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House Bill 50

Actions | Amendments

Last Action	signed by Governor (Acts ch. 42)
Title	AN ACT relating to refunding transactions.
Bill Documents	Bill
Impact Statements	Fiscal Note
Bill Request Number	4
Sponsor	B. Damron
Summary of Original Version	Create a new section of KRS Chapter 56 to define terms and to require that savings generated from reduced debt service payments due to a refunding transaction be deposited in the budget reserve trust fund account.
Index Headings of Original Version	Fiscal Note - Refunding transactions, direct deposit of proceeds Financial Responsibility - Refunding transactions, direct deposit of proceeds Bonds, Public - Refunding transactions, direct deposit of proceeds Budget and Financial Administration - Refunding transactions, direct deposit of proceeds
Proposed Amendments	Senate Committee Substitute 1 Senate Committee Amendment 1
Votes	Vote History

Actions

Top | Amendments

09/27/11	Prefiled by the sponsor(s).
10/05/11	To: Interim Joint Committee on Appropriations and Revenue
01/03/12	introduced in House to Appropriations & Revenue (H)
02/10/12	posted in committee
02/21/12	reported favorably, 1st reading, to Consent Calendar
02/22/12	2nd reading, to Rules posted for passage in the Consent Orders of the Day for Friday, February 24, 2012
02/24/12	3rd reading, passed 94-0
02/27/12	received in Senate
02/29/12	to Appropriations & Revenue (S)
03/01/12	taken from Appropriations & Revenue (S) 1st reading returned to Appropriations & Revenue (S)
03/02/12	taken from Appropriations & Revenue (S) 2nd reading returned to Appropriations & Revenue (S)
03/22/12	reported favorably, to Rules with Committee Substitute, committee amendment (1-title) as a Consent Bill posted for passage in the Consent Orders of the Day for Thursday, March 22, 2012 3rd reading, passed 25-11 with Committee Substitute, committee amendment (1-title)
03/23/12	received in House to Rules (H)
03/26/12	posted for passage for concurrence in Senate Committee Substitute, committee amendment (1-title)
03/27/12	House refused to concur in Senate Committee Substitute, committee amendment (1-title) Conference Committee appointed in House received in Senate
03/28/12	posted for passage for receding from Senate Committee Substitute, committee amendment (1-title) Senate refused to recede from Committee Substitute, committee amendment (1-title) Conference Committee appointed in Senate Free Conference Committee appointed in Senate
03/30/12	posted for passage for receding from Senate Committee Substitute, committee amendment (1-title) motion to refuse to recede reconsidered committee amendment (1-title) withdrawn Senate receded from Committee Substitute passed 36-0 received in House enrolled, signed by each presiding officer delivered to Governor
04/11/12	signed by Governor (Acts ch. 42)

Proposed Amendments

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Amendment	Senate Committee Substitute 1
Impact Statements	Fiscal Note
Summary	Amend original provisions to require that debt service not needed during a fiscal biennium due to refunding transactions, or other reasons, be deposited in the budget reserve trust fund established by KRS 48.705; prohibit general fund or road fund-supported bonds from being restructured or refinanced unless there is a positive net present value savings; prohibit the issuance of bonds if the true interest cost at the time of issuance exceeds the template interest rate; amend KRS 48.010 to conform; amend KRS 48.630 to limit the ability of the Governor to reallocate appropriations among appropriation units, and to establish conditions under which unbudgeted restricted or federal funds may be expended and allotted during an interim; create a new section of KRS Chapter 48 to require the governor to include an appropriation to the budget reserve trust fund unless the budget reserve trust fund is already at the required statutory level; create a new section of KRS Chapter 48 to require that any general fund amounts impacted by a line item veto of the Governor be deposited in the budget reserve trust fund established by KRS 48.705; prohibit amounts appropriated for a specific purpose from being used for any other purpose; amend KRS 48.720, 56.872 and 154.12-100 to conform; repeal KRS 56.560 and 58.440.
Index Headings	Fiscal Note - Refunding transactions, direct deposit of proceeds Financial Responsibility - Refunding transactions, direct deposit of proceeds Bonds, Public - Refunding transactions, direct deposit of proceeds Budget and Financial Administration - Refunding transactions, direct deposit of proceeds

Amendment	Senate Committee Amendment 1
Sponsor	B. Leeper
Summary	Make title amendment.
Index Headings	Fiscal Note - Refunding transactions, direct deposit of proceeds Financial Responsibility - Refunding transactions, direct deposit of proceeds Bonds, Public - Refunding transactions, direct deposit of proceeds Budget and Financial Administration - Refunding transactions, direct deposit of proceeds

Last updated: 8/27/2019 8:05 PM (EDT)