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1996 SESSION
SJ 115 Constitutional amendment; local debt.
Introduced by: Mark L. Earley | all patrons ... notes | add to my profiles
SUMMARY:
Constitutional amendment (first resolution); debt of local governments. Creates an exception for contractual obligations resulting from certain agreements among a city, town, or county, or combination of them, from the limitation on the amount of indebtedness a city or town is allowed to incur. City or towns are prohibited from issuing bonds or other indebtedness, with certain exceptions, in excess of ten percent of the assessed value of real estate in the locality. This exception applies to agreements among local governments for sharing revenue, tax base, or benefits of economic growth. The agreements must be authorized by the General Assembly.
FULL TEXT
HISTORY
- 01/22/96 Senate: Presented & ordered printed 961259753
- 01/22/96 Senate: Referred to Committee on Privileges and Elections
- 02/06/96 Senate: Continued to 1997 in P. & E. (15-Y 0-N)