Connecticut House Bill HB05219

Connecticut 2011 Regular Session

• Introduced: 1/13/11
• Refer: 1/13/11

Caption

An Act Concerning An Expiration Date For Bond Authorizations.

Impact

The bill aims to streamline financial management within the state by imposing a time limit on bond authorizations. Proponents argue that this will enhance fiscal responsibility, prevent the accumulation of unused authorizations, and encourage the State Bond Commission to act promptly on authorized funds. By enforcing a requirement for timely allocation, the bill could lead to improved budget management and potentially free up resources for more immediate financial needs.

Summary

House Bill 05219 focuses on establishing an expiration date for bond authorizations. The proposed legislation mandates that any bond authorizations passed by the General Assembly must be allocated by the State Bond Commission within five years. If not allocated within this timeframe, the authorizations would automatically expire. This measure is intended to create a more efficient and accountable process for managing state bond issues and ensuring timely utilization of authorized funds.

Contention

Notable points of contention surrounding HB 05219 may stem from concerns about the potential negative impact on long-term financial planning for state projects. Critics may argue that imposing a strict five-year expiration could hinder the state’s ability to adequately plan for projects that require longer lead times for funding allocation. Additionally, there could be debates regarding the appropriateness of the State Bond Commission’s timeline and its ability to respond to varied project timelines while still adhering to the new regulations.