AN ACT CONCERNING THE BONDING PROCESS.

1. requires the Office of Policy and Management (OPM) secretary to issue the agenda for State Bond Commission meetings sooner;

2. requires any item that is revised after being placed on the agenda, or proposed to be added to an agenda that has been agreed on, to be held for a future agenda;

3. requires the OPM secretary to provide the commission with copies of agreements with private entities receiving bond funds in connection with an item;

4. adds to statements that must be filed with the commission before it approves bond allocations;

5. requires the OPM secretary to provide annual cost updates to the Finance, Revenue and Bonding Committee on outstanding bond allocations; and

6. makes technical changes (§§ 2-6).

The bill requires meeting agendas to be available to commission members at least five, rather than at least four, business days before a meeting. It requires any item that is either revised after being placed on an agenda, or proposed for an agenda after the agenda is agreed on, to be tabled and held for consideration for a future agenda. (The bill does not say who agrees on the agendas. )

The bill requires the OPM secretary, in addition to the information and supporting documents already required for agenda items, to give commission members a copy of any agreement between the state and a private entity receiving bond funds in connection with an agenda item.

It also adds to the statements that must be filed with the commission before it may approve a bond allocation for a particular project or purpose. In addition to the currently required statements concerning human service facility colocation and farmland and capital development impacts, the bill requires the commission to have received a statement of the (1) full completed cost of the project or purpose receiving the allocation and (2) estimated operating cost of any structure, facility, or equipment being built or acquired.

Starting January 1, 2007, the bill requires the OPM secretary to file an annual report with the Finance, Revenue and Bonding Committee that updates, for all outstanding bond allocations, (1) the full completed cost of the project or purpose that received the allocation and (2) the estimated operating costs of any structure, facility, or equipment being built or acquired.

The State Bond Commission is a 10-member executive-legislative committee consisting of the governor, treasurer, comptroller, attorney general, the OPM secretary, public works commissioner, and the co-chairs and ranking members of the Finance, Revenue and Bonding Committee. The commission meets periodically (usually monthly) to allocate bonds the General Assembly has authorized to particular projects. The governor chairs the commission and controls its agenda. The OPM secretary acts as the commission's secretary and keeps its records and minutes.

Yea

Nay

(04/03/2006)