HB 5423 Summary

• Requires state department or agency heads to develop a detailed oversight plan for capital projects estimated to cost $50 million or more that receive bond funding, including capital outlays, operating expenses, and projected revenues.

• Mandates that agencies contract with a private nongovernmental entity to conduct an independent analysis of the project and examine comparable alternative investments.

• Requires submission of the plan and analysis to the Finance, Revenue and Bonding Committee and the relevant project committee, each of which must hold a public hearing and vote within 3-30 days of receipt.

• Allows the General Assembly to approve or reject the project as a whole by majority vote in each house within 30 days of favorable committee votes (or within 10 days of the next legislative session if not in session).

• Effective July 1, 2012, and supplements existing statutory requirements for capital project planning, authorization, and State Bond Commission review.