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1994 SESSION

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HB 264 Debt Capacity Advisory Committee created.

Introduced by: Franklin P. Hall | all patrons    ...    notes | add to my profiles

SUMMARY:

Debt Capacity Advisory Committee created. Creates the Debt Capacity Advisory Committee. The members shall be the Secretary of Finance, the State Treasurer, the Director of the Department of Planning and Budget, the Auditor of Public Accounts, the Director of the Joint Legislative Audit and Review Commission, and two citizen members appointed by the Governor and subject to confirmation by the General Assembly. The Committee's primary responsibility is to annually review the size and condition of the Commonwealth's tax-supported debt and submit to the Governor and to the General Assembly an estimate of the maximum amount of new tax-support debt that prudently may be authorized for the next biennium. The estimate shall be advisory only and in no way bind the Governor or the General Assembly. The Committee also has responsibility to conduct ongoing reviews of the amount and condition of bonds, notes, and other security obligations of the Commonwealth's agencies, and when appropriate, shall recommend limits on additional obligations to the Governor and to the General Assembly.


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