How Colorado Has Raised $300 Million in Debt Without Asking Its Citizens: The Colorado Bridge Enterprise
IB-2011-B (May 2011)
Author: Richard Sokol
Colorado’s citizens are supposed to have a final say before our state can borrow money. But the 2009 FASTER law subverted citizens’ rights to vote on tax and debt issues. The law allows an unelected group of bureaucrats to appoint an unelected administrator and together borrow whatever amounts of debt can be backed by FASTER funds. On December 1, 2010, they did just that. And now Colorado’s citizens are burdened with $300 million of newly issued debt—with the promise of more to come. Because of the borrowed money, it is unlikely a future legislature can ever repeal the FASTER tax. All this, and we weren’t asked!