(Doc Name h:\legwork\house\amend\h-wm\005\excess debt service proviso for lgf funding.docx):
EXPLANATION: Using the Excess Debt Service to add an additional $131,851,242 to the Local Government Fund in order to Fully Fund the LGF at the current statutory requirement of 4.5%
Amend the bill, as and if amended, Part IB, Section 112, DEBT SERVICE, page 464, paragraph 112.1 (Excess Debt Service), lines 3-12 , by striking the proviso in its entirety, and by inserting
/112.1. (DS: Excess Debt Service)
The State Treasurer shall transfer, from debt service
that exceeds the principal and interest due in the current
fiscal year, $54,078,993 to the State Law Enforcement Division
for the Forensic Laboratory Building. Appropriated debt service
in excess of necessary amounts must be transferred to fund the
appropriations contained in Proviso 118.13. The
Office of State Treasurer shall transfer, from debt service that
exceeds the principal and interest due in the current fiscal
year, $131,851,242 to the Aid to Subdivisions-local government
fund. Any additional excess debt service funds available
in Fiscal Year 2018-19 2019-20
may be expended in the fiscal year to pay down general
obligation bond debt for which the State (1) is paying the
highest rate of interest, (2) will achieve relief in constrained
debt capacity, or (3) reduce the amount of debt issued./
Renumber sections to conform.
Amend totals and titles to conform.