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Committee debates bills to reduce spending rates; motion on repeal-draft of CIPA advances
Summary
The committee considered two draft House bills to reduce permanent-fund spending policies and debated a bill draft to repeal the CIPA account and reallocate investment earnings. Motions on the spending-policy bills failed; the committee advanced the LSO bill draft to repeal CIPA.
The Select Committee on Capital Financing & Investments took up two related draft measures that would lower the percentage of investment earnings available for annual spending from several state permanent funds and also considered a legislative-service-office draft to repeal the Capital Improvements and Projects Account (CIPA) and change how excess earnings are distributed.
Representative Harrelson moved to consider the draft of House Bill 270, a proposal that would reduce the spending-policy percentage (presented in committee discussion as a reduction from 5.0% to 4.5% on the Permanent Mineral Trust Fund side). The motion was seconded by Representative Wasserburger and debated; after a roll-call vote the motion failed (clerk recorded a 6-6 tie). The committee discussion and LSO responses…
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