Senate Bill 18-001 Summary

• Transfers $495 million from the general fund on July 1, 2018 to the state highway fund ($346.5M), highway users tax fund ($74.25M), and multimodal transportation options fund ($74.25M), with additional $150 million transfers on July 1, 2019

• Reduces lease-purchase agreement requirements from $500 million annually for fiscal years 2019-22 to $500 million only for fiscal year 2018-19, lowering annual repayment obligations from $150 million to $37.5 million

• Authorizes the secretary of state to submit a ballot measure to voters in November 2019 for $2.337 billion in transportation revenue anticipation notes with maximum repayment cost of $3.25 billion if no citizen-initiated transportation measure is approved in November 2018

• Creates the multimodal transportation options fund to support fixed-route and on-demand transit, transportation demand management programs, and bicycle/pedestrian projects, with 85% allocated to local projects and 15% to state projects

• Excludes transportation revenue anticipation note proceeds and investment earnings from state fiscal year spending limits, contingent on voter approval of a ballot measure at either the 2018 or 2019 election