HB 20-1406 Summary

• Transfers $500,000 from the Petroleum Storage Tank Fund to the General Fund on October 15, 2020, and the 15th of each of the next seven months, with $4 million transferred from the Petroleum Cleanup and Redevelopment Fund to the Petroleum Storage Tank Fund.

• Authorizes one-time transfers totaling approximately $47.7 million from various specialized funds to the General Fund on June 30, 2020 and July 1, 2020, including transfers from workers' compensation, unemployment, insurance, banking, waste management, marijuana, and other state funds.

• Amends multiple Colorado Revised Statutes to create new subsections authorizing specific dollar amounts to be transferred from designated cash funds, such as $2 million from the Redevelopment Fund, $1 million from the Workers' Compensation Cash Fund, and $5 million from the Off-Highway Vehicle Recreation Fund.

• Makes one exception: Section 9 establishing the temporary Waste Tire Market Development Fund transfer is repealed effective July 1, 2020.

• Includes a safety clause declaring the act necessary for the immediate preservation of public peace, health, or safety.