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1998 SESSION

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HB 100 Accelerated payments in federal retiree settlement programs.

Introduced by: C. Richard Cranwell | all patrons    ...    notes | add to my profiles

SUMMARY:

Accelerated payments for participants in federal retiree settlement programs. Requires the final payment of federal retiree settlement payments to be made on September 30, 1998, if the 1997-1998 general fund revenue surplus is at least $62.5 million as certified by the Comptroller on August 15, 1998. If the 1997-1998 general fund revenue surplus is less than $62.5 million, then a special installment payment based on the 1997-1998 general fund revenue surplus divided by $62.5 million shall be made on September 30, 1998, and the final payment on March 31, 1999. Under the existing Harper settlement legislation, the payments are to be made in annual installments through March 31, 1999.


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