HARRISBURG – On Tuesday the governor signed into law a bill authored by Rep. Tim O’Neal (R-Washington) that requires a review of all Commonwealth debt obligations and the identification of refinancing options in a report to the General Assembly.
“I’m pleased that my first law as a prime sponsor could potentially save the Commonwealth a lot of money,” O’Neal said. “COVID-19 has had a significant economic impact. By having a full accounting of state debt obligations, we can make knowledgeable decisions when completing the Fiscal Year 2020-21 state budget. I will not support any tax increases to balance the budget. Lowering state debt could be one way to realize savings.”
Act 37 of 2020
requires 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 will 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 will be given to the General Assembly by Oct. 30. In addition, the report will identify options for refinancing all outstanding debt obligations in order to reduce costs to the Commonwealth.
Additionally, the law reauthorizes the State Geospatial Coordinating Board for another four years. It had been scheduled to sunset on June 30. The new law also clarifies that the Independent Fiscal Office is required to prepare actuarial notes for legislation impacting a public employee retirement plan.
Representative Tim O’Neal
48th Legislative District
Pennsylvania House of Representatives
Media Contact: Tracy Polovick