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J_CDC_2020A 06/03/2020 08:32:59 AM Committee Summary

PUBLIC
STAFF SUMMARY OF MEETING
JOINT COMMITTEE COMMITTEE ON CAPITAL DEVELOPMENT COMMITTEE
Date 06/03/2020
Attendance
Rich X
Sonnenberg X
Story X
Valdez A. X
Roberts X
Fields X
Time 08:32:59 AM to 09:16:08 AM
Place SCR 357
This Meeting was called to order by Senator Fields
This Report was prepared by Bo Pogue
Hearing Items Action Taken
Consideration of Draft Committee Legislation Committee Discussion Only

X = Present, E = Excused, A = Absent, * = Present after roll call

Consideration of Draft Committee Legislation - Committee Discussion Only


08:34:26 AM  

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.

08:49:23 AM  

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.

09:12:07 AM  
Discussion ensued regarding the which chamber to introduce the draft bill.


09:14:29 AM
Motion Introduce committee legislation concerning the issuance of a lease-purchase agreement to fund the continuations of certain previously funded capital construction projects.
Moved Sonnenberg
Seconded
Rich Yes
Sonnenberg Yes
Story Yes
Valdez A. Yes
Roberts Yes
Fields Yes
YES: 6   NO: 0   EXC: 0   ABS:  0   FINAL ACTION:  PASS
09:14:32 AM  
Discussion continued regarding sponsorship for the legislation.


09:16:08 AM   The committee adjourned.