Connecticut Senate Bill SB00380

Connecticut 2015 Regular Session

• Introduced: 1/22/15
• Refer: 1/22/15

Caption

An Act Concerning The Cancellation Of Certain Bond Authorizations And Allocations.

Impact

The implications of SB00380 are significant for state finances, as it seeks to mitigate the growing state debt by ensuring that bonds designated for funding remain relevant and actionable. By eliminating outdated bonding authorizations and allocations, the bill aims to enhance accountability in state financial practices. Proponents of the bill argue that this measure not only promotes better fiscal responsibility but also ensures that taxpayer money is utilized more effectively, as it compels the state to reassess older bonding initiatives regularly.

Summary

Senate Bill 00380 is aimed at addressing issues around state debt by implementing strict regulations on bond authorizations and allocations. Specifically, the bill proposes that any bonding authorizations that have been in effect for over five fiscal years will be automatically deemed cancelled. In addition, bond allocations that have not incurred any expenditures within a five-year time frame will be null and void. This is intended to streamline state financial management by reducing the backlog of unused bonding authority that continues to add to the state's debt profile.

Contention

Notably, the bill does present potential points of contention. Critics may argue that cancelling bonding authorizations could hinder long-term state projects that rely on these funds. This concern predominantly arises from stakeholders who depend on public financing for infrastructure and development projects. The contention lies in balancing fiscal constraints with the need for public investment, raising questions on whether such stringent measures could impact the state’s ability to fund essential services and initiatives in the future.