Introduced
by
To rewrite the state municipal finance law so as to authorize local units of government, school districts, and other bonding authorities, to issue debt without prior Department of Treasury approval if they file an annual audit report with the department demonstrating financial soundness. It also authorizes “budget bonds,” now prohibited, which are paid out of the operating budget and do not require a vote of the people, and negotiated bond sales, rather than competitive sales, now required for larger issues. The bill limited the issuance of refunding bonds and zero-coupon bonds to instances where they actually save taxpayer dollars.
Referred to the Committee on Finance
Substitute offered
To adopt a version of the bill recommended by the committee which reported it to the full Senate.
The substitute passed by voice vote
Amendment offered
by
To prohibit "full faith and credit limited tax obligations" issued by a city.
The amendment failed by voice vote
Amendment offered
by
To limit the debt load which a local government may undertake under the provisions of the bill.
The amendment failed by voice vote
Substitute offered
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To adopt an amended version of the bill which allows cities required to levy a tax for sewer upgrades under a certain court order to be granted the blanket annual bond issuance authorization provided by the bill, notwithstanding a general prohibition elsewhere in the bill of such authorizations for cities under such court orders.
The substitute passed by voice vote
Passed in the Senate 34 to 1 (details)
To rewrite the state municipal finance law so as to authorize local units of government, school districts, and other bonding authorities, to issue debt without prior Department of Treasury approval if they file an annual audit report with the department demonstrating financial soundness. It also authorizes “budget bonds,” now prohibited, which are paid out of the operating budget and do not require a vote of the people, and negotiated bond sales, rather than competitive sales, now required for larger issues. The bill limited the issuance of refunding bonds and zero-coupon bonds to instances where they actually save taxpayer dollars.
Substitute offered
To replace the previous version of the bill with a version recommended by the committee which reported it. The substitute incorporates changes resulting from committee testimony and deliberation. These changes do not affect the substance of the bill as previously described, except that the new version removes public school academies (or charter schools) from the entities covered by the bill.
The substitute passed by voice vote
Amendment offered
by
To give the Department of Treasury flexibility in determining whether cities required under a court order to levy a tax may be granted the blanket annual bond issuance authorization provided by the bill, notwithstanding a general prohibition elsewhere in the bill of such authorizations for cities under such court orders. The amendment also contains technical provisions regarding certain types of debt instruments.
The amendment passed by voice vote
Passed in the House 103 to 0 (details)
To rewrite the state municipal finance law so as to authorize local units of government, school districts, and other bonding authorities, to issue debt without prior Department of Treasury approval if they file an annual audit report with the department demonstrating financial soundness. It also authorizes “budget bonds,” now prohibited, which are paid out of the operating budget and do not require a vote of the people, and negotiated bond sales, rather than competitive sales, now required for larger issues. The bill limited the issuance of refunding bonds and zero-coupon bonds to instances where they actually save taxpayer dollars.
Passed in the Senate 34 to 0 (details)
To concur with the House-passed version of the bill.
