Proposes constitutional amendment to require voter approval whenever State independent authorities issue bonds backed by annual appropriations.
Impact
If passed, ACR89 would profoundly affect the way state independent authorities engage in financing. Specifically, it aims to enhance accountability and transparency in the borrowing process by requiring that any bonds issued, which rely on state funds for repayment, be directly approved by the voters. This shift could lead to greater scrutiny of state financial decisions and potentially limit the extent to which independent authorities can operate without public oversight.
Summary
ACR89 is a proposed constitutional amendment that mandates voter approval whenever State independent authorities issue bonds that are backed by annual appropriations. The resolution highlights an existing loophole where debt incurred by independent authorities could bypass the need for voter approval if the borrowing was authorized by laws enacted before December 4, 2008. ACR89 aims to eliminate this exemption, thereby ensuring that any future related borrowing must receive consent from the electorate.
Contention
One notable point of contention surrounding this bill is the potential impact on the operational efficiency of state independent authorities. Proponents argue that requiring voter approval adds a necessary layer of democratic oversight that can safeguard against financial overreach. Opponents, however, may contend that such requirements could hinder the ability of independent authorities to respond swiftly to funding needs, which might disrupt essential services or projects. This debate emphasizes the balance between fiscal responsibility and the need for governmental agility in managing public finances.
Proposes constitutional amendment to require voter approval of dedicated revenue source for certain bonded indebtedness for State transportation system.
Proposes constitutional amendment to require voter approval of dedicated revenue source for certain bonded indebtedness for State transportation system.
Proposes constitutional amendment to require payments by State to State-administered retirement systems and establish in Constitution right of public employees to pension benefit; provides for enforcement of funding obligations and benefit rights.
Proposes constitutional amendment to require payments by State to State-administered retirement systems and establish in Constitution right of public employees to pension benefit; provides for enforcement of funding obligations and benefit rights.
Requires ballot question on approval of State bond issue to disclose total amount of debt of State or other entity, debt service on which is funded through annual State appropriation.
Requires ballot question on approval of State bond issue to disclose total amount of debt of State or other entity, debt service on which is funded through annual State appropriation.
Proposes constitutional amendment restricting use of funds realized from transfer of State government and independent State authority capital assets only for capital projects and not for State government operating expenses.
Proposes constitutional amendment restricting use of funds realized from transfer of State government and independent State authority capital assets only for capital projects and not for State government operating expenses.