CO HB1305

Attorney General must immediately notify the Governor, State Treasurer, Joint Budget Committee, and legislative leadership if an arbitration panel finds the state failed to enforce tobacco settlement provisions, resulting in reduced settlement payments.

Governor may authorize transfer of up to $40 million from the General Fund to the Tobacco Litigation Settlement Cash Fund when the General Assembly is not in regular session, contingent on meeting four conditions.

Transfer is only authorized if the next scheduled settlement payment will be at least $35 million less than the most recent legislative forecast and the lost funds were expected within twelve months.

Amount transferred must cover working capital previously advanced from the General Fund to tobacco settlement programs and any additional funds needed for critical state obligations through the end of January.

Bill is declared necessary for immediate preservation of public peace, health, and safety, and was approved by Governor John W. Hickenlooper.