CO SB037

Creates the Pinon Canyon Maneuver Site Land Purchase Authority to finance the state's purchase of all or part of the 236,000-acre military training area from the federal government, contingent upon execution of a federal-state purchase agreement.

Authority governed by 7-member board appointed by the governor with senate consent; board members serve 4-6 year terms with limits on political party representation and term reappointment eligibility.

Authority authorized to issue bonds repayable from revenues derived from leasing, mortgaging, or selling property within the site; acquisition costs cannot exceed 100% of appraised property value.

Property sales follow a prioritized 2-year offering sequence: first to previous owners and heirs, then to agricultural producers in seven southeastern Colorado counties, then to any person; authority may extend financing to buyers at interest rate 2% above bond rate.

Revenues from the interest rate differential between bonds and buyer loans must first cover administrative expenses, with excess revenues transferred to state treasurer for veterans programs; authority automatically repeals July 1, 2028.