HJ601: Constitutional amendment; state debt and debt limits (first reference).

Chief Patron

Del. Chris Saxman (R-20)

Chris Saxman (R-20)
Staunton, VA
Served: 2002–

Progress

	Introduced
	Passed Committee
	Passed House
	Passed Senate

Status

Bill is Dead

View Entire History

Summary

Constitutional amendment (first resolution); state debt.  Reduces the maximum amount of permissible general obligation debt (Section 9 (b) debt) that may be authorized by the General Assembly and submitted to the voters for approval. The formula to set the maximum is revised to equal 25 percent of an amount calculated by multiplying the average annual amount of state tax revenues from income and retail sales taxes for the most recent three fiscal years by a factor of 1.075 rather than the present factor of 1.15.