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<br />to repay any debt contracted, Requires the enactment of a bill authorizing <br />the state to contract a debt before the debt can be contracted, Requires <br />such a bill to identify the project or projects to be financed with the <br />proceeds of the debt to be contracted, the maximum amount of debt to be <br />contracted, the period within which the debt is to be repaid, and both the <br />type and amount of any tax to be imposed to generate revenues to repay <br />the debt and the sources and amounts of any other revenues to be used to <br />repay the debt. <br />Specifies that the maximum principal amount of bonded <br />indebtedness that the state may contract is an amount equal to a specified <br />percentage of the most recent determination of the actual value of all <br />taxable property in the state, Specifies that notwithstanding any other <br />constitutional provision to the contrary, the state may contract debt and <br />impose taxes to the extent necessary to repay any debt contracted without <br />submitting a ballot question to the voters of the state, <br />Defines the term "state infrastructure projects", Requires the <br />general assembly to give priority to state infrastructure projects that will <br />have statewide, rather than only local, benefits when determining the state <br />infrastructure projects for which debt is to be contracted. Allows the <br />general assembly to enact general laws to further define and implement <br />the process and criteria to be used in prioritizing and selecting state <br />infrastructure projects to be funded through bonded indebtedness, <br />Makes conforming amendments. <br /> <br />1 Be It Resolved by the House of Representatives of the Sixty-fourth <br /> <br />2 General Assembly of the State of Colorado, the Senate concurring <br /> <br />3 herein: <br /> <br />4 SECTION 1. At the next election at which such question may be <br /> <br />5 submitted, there shall be submitted to the registered electors of the state <br /> <br />6 of Colorado, for their approval or rejection, the following amendment to <br /> <br />7 the constitution of the state of Colorado, to wit: <br /> <br />8 Article XI of the constitution of the state of Colorado is amended <br /> <br />9 BY THE ADDITION OF A NEW SECTION to read: <br /> <br />10 <br /> <br />Section 11. <br /> <br />Debt financing for state infrastructure. <br /> <br />11 (1) NOTWITHSTANDING THE PROVISIONS OF SECTION 20 OF ARTICLE X OF <br /> <br />12 THIS CONSTITUTION OR ANY OTHER PROVISION OF THIS CONSTITUTION <br /> <br />.2. <br /> <br />HCR03-1009 <br />