Ballot Title Setting Board
2005-2006

The title as designated and fixed by the Board is as follows:

State taxes shall be increased by $61,800,000 annually by the imposition of a new tax on oil and natural gas extracted from the state and state debt shall be increased $700,000,000 with a repayment cost of $1,435,000,000, as part of an amendment to the Colorado constitution concerning funding for public education, and, in connection therewith, establishing a tax of one percent on proceeds received by producers from the sale of oil and natural gas extracted in the state; requiring revenues from the new severance tax to be deposited into state funds utilized for educational purposes; exempting revenues from the new severance tax from state and local government spending limits; requiring certain revenues that the state receives from the federal government pursuant to the "Mineral Lands Leasing Act" to be deposited in state funds utilized for educational purposes other than the school finance act; requiring the state to issue bonds and to use the proceeds therefrom for school capital construction projects; requiring a specified amount of revenues from the new severance tax and the federal mineral lease revenues to be used for school capital construction projects, including the repayment of the principal and interest on bonds issued for such purposes; requiring interest from the public school fund of the state to be used for educational purposes other than the school finance act; and, upon a declaration of a state fiscal emergency, permitting the general assembly to use revenues from the new severance tax and the federal mineral lease revenues for any education related purpose.

The ballot title and submission clause as designated and fixed by the Board is as follows:

Shall state taxes be increased by $61,800,000 annually by the imposition of a new tax on oil and natural gas extracted from the state and shall state debt be increased $700,000,000 with a repayment cost of $1,435,000,000, as part of an amendment to the Colorado constitution concerning funding for public education, and, in connection therewith, establishing a tax of one percent on proceeds received by producers from the sale of oil and natural gas extracted in the state; requiring revenues from the new severance tax to be deposited into state funds utilized for educational purposes; exempting revenues from the new severance tax from state and local government spending limits; requiring certain revenues that the state receives from the federal government pursuant to the "Mineral Lands Leasing Act" to be deposited in state funds utilized for educational purposes other than the school finance act; requiring the state to issue bonds and to use the proceeds therefrom for school capital construction projects; requiring a specified amount of revenues from the new severance tax and the federal mineral lease revenues to be used for school capital construction projects, including the repayment of the principal and interest on bonds issued for such purposes; requiring interest from the public school fund of the state to be used for educational purposes other than the school finance act; and, upon a declaration of a state fiscal emergency, permitting the general assembly to use revenues from the new severance tax and the federal mineral lease revenues for any education related purpose?

Hearing March 15, 2006

At request of proponent, technical corrections allowed in text of measure. (In Section 22(5) (c), change text to all capitals as in remainder of measure.)
Single subject approved; staff draft amended; title setting laid over to March 22, 2006 at 3:00 p.m. to insert amount of tax increase.
Hearing adjourned 4:48 p.m.

Hearing March 22, 2006

Fiscal amount inserted; titles set.
Hearing adjourned 3:23 p.m.

* Unofficially captioned “Taxes and Bonding for Public Schools” by legislative staff for tracking purposes. Such caption is not part of the titles set by the Board.