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1997 SESSION

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970982468
HOUSE BILL NO. 2423 Offered January 20, 1997 A BILL to amend and reenact §§ 2.1-304.3 and 2.1-304.6 of the Code of Virginia, relating to powers and duties of the Debt Capacity Advisory Committee. ----------
Patrons-- Thomas, Abbitt, Behm, Bryant, Clement, Connally, Councill, Cranwell, Crittenden, Croshaw, Crouch, DeBoer, Deeds, Griffith, Guest, Hall, Heilig, Ingram, Jackson, Keating, Kilgore, Parrish, Phillips, Plum, Shuler, Stump, Van Landingham and Woodrum
---------- Referred to Committee on General Laws ----------

Be it enacted by the General Assembly of Virginia:

1. That §§ 2.1-304.3 and 2.1-304.6 of the Code of Virginia are amended and reenacted as follows:

§ 2.1-304.3. Powers and duties.

The Committee shall have the power and duty to:

1. 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-supported debt that prudently may be authorized for the next biennium. The estimate shall be advisory and in no way bind the Governor or the General Assembly; and

2. Annually review the size and condition of the Commonwealth's nontax-supported debt, including debt issued by independent state authorities, and submit to the Governor and the General Assembly an annual report with the Committee's recommendation to ensure the prudent use of such debt. Such review shall be submitted on or before December 15 of each year.

2. 3. Conduct ongoing reviews of the amount and condition of bonds, notes, and other security obligations of the Commonwealth's agencies, institutions, boards, and authorities (i) not secured by the full faith and credit of the Commonwealth or for which the General Assembly is not permitted to replenish reserve funds, (ii) for which the Commonwealth has a contingent or limited liability or for which the General Assembly is permitted to replenish reserve funds if deficiencies occur, and (iii) when appropriate, shall recommend limits on such additional obligations to the Governor and to the General Assembly.

§ 2.1-304.6. Cooperation of the Commonwealth's instrumentalities.

All Commonwealth debt-issuing agencies, institutions, boards, and authorities shall quarterly provide the State Treasurer with all information which the Committee deems necessary for it to carry out the requirements of this article. The Departments of Accounts, Planning and Budget, and Taxation and other state agencies shall also provide the State Treasurer with the information and assistance the Committee deems necessary.