Indiana Senate Bill 608 (Prior Session Legislation)

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Spectrum: Moderate Partisan Bill (Republican 6-1)
Status: Engrossed on February 6 2019 - 50% progression, died in committee
Action: 2019-03-07 - First reading: referred to Committee on Government and Regulatory Reform
Pending: House Government and Regulatory Reform Committee
Text: Latest bill text (Amended) [PDF]

State and local audit examinations. Provides that the uniform compliance guidelines for audit examinations of state and local units conducted by the state board of accounts must include a requirement that the unit disclose any pledge, covenant, or agreement that the unit has made as security or guarantor for a private bond issue of a private company. Requires any entity that: (1) is subject to examination or audit by the state board of accounts; and (2) has made a pledge, covenant, or agreement as security or guarantor for a private bond issue of a private company; to disclose such fact in the notes of the entity's financial statements. Provides that, before a political subdivision that is subject to audit by the state board of accounts may issue or guarantee any debt obligation, the fiscal officer of the political subdivision must first prepare a debt capacity analysis report (report) and present the report to the fiscal body of the political subdivision in a public hearing. Requires the state board of accounts, with the assistance of the department of local government finance, to prescribe a standard form report that must be used by a fiscal officer in the presentation. Requires the report to include a determination of the percentage of the political subdivision's total debt obligations (including guarantees) compared to the political subdivision's prospective revenue available for debt service.

State and local audit examinations. Provides that the uniform compliance guidelines for audit examinations of state and local units conducted by the state board of accounts must include a requirement that the unit disclose any pledge, covenant, or agreement that the unit has made as security or guarantor for a private bond issue of a private company. Requires any entity that: (1) is subject to examination or audit by the state board of accounts; and (2) has made a pledge, covenant, or agreement as security or guarantor for a private bond issue of a private company; to disclose such fact in the notes of the entity's financial statements. Provides that, before a political subdivision that is subject to audit by the state board of accounts may issue or guarantee any debt obligation, the fiscal officer of the political subdivision must first prepare a debt capacity analysis report (report) and present the report to the fiscal body of the political subdivision in a public hearing. Requires the state board of accounts, with the assistance of the department of local government finance, to prescribe a standard form report that must be used by a fiscal officer in the presentation. Requires the report to include a determination of the percentage of the political subdivision's total debt obligations (including guarantees) compared to the political subdivision's prospective revenue available for debt service.

Sen. James Buck [R]	Sen. Victoria Spartz [R]	Sen. Karen Tallian [D]	Sen. Travis Holdman [R]
Sen. Eric Koch [R]	Rep. Timothy Brown [R]	Rep. Todd Huston [R]

2019-02-04 - Senate - Third reading (Y: 49 N: 0 NV: 0 Abs: 1) [PASS]
2019-01-29 - Senate - Senate - Committee Vote (Y: 11 N: 0 NV: 0 Abs: 0) [PASS]

Date	Chamber	Action
2019-03-07	House	First reading: referred to Committee on Government and Regulatory Reform
2019-02-06	Senate	Referred to the House
2019-02-04	Senate	Senator Koch added as coauthor
2019-02-04	Senate	Senator Holdman added as coauthor
2019-02-04	Senate	Senator Tallian added as third author
2019-02-04	Senate	Cosponsor: Representative Huston
2019-02-04	Senate	House sponsor: Representative Brown T
2019-02-04	Senate	Third reading: passed; Roll Call 71: yeas 49, nays 0
2019-01-31	Senate	Senator Spartz added as second author
2019-01-31	Senate	Second reading: ordered engrossed
2019-01-29	Senate	Committee report: do pass, adopted
2019-01-15	Senate	First reading: referred to Committee on Tax and Fiscal Policy
2019-01-15	Senate	Authored by Senator Buck

Type	Source
Summary	https://iga.in.gov/legislative/2019/bills/senate/608/details
Text	http://iga.in.gov/static-documents/9/4/a/e/94aecb18/SB0608.01.INTR.pdf
Text	http://iga.in.gov/static-documents/3/9/a/7/39a7dee2/SB0608.02.COMS.pdf
Roll Call	http://iga.in.gov/static-documents/6/d/e/3/6de3ea2e/SB0608.01.INTR.00.pdf
Roll Call	http://iga.in.gov/static-documents/d/8/4/e/d84e0441/SB0608.71.pdf