SENATE BILL REPORT

HB 2373

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

Senate Hearing Date(s):February 22, 1990; February 23, 1990

Majority Report:  Do pass as amended.

      Signed by Senators McDonald, Chairman; Craswell, Vice Chairman; Amondson, Bailey, Bauer, Bluechel, Cantu, Fleming, Gaspard, Johnson, Lee, Matson, Moore, Newhouse, Niemi, Owen, Talmadge, Warnke, Williams, Wojahn.

Senate Staff:Steve Jones (786-7715)

                  February 27, 1990

AS REPORTED BY COMMITTEE ON WAYS & MEANS, FEBRUARY 23, 1990

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 is required to publish an annual report summarizing this information.

SUMMARY:

The requirement for the type of bond to be reported is expanded to include council-approved and voter-approved general obligation bonds.  Local governments that issue bonds must submit an annual report summarizing the type and value of all outstanding debt.

Appropriation:    none

Revenue:    none

Fiscal Note:      available

SUMMARY OF PROPOSED SENATE AMENDMENT:

Local governments are required to report outstanding indebtedness as compared to statutory debt limits.

Senate Committee - Testified: No one