LEG00161

• Bill Number: HCR03-1009
• Year: 2003
• Title: Allow State Debt for Infrastructure
• Legislation - Doc Type: Other CWCB Related Bills - Killed

I THAT RESTRICTS THE ABILITY OF THE STATE TO CONTRACT DEBT OR
2 REQUIRES VOTER APPROVAL FOR ANY NEW TAX OR TAX INCREASE OR FOR
3 THE ISSUANCE OF BONDED INDEBTEDNESS OR ANY OTHERMULTIPLE-FISCAL
4 YEAR FISCAL OBLIGATION, BUT SUBJECT TO SUBSECTION (2) OF THIS
5 SECTION, THE STATE MAY, WITHOUT SUBMITTING A BALLOT QUESTION TO
6 THE VOTERS OF THE STATE:
7 (a) CONTRACT DEBT, IN THE FORM OF BONDED INDEBTEDNESS
8 ISSUED IN SUCH MANNER AS MAY BE AUTHORIZED BY LAW, INCLUDING BUT
9 NOT LIMITED TO GENERAL OBLIGATION BONDS AND REVENUE BONDS,
10 CERTIFICATES OF PARTICIPATION, OR SUCH OTHER FORMS AS MAY BE
II PERMITTED BY LAW, FOR THE PURPOSE OF FINANCING STATE
12 INFRASTRUCTURE PROJECTS; AND
13 (b) IMPOSE TAXES TO THE EXTENT NECESSARY TO REPAY ANY DEBT
14 CONTRACTED.
15 (2) THE STATE SHALL CONTRACT DEBT AND IMPOSE TAXES TO THE
16 EXTENT NECESSARY TO REPAY ANY DEBT CONTRACTED ONLY THROUGH
17 THE ENACTMENT OF A BILL THAT AUTHORIZES THE CONTRACTING OF THE
18 DEBT, AND THE STATE MAY CONTRACT DEBT ONLY FOR STATE
19 INFRASTRUCTURE PROJECTS, THE MAXIMUM PRINCIPAL AMOUNT OF
20 BONDED INDEBTEDNESS THAT THE STATE MAY CONTRACT IS AN AMOUNT
21 EQUAL TO THREE PERCENT OF THE MOST RECENT DETERMINATION OF THE
22 ACTUAL VALUE OF ALL TAXABLE PROPERTY IN THE STATE. A BILL
23 AUTHORIZING THE STATE TO CONTRACT DEBT SHALL IDENTIFY:
24 (a) THE STATE INFRASTRUCTURE PROJECT OR GROUP OF PROJECTS
25 TO BE FINANCED WITH THE PROCEEDS OF THE DEBT TO BE CONTRACTED;
26 (b) THE MAXIMUM AMOUNT OF DEBT TO BE INCURRED AND THE
27 PERIOD WITHIN WHICH THE DEBT IS TO BE REPAID; AND

.3.

HCR03-1009