Enacts new Article 1A, Net Tax-Supported Debt, to GS Chapter 142. States in new GS 142-15.15 the General Assembly's intent not to authorize debt if the amount of debt service for the debt when added to the annual amount of debt service for net tax-supported debt authorized by the state exceeds 4% of the total amount of revenue to the General Fund for the previous year. Enacts new GS 142-15.16 to require the Department of Treasurer to report to the General Assembly, on a semiannual basis, the amount of debt service for net tax-supported debt, the amount set forth in GS 142-15.15, and whether the General Assembly is in compliance with the stated goal. Enacts new GS 142-15.17 providing that if a change in amount of revenue to the General Fund results in the amount of debt service for net tax-supported debt exceeding the amount set forth in GS 142-15.15, it does not impair the obligation of authorized debt service.
LIMIT STATE DEBT AS FUNCTION OF REVENUE.
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View NCGA Bill Details | 2013-2014 Session |
A BILL TO BE ENTITLED AN ACT TO CLARIFY THE INTENT OF THE GENERAL ASSEMBLY REGARDING THE AMOUNT OF DEBT THE STATE MAY ISSUE TO A PERCENTAGE OF GENERAL FUND REVENUE.Intro. by Clark.
Status: Ref to Finance. If fav, re-ref to Appropriations/Base Budget (Senate Action) (Mar 28 2013)
Bill History:
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Wed, 27 Mar 2013 Senate: Filed
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Thu, 28 Mar 2013 Senate: Passed 1st Reading
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Thu, 28 Mar 2013 Senate: Ref to Finance. If fav, re-ref to Appropriations/Base Budget
S 479
Bill Summaries:
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Bill S 479 (2013-2014)Summary date: Mar 27 2013 - View Summary
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