HOUSE BILL REPORT

HB 2373

As Amended by the Senate

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

Majority Report:  Do pass as amended.  (13)

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

House Staff:Bill Robinson (786-7140)

AS PASSED HOUSE FEBRUARY 9, 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 summarizes this information into quarterly reports.

SUMMARY:

The requirement for the type of bond to be reported is expanded to include councilmanic 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.  The report is due to the Department of Community Development on January first of each year.

EFFECT OF SENATE AMENDMENTS:  A requirement is added that local governments submit a report comparing the amount of outstanding debt to their debt limit.

Fiscal Note:      Requested January 30, 1990.

House Committee ‑ Testified For:    No one.

House Committee - Testified Against:      No one.

House Committee - Testimony For:    None.

House Committee - Testimony Against:      None.

VOTE ON FINAL PASSAGE:

      Yeas 93; Excused 5

Excused:    Representatives Ballard, Basich, Chandler, Gallagher, Sommers D