Bill Text: CT HB06391 | 2017 | General Assembly | Introduced

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Bill Title: An Act Concerning General Obligation Bond Allocation Limits And Reductions.

Sponsorship: Partisan Bill (Republican 1)

Status: (Introduced - Dead) 2017-02-17 - Public Hearing 02/24 [HB06391 Detail]

Download: Connecticut-2017-HB06391-Introduced.html

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General Assembly		Proposed Bill No. 6391
January Session, 2017		LCO No. 2047
		*02047*
Referred to Committee on FINANCE, REVENUE AND BONDING
Introduced by:
REP. CANDELORA, 86th Dist.

AN ACT CONCERNING GENERAL OBLIGATION BOND ALLOCATION LIMITS AND REDUCTIONS.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

That the general statutes be amended to require that (1) the amount of general obligation bonds allocated in a fiscal year by the State Bond Commission shall not exceed the amount of general obligation bonds authorized in such fiscal year by the General Assembly, and (2) the amount of general obligation bonds to be allocated in a fiscal year by the State Bond Commission shall be reduced by ten per cent if the aggregate amount of all general obligation bonds allocated but not issued exceeds the amount of general obligation bonds authorized in such fiscal year by the General Assembly.

Statement of Purpose:

To reduce state debt by establishing statutory mechanisms by which general obligation bonds are further limited or automatically reduced.