An Act To Clarify When Bonds May Be Issued

CONCEPT DRAFT SUMMARY

This bill is a concept draft pursuant to Joint Rule 208.

This bill proposes to amend the laws governing the issuance of General Fund bonds that have been ratified at referendum by the citizens of the State. Under this bill, once the issuance of bonds is ratified at referendum, the issuance of the bonds must be approved by the Governor unless the Governor determines, based on information available to the Governor, that:

1. The debt service on the bonds would be greater than the amount budgeted; or

2. The project or projects for which the bonds were authorized are not going forward and the funding to be provided by the bonds is not required.