SB 244 IN

0likes☆Favorite🔕SubscribeShare

Passed One Chamber

Provides that after June 30, 2021, a political subdivision may not issue or guarantee a debt obligation until the fiscal officer of the political subdivision has: (1) prepared a debt capacity analysis report (report) on a standard form prescribed by the SBOA with the assistance of the department of local government finance; and (2) presented the report to the fiscal body of the political subdivision in a public hearing. Provides that after June 30, 2021, political subdivisions must provide information concerning pledges, covenants, and agreements that they have made to secure or guarantee a financial obligation of another person to the department of local government finance in the form and on the schedule specified by the department made. Requires the state board of accounts to establish standards for the state and political subdivisions that require disclosure of pledges, covenants, and agreements that have been made to secure or guarantee a financial obligation of another person, including guarantees for private bond issues of private companies. Specifies that the standards must be consistent with generally accepted governmental accounting principles. In reporting periods beginning after June 30, 2021, requires the state and political subdivisions to include the disclosures in the notes of the entity's annual financial statements.

• James Buck Republican · author
• Philip Boots · author
• Greg Walker Republican · author
• Timothy Brown · sponsor

1. Jan 11, 2021 Authored by Senator Buck · upper
2. Jan 11, 2021 First reading: referred to Committee on Tax and Fiscal Policy · upper
3. Feb 9, 2021 Committee report: do pass, adopted · upper
4. Feb 9, 2021 Senator Boots added as second author · upper
5. Feb 11, 2021 Senator Walker G added as third author · upper
6. Feb 18, 2021 Amendment #1 (Buck) prevailed; voice vote · upper
7. Feb 18, 2021 Second reading: amended, ordered engrossed · upper
8. Feb 22, 2021 Senator Randolph added as coauthor · upper
9. Feb 22, 2021 Third reading: passed; Roll Call 153: yeas 49, nays 0 · upper
10. Feb 22, 2021 House sponsor: Representative Brown T · upper
11. Feb 22, 2021 Cosponsor: Representative Lehman · upper
12. Feb 23, 2021 Referred to the House · upper
13. Mar 4, 2021 First reading: referred to Committee on Ways and Means · lower

The published texts of this bill as it moves through the legislature. Each links to the official document on the state legislature site. Data from OpenStates.

• Engrossed Senate Bill (S) · Feb 18, 2021 · PDF
• Introduced Senate Bill (S) · Jan 8, 2021 · PDF
• Senate Bill (S) · Feb 9, 2021 · PDF