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2011 SESSION

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HJ 613 Constitutional amendment; limitation on debt (first reference).

Introduced by: Mark L. Cole | 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 the amount computed by first multiplying each year's realized and projected blended revenues by five percent and then taking an average of the resulting products would be used directly or indirectly for principal, interest, or other payments on debt. The bill defines debt as any debt issued or entered into for transportation projects and purposes, public buildings, or capital leases and other long-term obligations primarily secured by blended revenues.  This limitation may be exceeded only by a vote of at least two-thirds of the members elected to each house of the General Assembly.


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