HB 434 Capital Expenditure Special Fund; created.
Vincent F. Callahan, Jr. | all patrons    ...    notes
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Summary as introduced:
Capital Expenditure Special Fund. Requires that a portion of the growth in state income tax revenue from sources other than employer withholdings be deposited in a special fund and appropriated for nonrecurring expenditures, which include financing capital projects and reducing bonded indebtedness incurred for capital projects. The portion of nonwithholding revenues to be deposited in the Fund is the percentage by which the rate of the estimated growth in nonwithholding revenue exceeds the rate of the growth in general fund revenue. When year-end revenue figures are available, the rates of growth in both withholding and general fund revenues will be recalculated. If general fund revenue collections meet the revenue estimate and the revised percentage of nonwithholding revenues is greater than the amount previously calculated, the excess will be segregated for future deposit to the Fund. If general fund revenue collections meet the revenue estimate but the revised percentage of nonwithholding revenues is less than the amount previously calculated, the shortfall needed to finance nonrecurring expenditures will be met from general fund balances or other allocations of funds.

Full text:
01/17/00  House: Presented & ordered printed 008627660  pdf

Status:
01/17/00  House: Presented & ordered printed 008627660
01/17/00  House: Referred to Committee on Appropriations
02/11/00  House: Reported from Appropriations (29-Y 0-N)
02/13/00  House: Read first time
02/14/00  House: Read second time and engrossed
02/14/00  House: Constitutional reading dispensed (Block Vote) (97-Y 0-N)
02/14/00  House: Passed House (Block Vote) (98-Y 0-N)
02/14/00  House: Communicated to Senate
02/16/00  Senate: Constitutional reading dispensed
02/16/00  Senate: Referred to Committee on Finance
02/29/00  Senate: Continued to 2001 in Finance (16-Y 0-N)