General Assembly Proposed Bill No. 5104
February Session, 2014 LCO No. 844
Referred to Committee on APPROPRIATIONS
Introduced by:
REP. BUCK-TAYLOR, 67th Dist.
General Assembly
Proposed Bill No. 5104
February Session, 2014
LCO No. 844
Referred to Committee on APPROPRIATIONS
Introduced by:
REP. BUCK-TAYLOR, 67th Dist.
AN ACT CONCERNING THE USE OF EXCESS REVENUE.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
That the general statutes be amended to provide that, immediately after the State Comptroller closes the books on each fiscal year, all excess revenue for such fiscal year be automatically transferred as necessary to reduce state debt and other long-term obligations, including bonded debt and under funded state-administered pensions in the following manner: Fifty per cent of excess revenue directed to bonded debt and fifty per cent of excess revenue directed to under funded state-administered pensions.
Statement of Purpose:
To require excess revenues to be used to pay down the state debt and to fund state-administered pensions.