2006 Session

Budget Amendments - SB30 (Committee Approved)

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Report on Debt Service Changes (language only)

Item 270 #2s

Item 270 #2s

Treasury, Department of the

Page 225, following line 3, insert:
"Beginning October 1, the Department of the Treasury shall report quarterly to the Governor and the chairmen of the House Appropriations and Senate Finance Committees, in a form agreeable to each or in a unified report mutually agreeable to them, changes in required debt service payments from the general fund as the result of any refinancing, refunding, or issuance actions taken by the Commonwealth.  The report shall also identify 1) any anticipated changes in debt service that will result from planned refinancing, refunding, or issuance changes during the next 24 months, and 2) any opportunities for savings in debt service that might accrue as the result of the potential to refinance, refund, or alter issuances during the next 24 months.  In addition to the quarterly reports, the Department of the Treasury shall provide an update to this report on February 1 of each year."

(This amendment requires a quarterly report on actual and projected changes in the Commonwealth's debt service requirements.)