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ID S1130
Bill
AI Summary
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Establishes the bond bank authority fund in the state treasury to be used only as provided in the chapter, with earnings deposited into the general fund.
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Requires the state treasurer to notify the state controller of any deficiency in funds available to pay bond debt service at least 5 days prior to the scheduled payment date.
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Authorizes the state controller to transfer state sales tax receipts from the general fund to the bond bank authority fund in the amount of any certified deficiency, provided such transfers do not impede payment of sales tax pledged for other outstanding state bonds.
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Directs transferred sales tax moneys to be deposited in the reserve fund as replacement for amounts withdrawn to pay debt service, or to pay debt service on bonds when other available moneys are insufficient.
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Pledges that the state will not alter, impair, or limit rights vested by the sales tax pledge until all bonds with applicable interest are fully paid and discharged.
Legislative Description
Amends existing laws to create the Bond Bank Authority in the State Treasury, to provide for deposit of interest in the fund, to revise procedures relating to the ulitization of the sales tax pledge and to change the authorization to release funds to the State Controller.
BOND BANK AUTHORITY
Last Action
Governor signed Session Law Chapter 214 Effective: 07/01/11
4/6/2011