FINAL BILL REPORT

HB 2373

                                  C 220 L 90

BYRepresentatives Holland, H. Sommers, Schoon, Wang, Rasmussen, Ferguson, Silver, Todd, Winsley, Van Luven, Rector and Horn

Revising bond information requirements.

House Committe on Capital Facilities & Financing

Senate Committee on Ways & Means

SYNOPSIS AS ENACTED

BACKGROUND:

In 1985, state law designated the Department of Community Development as the central depository for information on bonds issued by local governments.  Local governments, as well as the state, are required to notify the department of the value, interest rate, purpose, and type of bonds issued.  The department summarizes this information into quarterly reports.  The types of bonds that must be reported include general obligation, revenue, local improvement district, and special assessment.

SUMMARY:

Both councilmanic and voter-approved general obligation bonds must be reported to the Department of Community Development.  Local governments that issue bonds must submit an annual report summarizing the type and value of all outstanding debt.  The report will also compare outstanding debt to the statutory debt limit.  The report is based on bonds outstanding on January 1 of each year.

VOTES ON FINAL PASSAGE:

      House 93   0

      Senate    45     0 (Senate amended)

      House 95   0 (House concurred)

EFFECTIVE:June 7, 1990