In lieu of issuing bonds, or using another form of long-term debt, the state often uses a form of lease-purchase agreement called certificates of participation (COPs) to finance the construction of its new facilities. A certificate refers to an investor's proportionate interest in the state's lease payments. COPs give the state the flexibility to build capital facilities even when funds are not available to pay for projects on a pay-as-you-go basis....

Senate Bill 18-001, enacted during the 2018 legislative session, is a significant piece of transportation funding legislation. SB 18-001 commits state General Fund revenue for transportation projects and establishes financial mechanisms to address the passage or failure of transportation-related ballot measures. This issue brief summarizes the most important features of this law.