Constitutional amendment; limitation on debt (first reference). (SJ396)

Introduced By

Sen. Dick Saslaw (D-Springfield)

Progress

Introduced
Passed Committee
Passed House
Passed Senate

Description

Constitutional amendment (first resolution); limitation on debt.  Provides that in any 10-fiscal-year period beginning with fiscal years of the Commonwealth starting on or after July 1, 2012, no more than five percent of projected blended revenues applicable to the 10-year period would be used directly or indirectly for principal, interest, or other payments on debt. In addition, no more than five percent of projected blended revenues for each year of the 10-year period would be included in the official estimates of the debt capacity of the Commonwealth. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/21/2011Presented and ordered printed 11104257D
01/21/2011Referred to Committee on Privileges and Elections
01/26/2011Assigned to P&E sub: Constitutional Amendments, Reapportionment, Referenda
02/01/2011Stricken at request of Patron in Privileges and Elections (14-Y 0-N) (see vote tally)