Arkansas House Bill HB1060

Arkansas 2023 Regular Session

• Introduced: 1/4/23
• Refer: 1/9/23
• Report Pass: 2/7/23
• Engrossed: 2/8/23
• Enrolled: 2/9/23
• Chaptered: 2/14/23
• Passed: 2/14/23

Caption

An Act For The Office Of The Treasurer Of State - General Obligation Bonds Appropriation For The 2023-2024 Fiscal Year.

Impact

The passing of HB1060 is significant as it facilitates the necessary funding for the state's obligations regarding college savings and pollution abatement bonds. The bill underscores the government's intention to maintain fiscal responsibility while ensuring that educational and environmental programs remain funded. This act ensures compliance with state fiscal laws and procurement laws, aiming for responsible management of state resources as the Treasurer oversees the appropriated funds.

Summary

House Bill 1060 is an appropriation measure aimed at covering the debt service obligations associated with various general obligation bonds for the fiscal year ending June 30, 2024. This bill specifies appropriations of $10 million for refunds and reimbursements and $32 million for debt service related to college savings and higher education bonds, as well as additional funds for water and waste disposal bonds. The total amount appropriated under HB1060 is $42 million, reflecting the state's commitment to funding higher education and environmental initiatives through bond financing.

Sentiment

The overall sentiment surrounding HB1060 appears to be supportive within legislative discussions, particularly as it reinforces commitments to crucial state obligations. The bipartisan nature of the voting, with 34 yeas and 0 nays recorded during its third reading, indicates broad legislative support for the bill and a collective recognition of the importance of these appropriations for state operations and community welfare.

Contention

While there appears to be general support for HB1060, discussions may arise regarding the adequacy of the appropriations and the effectiveness of bond financing strategies in addressing broader educational and environmental needs. The bill's reliance on debt service for funding could raise concerns among some legislators regarding long-term state financial health and the implications of increasing debt levels. Nonetheless, the urgency conveyed through the emergency clause highlights the Assembly's intention to prioritize timely disbursement of funds critical for the state's ongoing programs.