Monday, December 17, 2012
Thanks very much for your interest and cooperation.
Ballot Initiative #95 — to Amend the Colorado Constitution to Establish a State-Owned Bank
for the State of Colorado – Modeled on the Bank of North Dakota
Since 1919 North Dakota has owned its own bank, the Bank of North Dakota (BND), which holds all fees and taxes collected by the government of North Dakota and invests it through loans made through or in conjunction with private community banks for industry, agriculture and other services needed by the citizens of the state. This has produced many advantages:
* BND has paid the state treasurer >$325 million from bank profits over the past 10 years; $61M in 2010
* ND is the only State with continuous budget surpluses since before the financial crisis of 2008
* North Dakota has the lowest unemployment rate (3.0%) of any State in the U.S.
* North Dakota has one of the lowest home foreclosure rates and credit card default rates in the U.S.
* In FY 2010 BND enjoyed a 19% return on investment
* North Dakota has had no bank failures and has the most community banks per capita
* Banks in Colorado are failing five times more often on average than banks in other states
* In 2011 North Dakota enjoyed almost $500 million in tax cuts and 30% in cuts over 2009-2011
* These benefits are not due primarily to North Dakota’s oil; e.g. Alaska and Montana have as much oil but have high unemployment >7.7%, and have had budget deficits
The proposed Colorado Amendment would add §22 to Article X of the Constitution of the State of Colorado:
Establishment of State-Owned Bank. The measure establishes a bank owned by the state of Colorado. The bank is authorized to lend money at interest or at no interest to promote development, commerce, industry, and agriculture in the state and to promote home ownership, maintenance and construction of needed infrastructure, education, public health and safety, and other purposes for the general welfare of the citizens of the state of Colorado. The bank will have the same powers as other banks chartered by the State and the power and authority to deposit public revenues and funds in the bank, except as expanded or limited by the General Assembly. The bank would not be subject to any revenue or spending limits such as under TABOR, but the measure would not alter TABOR’s restrictions on new tax measures. The bank would be regulated, managed, and advised by public officials, banking professionals, and public representatives, and be subject to annual public audits. It would be backed by the full faith and credit of the state.
at 1:18 PM
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