04/16/2014 01:30 PM House FINANCE

CS FOR SENATE BILL NO. 191(FIN)                                                                                               
                                                                                                                                
     "An Act  relating to the  authority of  the Legislative                                                                    
     Budget  and Audit  Committee to  approve the  temporary                                                                    
     transfer   of   money   from  the   general   fund   to                                                                    
     construction funds  or accounts;  and providing  for an                                                                    
     effective date."                                                                                                           
                                                                                                                                
1:45:55 PM                                                                                                                    
                                                                                                                                
Vice-Chair  Neuman MOVED  to  ADOPT  the proposed  committee                                                                    
substitute  for   CSSB  191(FIN),  Work   Draft  28-LS1483\C                                                                    
(Wallace, 4/16/14).                                                                                                             
                                                                                                                                
Co-Chair Stoltze OBJECTED for discussion.                                                                                       
                                                                                                                                
DANIEL   GEORGE,   STAFF,   REPRESENTATIVE   BILL   STOLTZE,                                                                    
explained the change in the CS,  which began on page 1, line                                                                    
14 with the addition of new language:                                                                                           
                                                                                                                                
     If a temporary transfer has  already been made from the                                                                    
     general fund to the  bond construction fund or account,                                                                    
     additional transfers may be made,  but the total amount                                                                    
     of  the  outstanding  transfers  not  returned  to  the                                                                    
     general fund under  (d) of this section  may not exceed                                                                    
     25  percent of  the amount  authorized for  the general                                                                    
     obligation bonds without  approval from the Legislative                                                                    
     Budget and Audit Committee.                                                                                                
                                                                                                                                
SENATOR  ANNA  FAIRCLOUGH,  SPONSOR,  was  amenable  to  the                                                                    
changes in the  CS. She appreciated the  committee's work on                                                                    
the  bill.  She   noted  her  intent  to   ensure  that  the                                                                    
legislature retained its oversight.                                                                                             
                                                                                                                                
Co-Chair  Stoltze WITHDREW  his  OBJECTION.  There being  NO                                                                    
further OBJECTION, Work Draft 28-LS1483\C was ADOPTED.                                                                          
                                                                                                                                
Representative Costello  highlighted the zero  impact fiscal                                                                    
note from the Department of Revenue.                                                                                            
                                                                                                                                
Vice-Chair  Neuman congratulated  Senator Fairclough  on her                                                                    
recent engagement.                                                                                                              
                                                                                                                                
Vice-Chair Neuman MOVED  to REPORT HCS CSSB  191(FIN) out of                                                                    
committee   with   individual    recommendations   and   the                                                                    
accompanying fiscal  note. There being NO  OBJECTION, it was                                                                    
so ordered.                                                                                                                     
                                                                                                                                
HCS CSSB 191(FIN)  was REPORTED out of committee  with a "do                                                                    
pass" recommendation and with  one previously published zero                                                                    
fiscal note: FN1 (REV).