The Rocky Mountain Collegian

Issue date: 4/14/09 Section: News

Media Credit: Brandon Iwamoto Protestors against Colorado Senate Bills 273 and 281, which would allow the Colorado government to take $500 million from quasigovernmental organization Pinnacol Assurance to aid in balancing the state budget, rally on the steps of the state Capitol on Monday. The Colorado Senate approved both bills despite the large gathering of protestors in the Senate gallery above.

DENVER -- As the morning sun rose over Denver, hundreds of protestors organized by Pinnacol Assurance waved signs amid frenzied, angry chants on the Capitol building's steps, protesting the state Senate's vote on a $500 million transfer of its funds.

But despite the protestors' best efforts, the proposed state budget -- called the Long Bill -- passed, with two bills aimed at funneling money out of the quasi-governmental insurance company's surplus funds passing as well.

The Long Bill will now move on to the House of Representatives.

The transfer -- a solution Colorado's Joint Budget Committee came up with this month to backfill its proposed $300 million cut to higher education -- is one which Pinnacol and Colorado's solicitor general have called illegal and may pit Colorado's legislature against Pinnacol in a legal battle, representatives for the agency have said.

Senate Bills 273 and 281, both of which passed with votes of 18-15 and 19-14, respectively, seek to alter Pinnacol's structure to transfer $500 million of the company's $700 million surplus -- $300 million of which is intended for higher ed.

The vote Monday drew several small business owners, employees of the company and state representatives to protest this action.

"We should be scraping the gold off the dome before we raid your money," Rep. Cory Gardner, R-Yuma, said.

Armed with chants like "No on 273, end this shameful thievery;" "Don't by cynical, protect Pinnacol;" and "Stop the raid," protestors turned out to express their dismay at the extraordinary measures that the Colorado legislature faces in solving the budget crisis, including the slash to higher education that Sen. Brandon Shaffer, D-Boulder, called "unacceptable."

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