HI SCR121

Department of Budget and Finance is requested to establish a state debt management policy addressing purposes, types, limitations, maturity schedules, methods of sale, consultant procurement, refunding policies, and disclosure practices for state debt issuance.

State debt management policy must be submitted to the Legislature no later than twenty days prior to the 2017 Regular Session.

Department of Budget and Finance must submit debt affordability studies to the Legislature no later than twenty days before each odd-numbered year's regular session, covering a twenty-five-fiscal-year period.

Debt affordability studies must include projected annual debt service appropriations, debt service payment schedules, ratios of debt service to revenues and appropriations, examination of revenue adequacy, and assessment of whether debt obligations are affordable to the State.

Studies must identify any non-compliance or potential non-compliance of the State's actual or planned debt issuance with the established state debt management policy.