HOUSE BILL REPORT

HB 2264

BYRepresentative H. Sommers 

Correcting double amendments regarding general obligation bonds.

House Committe on Capital Facilities & Financing

Majority Report:  Do pass.  (12)

      Signed by Representatives H. Sommers, Chair; Rasmussen, Vice Chair; Schoon, Ranking Republican Member; Beck, Betrozoff, Braddock, Fraser, Heavey, Peery, Rector, Wang and Winsley.

House Staff:Bill Robinson

AS PASSED HOUSE FEBRUARY 5, 1990

BACKGROUND:

In 1989, the legislature passed two separate bills amending the same sections of statute, but with different amounts.  House Bill 1032 authorized the state finance committee to issue bonds at a discount rate in order to allow bonds to be sold to the public at face value rather than at a premium after the underwriters add their cost of marketing the bonds.  This authority required an amendment to existing bond statutes changing the size of bond issues.  House Bill 1484 authorized the state finance committee to consolidate several prior authorized bond issues into one large issuance to gain efficiency.  This adjustment also amended the size of prior bond issues but by different amounts than House Bill 1032.  House Bill 1484, which passed later in the session, also incorporated the discount rate provision.

SUMMARY:

The following bond statutes are reenacted to correct double amendments and reflect the amounts in House Bill 1484:

a) Referendum 26 waste disposal facilities, 1972

b) Referendum 38 water supply facilities, 1979

c) Referendum 39 waste disposal and management facilities, 1980

d) Salmon enhancement facilities, 1977.

Fiscal Note:      Not Requested.

House Committee ‑ Testified For:    Tim Kerr, State Treasurer's Office.

House Committee - Testified Against:      No one.

House Committee - Testimony For:    The double amendment correction is a technical correction requested by the Code Revisor's office.

House Committee - Testimony Against:      None.