General Assembly Proposed Bill No. 5160
January Session, 2011 LCO No. 419
Referred to Committee on Finance, Revenue and Bonding
Introduced by:
REP. CANDELORA, 86th Dist.
General Assembly
Proposed Bill No. 5160
January Session, 2011
LCO No. 419
Referred to Committee on Finance, Revenue and Bonding
Introduced by:
REP. CANDELORA, 86th Dist.
AN ACT CONCERNING TEMPORARY BORROWING BY THE STATE TREASURER.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
That section 3-16 of the general statutes be amended to require that any temporary borrowing by the Treasurer (1) is limited to the dollar amount specified in the Governor's approval of such borrowing, and (2) matures not later than two years from the date of issuance, or the end of the biennium in which the obligations are issued, whichever period is longer. On the day the Governor approves such borrowing, notice of such approval shall be provided by the Governor to the chairs and ranking members of the joint standing committees of the General Assembly having cognizance of matters relating to finance, revenue and bonding, and appropriations and the operating budget of the state.
Statement of Purpose:
To clarify the current process by which the Treasurer borrows funds and issues obligation of the state.