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2011 SESSION

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SJ 396 Constitutional amendment; limitation on debt (first reference).

Introduced by: Richard L. Saslaw | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Constitutional amendment (first resolution); limitation on debt.  Provides that in any 10-fiscal-year period beginning with fiscal years of the Commonwealth starting on or after July 1, 2012, no more than five percent of projected blended revenues applicable to the 10-year period would be used directly or indirectly for principal, interest, or other payments on debt. In addition, no more than five percent of projected blended revenues for each year of the 10-year period would be included in the official estimates of the debt capacity of the Commonwealth.


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