GUIDEWAY TECHNOLOGY DEVELOPMENT FUND NO LATER THAN DECEMBER 31, 2001 AND TO BE EXPENDED BY THE AUTHORITY NO LATER THAN DECEMBER 31, 2004. THE $50 MILLION OF EXCESS STATE RVENUES ARE A VOTER-APPROVED REVENUE CHANGE FOR STATE FISCAL YEAR ENDING JUNE 30, 2001. ANY MONIES IN THE FIXED GUIDEWAY TECHNOLOGY DEVELOPMENT FUND NOT EXPENDED BY THE AUTHORITY ON JANUARY 1, 2005 SHALL BE REFUNDED T0 THE STATE OF COLORADO.

(3) TO EXPEND FUNDS HELD IN THE FIXED GUIDEWAY TECHNOLOGY DEVELOPMENT FUND FOR THE FOLLOWING:
    (A) THE DESIGN AND TESTING OF A HIGH-SPEED FIXED GUIDEWAY TRANSPORTATION SYSTEM. CONDUCTED WITHOUT LIMITATION, AT THE TRANSPORTATION TEST CENTER IN PUEBLO, COLORADO;
    (B) TO FACILITATE THE ISSUANCE OF SAFETY STANDARDS AND THE RECEIPT OF A RULE OF PARTICULAR APPLICABILITY FROM THE FEDERAL RAILROAD ADMINISTRATION OR OTHER APPROPRIATE FEDERAL AGENCY; AND
   (C) PLANNING STUDIES INCLUDING, BUT NOT LIMITED TO, THE DESIGN, FINANCE, CONSTRUCTION AND OPERATION OF A FIXED GUIDEWAY SYSTEM CONNECTING DENVER INTERNATIONAL AIRPORT AND EAGLE COUNTY AIRPORT.

(m) TO COLLECT, RETAIN AND SPEND ANY AND ALL MONIES RECEIVED BY THE AUTHORITY ANNUALLY FROM ANY REVENUE SOURCE INCLUDING, BUT NOT LIMITED TO, AMOUNTS RECEIVED AS EXCESS STATE REVENUES. AID, CONTRIBUTIONS, GRANTS AND GIFTS FROM OTHER SOURCES LAWFULLY RECEIVED BY THE AUTHORITY DURING FISCAL YEAR 2001 AND EACH YEAR THEREAFTER FOR AS LONG AS THE AUTHOTITY CONTINUES IN EXISTENCE, WITHOUT LIMITATION BY THE REVENUE AND SPENDING LIMITATIONS OF ARTICLE X, SECTION 20 OF THE COLORADO CONSTITUTION.

SECTION 2. Section 32-16-103. Colorado Revised Statutes, is amended BY THE ADDITION OF THE FOLLOWING NEW PARAGRAPH AND LANGUAGE to read:

32-16-103. Definitions. As used in this article, unless the context otherwise requires: (4) "EXCESS STATE REVENUES" SHALL MEAN THE TOTAL COMBINED AMOUNT OF REVENUES THAT VOTERS STATEWIDE HAVE NOT OTHERWISE, OTHER THAN BY OPERATION OF THIS ACT, AUTHORIZED THE STATE TO RETAIN AND SPEND AND THAT ARE REQUIRED TO BE REFUNDED PURSUANT TO SECTION 20(7)(D) OF ARTICLE X OF THE STATE CONSTITUTION. (5)(4) "Fixed guideway system" means a high speed mode of providing transportation for people and goods using fixed guideway technology designed to be compatible with established state and local transportation plans and major investment studies. (6)(5) "Fixed guideway technology" or "technology" means technology relating to the design, development, and construction of fixed guideways. INCLUDING, WITHOUT LIMITATION, TECHNOLOGY COMMONLY KNOWN AS A MONORAIL. As used in this article, "fixed guideway" has the same meaning as set forth in 49 U.S.C. Sec. 5302 (a)(4). (7)(6) "Territory" means the city and county of Denver, the city of Aurora, and the counties of Clear Creek, Jefferson, Eagle, Garfield, and Summit.

SECTION 3. REPEAL. Section 32-16-105(8), Colorado Revised Statutes, is amended to read:

32-16-105. Board of directors - membership - qualifications. (8) Directors of the board shall receive no compensation for their services but may be reimbursed for their necessary expenses while service as directors of the board but no state funds are authorized to be expended for any purpose.

SECTION 4. REPEAL. Section 32-16-109(1). Colorado Revised Statutes, is amended to read: 32-16-109. Repeal of article. (l) This article is repealed, effective January 1, 2004 2005.