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2021 SPECIAL SESSION I

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SB 1141 Hampton Roads area refuse collection authority; financial planning.

Introduced by: John A. Cosgrove, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Hampton Roads area refuse collection authority; financial planning. Changes various requirements of the Southeastern Public Service Authority (the Authority) when budgeting or incurring debt, including (i) changing the required five-year overall strategic plan to a financial plan, (ii) specifying that detailed financial plans be made only when incurring long-term debt or issuing new debt, (iii) authorizing other qualified financial consultants instead of a certified public accountant to assist in the creation of the detailed financial plan, (iv) changing from the Authority's Board of Directors to the Authority the body that performs a due diligence investigation of the appropriateness of issuing new debt, and (v) raising the permissible threshold for the executive director of the authority to execute or commit the authority to a contract, memorandum of agreement, or memorandum of understanding without acquiring Board approval.


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