Colorado § 22-54-108.7 - Authorization of additional local revenues for cash funding of capital construction, new technology, existing technology upgrade, and maintenance needs - definition.

§ 22-54-108.7. Authorization of additional local revenues for cash funding of capital construction, new technology, existing technology upgrade, and maintenance needs - definition.

(1) (a) Notwithstanding any law to the contrary, any district that chooses to raise and expend local property tax revenue in excess of the district's total program, and in addition to any revenue generated by property tax levied pursuant to sections 22-54-106, 22-54-107, 22-54-107.5, 22-54-108, and 22-54-108.5, may submit the question of whether the district should be authorized to raise and expend additional local property tax revenue, thereby authorizing an additional levy in excess of the levy authorized under sections 22-54-106, 22-54-107, and 22-54-108, to provide ongoing cash funding for the capital construction, new technology, existing technology upgrade, and maintenance needs of the district. A question authorized by this subsection (1)(a) must be submitted at an election held in accordance with section 20 of article X of the state constitution and title 1.

(b) If a majority of the votes cast in an election held pursuant to paragraph (a) of this subsection (1) are in favor of the question, the district shall levy an additional mill levy each year and shall deposit the revenue received from the additional mill levy into the supplemental capital construction, technology, and maintenance fund of the district created in section 22-45-103 (1)(j).

(2) For purposes of this section, "capital construction" has the same meaning as set forth in section 24-30-1301 (2), C.R.S.

Source: L. 2016: Entire section added, (HB 16-1354), ch. 166, p. 529, § 3, effective May 17. L. 2024: (1)(a) amended, (HB 24-1448), ch. 236, p. 1525, § 23, effective May 23.