SB 19-10_ Filed 02/26/2008, 06:55 Crouch
PREVAILED Roll Call No. _______
FAILED Ayes _______
WITHDRAWN Noes _______
RULED OUT OF ORDER
HOUSE MOTION ____
I move that Engrossed Senate Bill 19 be amended to read as follows:
SOURCE: Page 1, line 1; (08)MO001910.1. -->
Page 1, between the enacting clause and line 1, begin a new
paragraph and insert:
SOURCE: IC 5-1-19; (08)MO001910.1. -->
"SECTION 1. IC 5-1-19 IS ADDED TO THE INDIANA CODE AS
CHAPTER TO READ AS FOLLOWS [EFFECTIVE JULY
Chapter 19. Public Approval of Public Debt
Sec. 1. (a) This chapter applies only if both of the following
(1) The principal amount of the debt is at least twenty-five
million dollars ($25,000,000).
(2) The debt is to be issued or entered into after June 30, 2011.
(b) This chapter does not apply to debt issued or entered into
(1) is in response to:
(A) a natural disaster;
(B) an accident; or
(C) an emergency;
that makes a building or facility unavailable for its intended
(2) is approved by the budget agency.
Sec. 2. As used in this chapter, "debt" refers to:
(2) a lease with an option to purchase;
(3) a lease rental agreement; or
(4) any other debt instrument;
entered into or issued by a state entity if any of the principal or
interest is to be repaid by funds appropriated by the general
Sec. 3. (a) As used in this chapter, "state entity" refers to any of
(1) A state educational institution (as defined in
(2) A separate body corporate and politic established by law
that has authority to issue or enter into debt.
(3) Any other body established by law that has authority to
issue or enter into debt.
(b) The term does not include a political subdivision.
Sec. 4. As used in this chapter, "declaration of intention to issue
debt" refers to the statement that a state entity is required to file
under section 5 of this chapter.
Sec. 5. (a) Before a state entity issues or enters into debt, the
state entity must file a declaration of intention to issue debt with
the secretary of state.
(b) A declaration of intention to issue debt must include the
(1) The name of the state entity.
(2) The amount of the principal of the debt to be issued or
(3) The anticipated amount of interest or other financing cost
to be incurred over the term of the debt instrument.
(4) The term of the debt instrument.
(5) The purposes for which the debt is to be issued or entered
(6) A summary of the legal procedures required by law (other
than this chapter) for entering into the debt.
(7) A statement that all legal procedures described under
subdivision (6) have been completed.
(c) A declaration of intention to issue debt must be signed by an
officer of the state entity authorized by the state entity to file the
Sec. 6. If the secretary of state receives a declaration of intention
to issue debt before August 1 of a year in which a general election
is held, the election division shall certify the following public
question to the county election board of each county not later than
August 20 before the general election:
"Shall (insert the name of the state entity) be authorized to
issue debt in the amount of (insert the principal amount of the
proposed debt) for the purpose of (insert the purpose of the
Sec. 7. IC 3, except where inconsistent with this chapter, applies
to a public question placed on the ballot under this chapter.
Sec. 8. If a majority of the voters of the state who vote on the
public question vote in favor of a public question placed on the
ballot under this chapter, the state entity may issue or enter into
the debt for the purposes described in the declaration of intention
to issue debt filed under section 5 of this chapter.
Sec. 9. If a majority of the voters of the state who vote on the
public question vote in opposition to a public question placed on
the ballot under this chapter, the state entity may not issue or enter
into debt for any purpose described in the statement of intention to
issue debt filed under section 5 of this chapter until issuance of debt
for that purpose is authorized as provided in this chapter.
Renumber all SECTIONS consecutively.
(Reference is to ESB 19 as printed February 22, 2008.)
MO001910/DI 116 2008