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HB 08-1125 SPECIAL DISTRICTs HB 08-1125 SPECIAL DISTRICTS Debt reporting requirements Requires a special district that has authorized but unissued general obligation debt as of the end of its fi scal year to specify the amount of the debt and any current or anticipated plan to issue the debt in the report on the annual audit of the special district's fi nancial statement and submit the special district's audit report or application for exemption from audit to the local government that approved the formation of the special district. Effective Aug.5,2008.Lobbyist:Erin Goff,egoff@cml.org. Capital letters indicate new material added to existing statutes;dashes through words indicate deletions from existing statutes and such material not part of act.HOUSE BILL 08-1125 BY REPRESENTATIVE(S) Marshall,Kerr J.,Mitchell V.,Carroll M.,Hodge,and Stafford;also SENATOR(S)Isgar,Takis,and Taylor. CONCERNING ADDITIONAL REQUIREMENTS ON SPECIAL DISTRICTS WITH AUTHORIZED BUT UNISSUED GENERAL OBLIGATION DEBT UNDER THE"COLORADO LOCAL GOVERNMENT AUDIT LAW".Be it enacted by the General Assembly of the State of Colorado:SECTION 1.29-1-605,Colorado Revised Statutes,is amended BY THE ADDITION OF A NEW SUBSECTION to read: 29-1-605.Contents of report.(2)IN ADDITION TO THE INFORMATION REQUIRED BY SUBSECTION(1)OF THIS SECTION,THE REPORT ON THE AUDIT OF A SPECIAL DISTRICT,AS DEFINED IN SECTION 32-1- 103(20),C.R.S.,THAT HAS AUTHORIZED BUT UNISSUED GENERAL OBLIGATION DEBT AS OF THE END OF THE FISCAL YEAR OF THE SPECIAL DISTRICT SHALL SPECIFY THE AMOUNT OF THE AUTHORIZED BUT UNISSUED DEBT AND ANY CURRENT OR ANTICIPATED PLAN TO ISSUE THE DEBT. SECTION 2.29-1-606,Colorado Revised Statutes,is amended BY THE ADDITION OF A NEW SUBSECTION to read:NOTE:This bill has been prepared for the signature of the appropriate legislative officers and the Governor.To determine whether the Governor has signed the bill or taken other action on it,please consult the legislative status sheet,the legislative history,or the Session Laws.PAGE 2-HOUSE BILL 08- 1125 29-1-606.Submission of reports.(7)IN ADDITION TO THE OTHER REQUIREMENTS OF THIS SECTION,A SPECIAL DISTRICT,AS DEFINED IN SECTION 32-1-103(20),C.R.S.,THAT HAS AUTHORIZED BUT UNISSUED GENERAL OBLIGATION DEBT AS OF THE END OF THE FISCAL YEAR OF THE SPECIAL DISTRICT SHALL SUBMIT ITS AUDIT REPORT OR A COPY OF ITS APPLICATION FOR EXEMPTION FROM AUDIT TO THE BOARD OF COUNTY COMMISSIONERS OR THE GOVERNING BODY OF THE MUNICIPALITY THAT ADOPTED A RESOLUTION OF APPROVAL OF THE SPECIAL DISTRICT PURSUANT TO SECTION 32-1-204.5 OR 32-1- 204.7,C.R.S.