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Committee adopts substitute to limit long-term debt for short-lived property; final vote held
Summary
The Senate Committee on Local Government adopted a committee substitute to Senate Bill 393 that would prohibit local governments from issuing long-term debt for personal property with shorter expected useful lives, but the committee left the bill pending for a later final vote.
The Senate Committee on Local Government on Tuesday adopted a committee substitute to Senate Bill 393 that would bar political subdivisions from issuing bonds, certificates of obligation or anticipation notes to purchase personal property when the expected useful life of the property ends before the debt maturity, but committee members left the bill pending for a later final vote.
Senator Sparks, explaining the substitute, said, "This bill restricts political subdivisions from issuing bonds to purchase personal property if the expected useful life of the property ends before the maturity date of the bond. The committee substitute expands…
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