Constitutional amendment; limitation on debt (first reference). (SJ361)
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 ten fiscal year period beginning with fiscal years of the Commonwealth starting on or after July 1, 2012, no more than the amount computed by first multiplying each year's realized and projected blended revenues by five percent and then taking an average of the resulting products would be used directly or indirectly for principal, interest, or other payments on debt. The bill defines debt as any debt issued or entered into for transportation projects and purposes, public buildings, or capital leases and other long-term obligations primarily secured by blended revenues.
Outcome
Bill Has Failed
History
| Date | Action |
|---|---|
| 01/12/2011 | Prefiled and ordered printed; offered 01/12/11 11101411D |
| 01/12/2011 | Referred to Committee on Privileges and Elections |
| 01/14/2011 | Assigned to P&E sub: Constitutional Amendments, Reapportionment, Referenda |
| 02/08/2011 | Left in Privileges and Elections |