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.

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Outcome

Bill Has Failed

History

DateAction
01/12/2011Prefiled and ordered printed; offered 01/12/11 11101411D
01/12/2011Referred to Committee on Privileges and Elections
01/14/2011Assigned to P&E sub: Constitutional Amendments, Reapportionment, Referenda
02/08/2011Left in Privileges and Elections