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

Introduced By

Del. Chris Saxman (R-Staunton)

Progress

Introduced
Passed Committee
Passed House
Passed Senate

Description

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. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/03/2007Committee
01/03/2007Prefiled and ordered printed; offered 01/10/07 078230496
01/03/2007Referred to Committee on Privileges and Elections
01/11/2007Assigned P & E sub: #1 (Marshall, R.G.)
02/06/2007Left in Privileges and Elections