12RS HB50
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HB50

12RS

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HB 50/FN (BR 4) - R. Damron

     AN ACT relating to refunding transactions.
     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.

HB 50 - AMENDMENTS


     SCS/FN - 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.
     SCA (1/Title, B. Leeper) - Make title amendment.

     (Prefiled by the sponsor(s).)

     Oct 5-To: Interim Joint Committee on Appropriations and Revenue
     Jan 3-introduced in House; to Appropriations & Revenue (H)
     Feb 10-posted in committee
     Feb 21-reported favorably, 1st reading, to Consent Calendar
     Feb 22-2nd reading, to Rules; posted for passage in the Consent Orders of the Day for Friday, February 24, 2012
     Feb 24-3rd reading, passed 94-0
     Feb 27-received in Senate
     Feb 29-to Appropriations & Revenue (S)
     Mar 1-taken from Appropriations & Revenue (S); 1st reading; returned to Appropriations & Revenue (S)
     Mar 2-taken from Appropriations & Revenue (S); 2nd reading; returned to Appropriations & Revenue (S)
     Mar 22-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)
     Mar 23-received in House; to Rules (H)
     Mar 26-posted for passage for concurrence in Senate Committee Substitute, committee amendment (1-title)
     Mar 27-House refused to concur in Senate Committee Substitute, committee amendment (1-title) ; Conference Committee appointed in House; received in Senate
     Mar 28-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
     Mar 30-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
     Apr 11-signed by Governor (Acts ch. 42)

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