HARRISBURG – 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 has passed both chambers and been sent to the governor.
“COVID-19 has not only affected the physical health of Pennsylvanians but also our economic health,” O’Neal said. “In order to successfully recover from this pandemic, we must act with thoughtfulness to put Pennsylvania back on track. One way to do this is to compile important information on the state’s debt so we can make informed decisions in the coming months on where savings can be realized when completing the Fiscal Year 2020-21 state budget.”
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 Oct. 30. In addition, the report would identify options for refinancing of all outstanding debt obligations in order to reduce costs to the Commonwealth.
Additionally, the bill was amended in the Senate to reauthorize the State Geospatial Coordinating Board for another four years. It had been scheduled to sunset on June 30. The Senate also added language clarifying that the Independent Fiscal Office is required to prepare actuarial notes for legislation regarding the public employee retirement plan.
The governor has 10 days to act on the measure once it reaches his desk.
Representative Tim O’Neal
48th Legislative District
Pennsylvania House of Representatives
Media Contact: Tracy Polovick