Connecticut House Bill HB05876

Connecticut 2013 Regular Session

• Introduced: 1/24/13
• Refer: 1/24/13

Caption

An Act Establishing A Process To Cancel Certain Outstanding Bond Allocations.

Impact

The implementation of HB 5876 is significant as it would help reduce the overall debt obligation of the state by eliminating unutilized bond allocations. By mandating the review of long-standing projects, the bill aims to ensure that only projects deemed essential are kept active, thereby optimizing the allocation of financial resources in the state's budget. This could lead to a more prudent use of taxpayer money and potentially lower future debt levels.

Summary

House Bill 5876 aims to establish a systematic process for reviewing and potentially canceling outstanding bond allocations within the state. The bill proposes that the State Bond Commission should conduct a review of all projects that have not commenced within the last five years. This initiative is intended to ensure that the state only maintains bond allocations that align with its best financial interests, thereby streamlining financial resources towards essential projects.

Contention

While proponents argue that the bill will provide necessary oversight and financial efficiency, potential contention may arise regarding which projects are deemed essential. Stakeholders may have differing opinions on what constitutes an essential project, leading to disparities in priorities. Additionally, the bill's impact on future capital improvements and local project funding could be areas of concern, especially among communities reliant on state allocations for development.