Out of the four propositions listed on this year’s Colorado ballot, only one of them passed. With the energy of the elections finally starting to die down, it is important to understand what these results mean for Colorado’s future.
The first proposition on the ballot was Proposition 109, which failed. The measure, loosely called “Fix Our Damn Roads,” intended to authorize $3.5 billion in bonds which would have been spent solely on road construction and maintenance. The state’s budget would have had to pay any interest on the loans. Supporters of this proposition insisted that taxes would not be raised and using existing state revenue to fix roads is economically feasible.
However, there was strong opposition to Proposition 109, as well. The Denver Metro Chamber of Commerce was one of the lead opponents to this measure. They insisted that in order to pay back the loans, the state would have had to reallocate money from other sources, such as healthcare and education. Ultimately, 60 percent of voters voted no on Proposition 109.
The second proposition on the ballot, Proposition 110, the “Let’s Go Colorado” measure, was similar to Proposition 109 in that it also intended to authorize bonds. However, it also intended on raising the sales tax by 0.62 percent in order to help pay back these bonds. The Denver Metro Chamber of Commerce, while opposing Proposition 109, did offer considerable support to Proposition 110. Again, about 60 percent of voters voted no on Proposition 110.
Proposition 111 was the only proposition on this year’s ballot that passed. Also known as the Limits on Payday Loan Charges Initiative, it intends to reduce the interest rate on payday loans to an annual rate of 36 percent. Before the election, the annual interest rate on payday loans was at 45 percent.
Official supporters of Proposition 111 included the Colorado Democratic Party. Supporters insisted that payday loan lenders would prey upon and take advantage of Colorado citizens interested in taking payday loans. Those who do are usually in dire situations and these high interest rates would trap them in a sea of debt. Opponents of the bill argued that if the measure passed, payday loan businesses would be at risk of going out of business. Voters however widely supported the measure, as 70 percent of voters voted yes on Proposition 111.
The final proposition, Proposition 112, may have been one of the most hotly contested measures on this year’s ballot. Currently, oil and gas projects are required to be 500 feet from occupied buildings. This measure intended to increase that distance by five times the length it currently holds, at 2,500 feet.
A few supporters of this initiative included the Colorado Democratic Party, Clean Energy Action and Greenpeace. They insisted that these new requirements would vastly improve the safety and security of citizens. Supporters argued that these restrictions are necessary to protect people’s health and water supply.
However, the opposition to the measure was just as strong. The Colorado Oil and Gas Organization, the American Petroleum Institute and even newly elected Governor Jared Polis all argued against this proposition. Those who opposed the measure insisted these new restrictions would shut down the oil and gas industry leading to thousands losing their jobs. While Polis is a strong supporter of clean and renewable energy, he insisted he has never supported the death of the fracking industry. Coloradans voted no on Proposition 112 at a rate of 56 percent.
Since three of the four propositions failed, only one measure is sure to change Colorado’s future. Payday loan lenders now may not exceed interest rates of 36 percent. While this may hurt the payday loan industry, it intends to ensure that those who do take out payday loans are not being preyed upon by lenders. However, no new steps have been taken to change Colorado’s budget towards road construction and management, and oil and gas projects are still required to stay 500 feet from occupied buildings. Soon voters will see how these results affect the state.
