SENATE BILL REPORT

SB 6413

BYSenators McDonald, Gaspard, Bluechel, Bender and Conner; by request of Governor

Changing the state's general obligation bonds authority.

Senate Committee on Ways & Means

Senate Hearing Date(s):March 2, 1990

Majority Report:  That Substitute Senate Bill No. 6413 be substituted therefor, and the substitute bill do pass.

      Signed by Senators McDonald, Chairman; Craswell, Vice Chairman; Bailey, Bauer, Bluechel, Cantu, Fleming, Johnson, Lee, Newhouse, Niemi, Saling, Smith, Talmadge.

Senate Staff:Bill Freund (786-7715)

                  March 2, 1990

AS REPORTED BY COMMITTEE ON WAYS & MEANS, MARCH 2, 1990

BACKGROUND:

The state issues general obligation bonds to finance capital construction projects.

SUMMARY:

General obligation bonds in the amount of $167 million are authorized to be issued, and the proceeds deposited into various specified accounts in the state treasury.

EFFECT OF PROPOSED SUBSTITUTE:

Bonds are authorized in the amount of $143 million.

Appropriation:    none

Revenue:    none

Fiscal Note:      none requested

Effective Date:The bill contains an emergency clause and takes effect immediately.

Senate Committee - Testified: No one