HARRISBURG – The House today approved legislation authored by Rep. Tim O’Neal (R-Washington) that would require review of all Commonwealth debt obligations and identify refinancing options in a report to the General Assembly.
“The nation’s and state’s economy has taken a blow due to the coronavirus pandemic,” O’Neal said. “As we work to complete a state budget by June 30, we must explore all avenues to cut costs in order to balance the budget. One possible way is to refinance debt. My legislation will give us a better understanding of what debt the Commonwealth holds and where savings can be realized.”
House Bill 2418
would require the Pennsylvania Treasury to identify and review all outstanding Commonwealth debt obligations including those held by authorities, commissions, agencies, boards and other state-authorized entities. The review would be in conjunction with the secretary of the budget, auditor general and the chairperson of any state entity with the power to issue debt. A report on the findings would be given to the General Assembly by June 30. In addition, the report would identify options for refinancing of all outstanding debt obligations in order to reduce costs to the Commonwealth.
The bill now goes to the Senate for its consideration.
The 48th Legislative District in Washington County includes the city of Washington; Chartiers, North Franklin, North Strabane and South Strabane townships; and Canonsburg, East Washington and Houston boroughs.
Representative Tim O’Neal
48th Legislative District
Pennsylvania House of Representatives
Media Contact: Tracy Polovick