IN SB0608 | 2019 | Regular Session

Status

Spectrum: Moderate Partisan Bill (Republican 6-1)
Status: Engrossed on February 6 2019 - 50% progression
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]

Summary

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.

Tracking Information

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Title

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.

Sponsors


Roll Calls

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]

History

DateChamberAction
2019-03-07HouseFirst reading: referred to Committee on Government and Regulatory Reform
2019-02-06SenateReferred to the House
2019-02-04SenateSenator Koch added as coauthor
2019-02-04SenateSenator Holdman added as coauthor
2019-02-04SenateSenator Tallian added as third author
2019-02-04SenateCosponsor: Representative Huston
2019-02-04SenateHouse sponsor: Representative Brown T
2019-02-04SenateThird reading: passed; Roll Call 71: yeas 49, nays 0
2019-01-31SenateSenator Spartz added as second author
2019-01-31SenateSecond reading: ordered engrossed
2019-01-29SenateCommittee report: do pass, adopted
2019-01-15SenateFirst reading: referred to Committee on Tax and Fiscal Policy
2019-01-15SenateAuthored by Senator Buck

Indiana State Sources


Bill Comments

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