Provides for the activities and responsibilities of the State Bond Commission. (8/1/16) (RE1 SEE FISC NOTE SG RV See Note)
Impact
If enacted, SB 433 would implement significant changes to how the State Bond Commission operates, primarily by imposing a one-month blackout period during which campaign contributions related to specific applications cannot occur. This regulation intends to foster a more neutral and less politicized environment when evaluating financial requests, ensuring that decisions are based on legality and financial feasibility rather than external pressures.
Summary
Senate Bill 433, introduced by Senator Morrell, focuses on regulating the activities and responsibilities of the State Bond Commission. The bill establishes strict guidelines preventing the chairman of the commission from soliciting or receiving campaign contributions from professionals involved in applications to incur debt or levy taxes during a defined period. This measure seeks to enhance transparency and reduce potential conflicts of interest in financial dealings involving the commission.
Sentiment
The sentiment surrounding SB 433 has generally been positive among those advocating for ethical governance. Supporters believe that the bill is a crucial step towards maintaining public trust in the State Bond Commission by clarifying the rules surrounding campaign financing and preventing undue influence. However, there have been concerns about its practical implementation and whether such restrictions might impact the willingness of professionals to engage with the commission during the application process.
Contention
Discussions among lawmakers reveal some contention regarding the potential effectiveness of SB 433. Critics argue that while the intent is commendable, the regulations might not fully address deeper issues related to transparency and accountability in state finance. Additionally, there are concerns about whether the abrupt changes in procedures could disrupt the normal operations of the commission, potentially delaying important financial decisions and projects critical to state growth.
Provides relative to costs of issuance and the reporting requirements for bonds approved by the State Bond Commission. (7/1/22) (EN NO IMPACT See Note)
Prohibits the State Bond Commission from approving bonds, notes, or other indebtedness issued by or on behalf of the state against whom there is an unpaid judgment issued by a court of competent jurisdiction for amounts owed for services performed under contract. (8/1/12) (OR INCREASE SG EX See Note)
Provides that certain non-debt-forming concession agreements and other obligations are not deemed as debt requiring approval of the State Bond Commission (RE1 +$129,000 GF EX See Note)
Provides for certain funds in the state treasury and the powers, duties, functions, and responsibilities of the Dedicated Fund Review Subcommittee of the Joint Legislative Committee on the Budget. (See Act) (EN SEE FISC NOTE GF RV See Note)