Colorado SB17-303: State Highway System Funding

• Dedicates 10% of net state sales and use tax revenue starting July 1, 2017 to the highway users tax fund for CDOT to fund transportation projects and pay revenue anticipation notes (TRANs).

• Requires voter approval of a ballot measure at the November 2017 election to authorize issuance of TRANs with a maximum principal of $3.5 billion and maximum repayment cost of $5.5 billion, with a 20-year repayment term.

• Eliminates required general fund transfers to the capital construction fund and highway users tax fund for fiscal years 2017-18, 2018-19, and 2019-20.

• Requires CDOT to consider all bids from prequalified contractors and prohibit shortlisting to lower contracting costs and ensure fair access for local contractors and disadvantaged businesses.

• Mandates CDOT publish all competitive bid information on its website within 30 days of contract awards (excluding corporate financial information) and specifies eligible highway projects statewide for TRAN funding across multiple transportation planning regions.