Loading chat...
GA SR1029
Resolution
Status
Introduced
2/21/2014
Primary Sponsor
Mike Crane
Click for details
AI Summary
- Amends Article VII, Section IV, Paragraph II of the Georgia Constitution to reduce the maximum aggregate annual debt service cap from 10 percent to 8 percent of total state revenue receipts (less refunds) from the prior fiscal year
- Prohibits incurring new general obligation debt and guaranteed revenue debt when the highest aggregate annual debt service requirements for the current or any subsequent year would exceed the 8 percent threshold
- Applies to debt service on outstanding general obligation debt, guaranteed revenue debt, and state contract payments carried over from the Constitution of 1976
- Requires submission of the proposed constitutional amendment to voters for ratification or rejection on the ballot
- Sponsored by Senators Crane (28th), Shafer (48th), McKoon (29th), Gooch (51st), Albers (56th), and others
Legislative Description
Aggregate Annual Debt Service; prohibit from exceeding 8 percent of the total revenue receipts of the state for prior fiscal year -CA
Last Action
Senate Read and Referred
2/24/2014
Full Bill Text
No bill text available