C.R.S. § 39-28-505

(1) If a majority of the electors voting on the ballot issue vote “No/Against”, then the proposition EE taxes shall be reduced in a manner determined by the department so that the proposition EE taxes are reduced by eleven and fifty-three one-hundredths percent. This percentage is equal to the amount by which proposition EE tax revenue exceeded one hundred eighty-six million five hundred thousand dollars, with the excess amount divided by one hundred eighty-six million five hundred thousand dollars. (2) If a majority of the electors voting on the ballot issue vote “Yes/For”, then the proposition EE taxes shall remain at the same rates as established by proposition EE.