HB 4464

Abstract

Amends the State Finance Act. Provides that if State spending exceeds $31,374,000,000, then no member of the General Assembly shall receive any compensation for his or her service as a member of the General Assembly, including any salary, stipend, or per diem, for the remainder of the fiscal year or until such time as the Governor is presented with a bill or bills passed by the General Assembly to reduce State spending to a level that does not exceed the State spending limitation. Provides further requirements concerning the State spending limitation. Amends the General Obligation Bond Act. Authorizes the issuance of an additional $7,000,000,000 in State General Obligation Restructuring Bonds. Provides that the proceeds from that bond sale shall be used for the purpose of paying vouchers incurred by the State prior to July 1, 2020. Makes conforming changes. Effective immediately.