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House substitutes language for rainy-day fund repayment, defers repayment until debt service covered
Summary
The House substituted the second substitute for Senate Bill 154, specifying that money drawn from the budgetary reserve (rainy-day) be repaid from future surpluses but not until debt service obligations are met, a change sponsored by Representative Way.
The House approved a substitution for Senate Bill 154 on Feb. 6 that changes how amounts taken from the state's budgetary reserve account (the 'rainy-day' fund) are repaid. Representative Way explained the second substitute would still require that money drawn from the reserve be replaced from future surpluses, but repayment would be delayed until after debt service obligations were met.
"The second substitute does nothing more than say that the monies would not be paid back until after debt service was taken care of," Representative Way said, noting concerns raised by the state treasurer and the governor’s office over prioritizing debt service.
The motion to substitute was adopted on the floor; the transcript records that the bill will be substituted and moved forward for further consideration. The specific timetable for repayment and any reporting or enforcement mechanisms were not specified in the floor debate recorded in the transcript.
