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House backs creation of state debt-review commission to vet bonding for public–private projects
Summary
Lawmakers approved a bill to create a state debt-review commission of financial experts to review certain state-related bonding, with an amendment limiting review to public–private partnerships that carry a state financial obligation; sponsors said the commission aims to protect Utah's AAA bond rating.
Representative Stankiewicz moved an amendment to limit the commission's review to public–private partnerships that include a state financial obligation; the amendment was adopted. "What this bill does is it creates a debt review commission which would be made up of financial experts who would review potential debt obligations of the state," she said, describing the panel's role in providing transparency and advice as the Legislature considers bonding.
On the floor, Stankiewicz said the commission would review bonding for certain state-created entities and authorities and would help safeguard Utah's AAA bond rating. She named examples: the Inland Port, the Point of the Mountain Authority, MIDA and UTA, saying those entities' bonds would be subject to review when a state financial obligation is attached. "The mission of this debt review commission would be to safeguard that AAA bond rating in all of our debt obligation activities," she said.
Members debated the amendment and the bill, then voted to pass the substitute; the bill will be transmitted to the Senate for further consideration. Floor debate emphasized oversight and fiscal prudence for state-related bonding; the adopted amendment narrowed the commission's review to contracts with state financial obligations.
