A new piece of legislation would allow Colorado cities, schools and other local governments to more easily and cheaply issue bonds to build and repair infrastructure.
Part of the federal stimulus package includes money to pay for or subsidize the financing of bond issues for school construction, new energy projects and workforce development buildings on college campuses.
The program could save Colorado’s municipalities up to $250 million or more, but it only applies to projects slated for the next 18 months, said state Treasurer Cary Kennedy at a news conference Sunday.
The state’s legislation “allows local governments to avail themselves of this opportunity and to get going,” Kennedy said.
House Bill 1346 was introduced Tuesday and will be heard first by the House Local Government Affairs Committee.
The stimulus package allows for up to $240 million in bonds for school construction, which will be coordinated through the Department of Education’s Building Excellent Schools Today program.
The higher education commission will work with local businesses to develop up to $365 million worth of workforce training facilities.
And the Governor’s Energy Office will oversee up to $102 million worth of energy projects.
House Speaker Terrance Carroll, a co-sponsor of the bill, said the legislation does more than help local governments access federal stimulus money more quickly — it also helps build up infrastructure in a downturned economy.
“This is a significant piece of legislation that allows us . . . to expand the circle of opportunity,” Carroll said.
Jessica Fender: 303-954-1244 or jfender@denverpost.com
