8DE150451F42CE6F8725857C00500CB4 Hearing Summary

The committee was called to order. A quorum was present. Bo Pogue, Legislative Council Staff, provided background on the consideration of potential committee legislation concerning the issuance of a lease-purchase agreement to fund the continuations of certain previously funded capital construction projects.  Committee members received copies of the draft legislation (Attachment A).  Esther van Mourik, Office of Legislative Legal Services, explained the effect of the draft legislation. Eric Rothaus, Deputy State Treasurer, provided input on the draft bill from the Treasurer's Office's perspective.

Mr. Rothaus responded to questions regarding the potential for additional moneys generated through the sale of certificates of participation (COPs) to be deposited in the Emergency Fund for Controlled Maintenance, and the timeline for COP issuance and repayment under the bill. Mr. Rothaus responded to additional questions regarding payment costs for a COP issuance under the draft bill, and potential collateral to offer for backing COPs. Ms. van Mourik responded to questions regarding the suitability of the draft bill for introduction. Discussion returned to the use of any extra moneys generated by a COP issuance, and the potential for including a legislative declaration to the bill. Mr. Rothaus responded to further questions regarding the terms of the issuance.

Discussion ensued regarding the which chamber to introduce the draft bill.

Discussion continued regarding sponsorship for the legislation.