SB 1141

Abstract

Hampton Roads area refuse collection authority; financial planning. Changes various requirements of the SoutheasternPublic Service Authority (the Authority) when budgeting or incurringdebt, including (i) changing the required five-year overall strategicplan to a financial plan, (ii) specifying that detailed financialplans be made only when incurring long-term debt or issuing new debt,(iii) authorizing other qualified financial consultants instead ofa certified public accountant to assist in the creation of the detailedfinancial plan, (iv) changing from the Authority's Board of Directorsto the Authority the body that performs a due diligence investigation of the appropriateness of issuing new debt, and (v) and raisingthe permissible threshold for the executive director of the authorityto execute or commit the authority to a contract, memorandum of agreement,or memorandum of understanding without acquiring Board approval.