CO HB1114

Requires state lease-purchase agreements exceeding $500,000 in total payments to be approved by a bill enacted with two-thirds majority in both houses of the general assembly, effective July 1, 2011.

Exempts lease-purchase agreements by the department of transportation, institutions of higher education, the state treasurer, and legislative department if they do not involve certificates of participation or similar financial instruments.

Exempts lease-purchase agreements legally authorized before July 1, 2011 by bills that specifically authorized identified projects only or included limits on maximum lease payments.

Repeals section 24-82-802 which previously allowed the state treasurer to enter into lease-purchase agreements for the department of personnel without specific general assembly approval.

Modifies the lease-purchase servicing account in the capital construction fund to reference repealed statute and establishes automatic repeal of the account when all lease-purchase obligations are paid in full.