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Bill

A 3002

DEBT SERVICE FUND--GENERAL DEBT SERVICE FUND

2025 Regular Session

Bill A 3002 creates a General Debt Service Fund to streamline state debt repayment, enhancing fiscal responsibility and protecting taxpayer interests.

SIGNED CHAP.52
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WeVote Research Nonpartisan
Bill Summary · A 3002

Summary of Bill A 3002: Debt Service Fund - General Debt Service Fund

Bill Overview

  • Bill Number: A 3002
  • Title: Debt Service Fund - General Debt Service Fund
  • Status: Signed into law as Chapter 52
  • Introduced On: January 22, 2025

Purpose and Intent

The primary purpose of Bill A 3002 is to establish and regulate a General Debt Service Fund. This fund is intended to manage and allocate resources for the repayment of debts incurred by the state, ensuring that financial obligations are met in a timely and efficient manner. The bill aims to enhance fiscal responsibility and transparency in the management of state debt.

Key Provisions

  • Establishment of the Fund: The bill creates a dedicated General Debt Service Fund to streamline the process of debt repayment.
  • Funding Mechanisms: It outlines the sources of revenue that will be allocated to the fund, which may include state revenues, appropriations, and other financial resources.
  • Management and Oversight: The bill specifies the roles and responsibilities of state financial officers in managing the fund, including reporting requirements and oversight mechanisms to ensure proper use of the funds.
  • Debt Repayment Schedule: It establishes a framework for the scheduling and prioritization of debt repayments, aiming to minimize interest costs and improve the state’s credit rating.

Affected Parties

  • State Government: The bill directly impacts state financial management practices, providing a structured approach to debt repayment.
  • Taxpayers: By ensuring that debts are managed effectively, the bill aims to protect taxpayer interests and promote fiscal stability.
  • Creditors: The establishment of a dedicated fund may improve the state’s creditworthiness, potentially benefiting creditors and investors.

Legislative Timeline

  • January 22, 2025: Bill introduced and referred to the Ways and Means Committee.
  • March 27, 2025:
    • Reported and passed in the Assembly.
    • Delivered to the Senate and referred to the Finance Committee.
    • Substituted for companion bill S 3002.
    • Passed in the Senate and returned to the Assembly.
  • May 8, 2025: Delivered to the Governor.
  • May 20, 2025: Signed into law as Chapter 52.

Related Legislation

  • S 8302: A related bill from the prior session.
  • A 8802: Another related bill from the prior session.
  • S 3002: A companion bill that was substituted for A 3002 during the legislative process.

Conclusion

Bill A 3002 represents a significant step towards improved management of state debt through the establishment of a General Debt Service Fund. By providing clear guidelines for funding and oversight, the bill aims to enhance fiscal responsibility and ensure that the state meets its financial obligations effectively.

Compiled from official sources — confirm details with the bill’s official record.

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