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F I S C A L   I M P A C T   R E P O R T

 

 

 

SPONSOR:

HTRC

 

DATE TYPED:

3/15/03

 

HB

991/HTRCS

 

SHORT TITLE:

2003 Public Securities Validation Act

 

SB

 

 

 

ANALYST:

Smith

 

REVENUE

 

Estimated Revenue

Subsequent

Years Impact

Recurring

or Non-Rec

Fund

Affected

FY03

FY04

 

 

 

 

NFI

 

 

 

 

 

 

 

 

(Parenthesis ( ) Indicate Revenue Decreases)

 

SOURCES OF INFORMATION

 

Responses Received From

 

SUMMARY

 

     Synopsis of Bill

 

House Taxation and Revenue Committee Substitute for House Bill 991 is a “bond validation act”. The point of these bills is to cure outstanding bond issues of technical imperfections. This bill does not “validate ratify, approve, confirm or legalize any public security, acts, proceeding or other matter which has heretofore been determined in any legal proceeding to be illegal, void or ineffective”.

 

SS/yr