General Assembly Proposed Bill No. 6619
January Session, 2015 LCO No. 2745
*02745*
Referred to Committee on FINANCE, REVENUE AND BONDING
Introduced by:
REP. KLARIDES, 114th Dist. REP. CANDELORA, 86th Dist. REP. HOYDICK, 120th Dist. REP. MINER, 66th Dist. REP. O'NEILL, 69th Dist.
General Assembly
Proposed Bill No. 6619
January Session, 2015
LCO No. 2745
*02745*
Referred to Committee on FINANCE, REVENUE AND BONDING
Introduced by:
REP. KLARIDES, 114th Dist.
REP. CANDELORA, 86th Dist.
REP. HOYDICK, 120th Dist.
REP. MINER, 66th Dist.
REP. O'NEILL, 69th Dist.
AN ACT CONCERNING THE CAP ON THE AGGREGATE AMOUNT OF BOND AUTHORIZATIONS AND DEBT SERVICE.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
That the general statutes be amended to: (1) Require the State Treasurer to (A) determine net General Fund tax revenue for the fiscal year ending June 30, 2014, and total general obligation bond debt service, defined as general obligation bond debt service plus any bond premiums for the fiscal year ending June 30, 2014, and (B) divide the calculated amount of total general obligation bond debt service by net General Fund tax revenue to determine the state's maximum debt service percentage; (2) for the fiscal year ending June 30, 2016, and each fiscal year thereafter, provide that the state's maximum debt service percentage shall not exceed the same percentage determined by the State Treasurer for the fiscal year ending June 30, 2014; and (3) repeal the current debt limit of the state.
Statement of Purpose:
To replace our current bond cap with a formula that better reflects the amount owed by state taxpayers.