Connecticut House Bill HB05750

Connecticut 2015 Regular Session

• Introduced: 1/21/15
• Refer: 1/21/15

Caption

An Act Requiring Reports On Bond Premium Amounts And Additional Paid Interest.

Impact

The implications of HB 05750 are significant as it aims to put the state on a path towards improved financial management and reporting standards. By mandating these disclosures, the bill seeks to increase financial literacy and awareness among stakeholders, including legislators, after ensuring that vital financial data are readily available for public assessment. Ultimately, this legislation may lead to more informed decision-making processes regarding state bonding activities, which can contribute to fiscal responsibility and transparency in government operations.

Summary

House Bill 05750 aims to enhance the transparency and accountability of bond-related financial practices by requiring the State Treasurer to report on bond premiums and any additional interest amounts associated with such premiums. This legislative requirement comes into effect following the issuance of general obligation or special tax obligation bonds, thereby mandating the disclosure of financial specifics within a thirty-day window post-issuance. The intent is to create a clear record of the fiscal impacts of bond transactions for public scrutiny and oversight.

Contention

While the bill seeks to bolster reporting around bond premiums, potential contention may arise regarding the logistics of implementing these reporting requirements effectively and in a timely manner. Legislators may debate whether the timeframe stipulated (thirty days) is sufficient for comprehensive financial reporting. Additionally, discussions around the administrative burden on the State Treasurer's office to meet these new protocols could emerge, influencing opinions on the legislation's practicality and fiscal implications.