{"data":{"id":"us-co/c.r.s.-24-82-1001","jurisdiction":"us-co","citation":"C.R.S. § 24-82-1001","heading":"Legislative declaration - exclusion of proceeds of leveraged leasing agreements from fiscal year spending - voter approval not required.","body":"(1) The general assembly hereby finds and declares that:\n\n(a) Section 20 of article X of the state constitution limits state fiscal year spending.\n\n(b) Section 20 (2)(e) of article X defines \"fiscal year spending\" to include all revenues and expenditures except those for refunds and those from certain sources, such as property sales.\n\n(c) Monetary consideration paid to the state by a private person in connection with a leveraged leasing agreement constitutes revenues to the state from a property sale because the consideration is paid in exchange for a property interest in a qualified state asset and constitutes revenues from a property sale, and such revenues are therefore excluded from state fiscal year spending.\n\n(2) The general assembly further finds and declares that:\n\n(a) Section 20 of article X of the state constitution requires voter approval in advance for creation of any multiple-fiscal year financial obligation whatsoever without adequate present cash reserves pledged irrevocably and held for payments in all future fiscal years.\n\n(b) The sublease of a qualified state capital asset from a private person to the state under a leveraged leasing agreement is a multiple-fiscal year financial obligation of the state under section 20 of article X of the state constitution, but the state may enter into a leveraged leasing agreement without voter approval in advance because a leveraged leasing agreement requires the state to deposit into a specified account adequate cash reserves pledged irrevocably for sublease payments in all future fiscal years.","path":["Title 24 - GOVERNMENT - STATE","Article 82 - State Property","Part 10 - LEVERAGED LEASING"],"source_url":"https://olls.info/crs/crs2026-title-24.htm","current_through":"Colorado Revised Statutes 2026","vintage":"","retrieved_at":"2026-09-14T18:37:45Z","sha256":"2c4aaef3d8e8132c0ebe6be2e02680b9e9bb254e2fec9e1f58585bd6dae96fd9","source_id":"us-co","stale":false,"prev":"us-co/c.r.s.-24-82-902","next":"us-co/c.r.s.-24-82-1002"},"notice":"GroundRules: Original legal text. Not legal advice."}