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MS HB1316
Bill
Status
Failed
2/1/2022
Primary Sponsor
Chris Brown
Click for details
AI Summary
- Creates a "Surplus Revenue Debt Reduction Fund" in the State Treasury to pay maturing bonds, interest on full faith and credit bonds, and bank service charges for bond payments
- Requires that when actual general fund revenue exceeds the official sine die revenue estimate, the surplus amount (reduced by the previous year's inflation rate) must be transferred to pay down state debt
- The Joint Legislative Budget Committee must certify the surplus amount at the end of each fiscal year, and the State Fiscal Officer must transfer that amount to the debt reduction fund
- Monies remaining in the Surplus Revenue Debt Reduction Fund do not lapse into the General Fund at fiscal year end, and interest earned stays in the fund
- Effective date: July 1, 2022
Legislative Description
State revenue; when actual revenue exceeds the estimate, the surplus amount will be used to reduce the state debt.
Last Action
Died In Committee
2/1/2022
Committee Referrals
Appropriations1/17/2022
Full Bill Text
No bill text available