The Colorado Department of Transportation in 1996 initiated its High-Priority Projects plan, a set of 28 projects across the state which CDOT committed to completing over the next approximately 25 years. The projects range from interchange reconstruction to major widening to resurfacing.
In 1999, a wrinkle was thrown in: Governor Bill Owens, elected in 1998, spearheaded an effort to speed up the projects through bonding large amounts of money. The legislature placed on the November 1999 ballot Referendum A, also known as the TRANs Measure. TRANs stands for Transportation Revenue Anticipation Notes, and allows the State of Colorado to issue bonds backed against future federal gas tax revenue, for the purpose of speeding up the projects. The measure passed with about 65% voting in favor of it.
TRANs are bonds which give the Colorado Department of Transportation a large influx of money now, and allow it to speed up many projects that would otherwise take longer to complete as the money slowly rolled in. The bond issue totaled $1.7 billion, while the total payback with interest will be at or below $2.3B. The bonds will be paid back gradually with federal gas tax money (18¢ a gallon) that is allocated to the state every year, along with state gas tax revenue. Taxes were not increased.
By issuing the bonds now and getting a large amount of cash upfront, CDOT is able to build many projects sooner. Since the interest rate on the bonds (probably 4% to 6%) will very likely be below the inflation of construction costs (probably 7% to 9%), money will be saved. The projects can be completed faster, thus tying up roadways with construction for a shorter period of time.
The reason this measure was on the ballot is because of Colorado's TABOR constitutional amendment. The "Taxpayer's Bill of Rights" forbids the state to go into debt without voter approval. When legislation was first introduced in early 1999 to implement TRANs, both the legislature and the Attorney General's office concluded TRANs were not truly debt, and would not need voter approval. However, the issue was brought before the state Supreme Court, which ruled TRANs did indeed constitute debt. Thus, the issue was put on the ballot for voter approval.
While the Bill Owens administration likes to take credit for
speeding up the High-Priority Projects, it is the Roy Romer
administration and the Colorado Transportation Commission which get
credit for first identifying the 28 projects in 1996.
September 2010 update:
As of now the debt service that CDOT has on the Ref A bonds is
scheduled to be retired in FY 2016-17. This leads me to believe the
effect of the Ref A bonds has basically run its course. This page is
therefore somewhat vestigal, and is useful only for historic info. The
bonds did help in acclerating numerous high priority projects, but the
projects remaining face funding shortfalls.
Not yet completed |
Nearing completion |
Completed |
Current tally:
|
Project |
1999 Cost |
Status |
Impact of TRANs Bonds |
West Corridor |
Not set |
Project not yet set |
Unknown |
Powers Boulevard Colorado Springs New freeway |
$220M |
• Some stages built as expressway to be converted to
freeway at later date. • Platte/Powers interchange completed November 2001 • Research to Briargate completed June 2005 • Briargate to SH 83 completed September 2005 • Powers/Woodmen interchange completed 2009 |
Unknown |
Pueblo |
$69.7M |
Completed September 2002 |
None |
S. Academy to Briargate |
$342.3M |
Completed December 2007 |
Accelerated by 1 year |
Colorado Springs to Denver |
$365M |
• SH 105 interchange reconstruction: completed 2004 • Widening Wolfensberger to Founders: completed November 2007 • Founders/Meadows: completed 1998 • Widening to 6 lanes Founders to Lincoln: completed 2002 • Widening to 6 lanes Founders to Wolfensburger: completed 2007 • Widening to 6 lanes Wolfensberger to Crystal Valley: completed December 2009 • Widening to 8 lanes Founders to Lincoln: completed October 2009 • Other stages at future date |
Possibly accelerated to 2018 completion date |
Southeast Corridor |
$593.6M |
T-REX project. Roadway improvements completed August 2006. Light rail open November 2006. |
Accelerated by 11 years |
Mousetrap, Denver |
$97.5M |
Completed December 2003 |
None |
North Denver |
$146.5M |
Completed August 2008 |
Was going to be accelerated by 1 year to 2005 completion date, but recession halted funding for final phase |
SH 7 to SH 66 |
$81.5M |
Completed April 2009 |
Accelerated by 3 years |
SH 66 to Fort Collins |
$302.7M |
Possible 2022 completion date |
Unknown |
Owl Canyon Rd to Wyoming |
- |
Completed 1999 |
N/A. Completed prior to TRANs bonding |
SH 257 to Greeley |
- |
Completed 1998 |
N/A. Completed prior to TRANs bonding |
Berthoud Pass |
$74.8M |
Completed November 2006 |
Accelerated by 2 years |
Grand Junction to Delta |
$72.2M |
Completed October 2004 |
Accelerated by 8 years |
Mountain Corridor |
$1.1B |
Project not yet set |
Unknown |
East Corridor |
Not set |
Project not yet set |
Unknown |
Aurora to Kansas |
$121.6M |
Completed October 2002 |
Accelerated by 5 years |
120th Avenue |
$45.5M |
Completed August 2002 |
Accelerated by 4 years |
Carbondale to Aspen |
$185.9M |
Completed November 2004 |
Accelerated by 1 year |
Santa Fe Drive |
- |
Completed pre-1998 |
N/A. Completed prior to TRANs bonding |
SH 3 to Florida River |
$60.1M |
Several phases completed. Overall status unknown to me. |
Unknown |
Wolf Creek Pass |
$68.4M |
• Numerous stages completed 1990s-2004 Overall status unknown to me. |
Unknown |
Aurora |
$85.4M |
Completed October 2002 |
Accelerated by 8 years |
Goddard Ranch Ct to Foxton Rd |
$63.1M |
Completed November 2002 |
Accelerated by 6 years |
Oklahoma to Limon |
$184.3M |
Completed August 2012 |
Some earlier phases acclerated |
Broomfield to Loveland |
$92.4M |
Completed August 2006 |
Was on track to finish 1 year ahead of schedule, but soil problems on the Berthoud bypass caused delays |
Extension to 6th Ave |
- |
Completed August 2000 |
N/A. Completed prior to TRANs bonding |
New Mexico to Durango |
$48.8M |
Project not set |
None |
Project |
1999 Cost |
Status |
Impact of TRANs Bonds |
Continue:
Last updated 25 August 2012