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CT HB06619
Bill
Status
1/28/2015
Primary Sponsor
Themis Klarides
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AI Summary
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Requires the State Treasurer to calculate the state's maximum debt service percentage using fiscal year 2014 data by dividing total general obligation bond debt service (including bond premiums) by net General Fund tax revenue.
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Establishes that the maximum debt service percentage determined for fiscal year ending June 30, 2014 shall not be exceeded in fiscal year ending June 30, 2016 and each subsequent fiscal year.
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Repeals the current debt limit of the state and replaces it with the new debt service percentage formula.
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Aims to create a bond cap that better reflects the amount owed by state taxpayers relative to tax revenue.
Legislative Description
An Act Concerning The Cap On The Aggregate Amount Of Bond Authorizations And Debt Service.
Last Action
Referred to Joint Committee on Finance, Revenue and Bonding
1/28/2015