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2002 Session

Budget Amendments - SB30 (Conference Report)

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Treasury Dept Loans (language only)

Item 4-3.02 #1c

Item 4-3.02 #1c

Debt
Treasury Loans

Language
Page 433, strike lines 6 through 11 and insert:
"1.a) When the payment of authorized obligations for operating expenses are required prior to the collection of nongeneral fund revenues, any state agency may borrow from the state treasury the required sums with the prior written approval of the Secretary of Finance or his designee as to the amount, terms and sources of such funds; such loans shall not exceed the amount of the anticipated collections of such revenues and shall be repaid only from such revenues when collected.
b) When the payment of authorized obligations for capital expenses are required prior to the collection of proceeds from authorized debt, any state agency or body corporate and politic, constituting a public corporation and government instrumentality, may borrow from the state treasury the required sums with the prior written approval of the Secretary of Finance or his designee as to the amount, terms and sources of such funds; such loans shall not exceed the amount of the anticipated proceeds from debt authorized by the General Assembly and shall be repaid only from such proceeds when collected."


Explanation
(This amendment clarifies that the only time a body corporate and politic constituting a public corporation or instrumentality may receive a treasury loan is when such loan is provided in anticipation of proceeds from approved bond issuances.)