March 5, 2012
HB12-1005, sponsored by Rep. Dan Pabon (D-Denver) and Sen. Ted Harvey (R-Highlands Ranch), would allow counties to invest public funds in securities that have less than two triple-A ratings. Without that flexibility, counties and local governments are forced to put their public funds in accounts with a lower interest rate. Their hands are tied, and Colorado taxpayers are footing the bill.
Every day the bill doesn’t pass is costing Colorado taxpayers $164,383, according to an estimate by the nonpartisan Colorado County Treasurers Association.
With final House passage, House Democrats turned off a ticker on their Web site, cohousedems.com, showing the cumulative cost of House inaction as $4,273,958 as the bill crosses to the Senate.
The bill was approved unanimously by the House Finance Committee on Feb. 2 and was calendared for second reading on Feb. 8. The Republican House leadership, which controls the House calendar, let it gather dust until a second-reading vote on March 2 and today’s final passage on a 65-0 vote.