The House gave preliminary approval Thursday to a $1.7 billion bond package to improve schools and roads as well as to fund pensions for firefighters and police officers.
House Bill 1333 would give state officials direction on how to oversee what is essentially $1.7 billion in loans.
The money would be used to fix dilapidated schools and pay for road and bridge projects around the state.
The bond package is part of a budget-reform compromise struck last month between Republican Gov. Bill Owens and the Democratic leadership.
Lawmakers have already passed one ballot question – expected to be called Referendum C – which would ask voters to give up about $3.1 billion in tax refunds over the next five years.
If passed by the legislature, the bond package is expected to be called Referendum D.
In November, voters will weigh in on both measures, but the bond package won’t take effect unless voters approve Referendum C.
House lawmakers debated several changes to HB 1333, which would set up the organization in charge of overseeing the bonds.
Republican Rep. Keith King of Colorado Springs successfully changed the makeup of the organization’s board of directors. He added the state treasurer to the board and removed the executive director of the revenue department but failed to create a rainy-day fund.
The bill needs final approval from the House before moving to the Senate.
The legislation that will become the ballot language for Referendum D also awaits final approval from the House.
Staff writer Chris Frates can be reached at cfrates@denverpost.com or 303-820-1633.
