2.2-2713 - Powers and duties of the Committee.
§ 2.2-2713. Powers and duties of the Committee.
The Committee shall have the power and duty to:
1. Annually review the size and condition of the Commonwealth's tax-supporteddebt and submit to the Governor and to the General Assembly an estimate ofthe maximum amount of new tax-supported debt that prudently may be authorizedfor the next biennium. The estimate shall be advisory and in no way bind theGovernor or the General Assembly;
2. Annually review the amount and condition of bonds, notes, and othersecurity obligations of the Commonwealth's agencies, institutions, boards,and authorities, for which the (i) Commonwealth has a contingent or limitedliability or (ii) General Assembly is permitted to replenish reserve funds ifdeficiencies occur, and submit to the Governor and the General Assembly anannual report with the Committee's recommendation to ensure the prudent useof such obligations. Such review shall be submitted on or before January 1 ofeach year; and
3. Conduct ongoing reviews of the amount and condition of bonds, notes, andother security obligations of the Commonwealth's agencies, institutions,boards, and authorities not secured by the full faith and credit of theCommonwealth or for which the General Assembly is not permitted to replenishreserve funds, and when appropriate, shall recommend limits on suchadditional obligations to the Governor and to the General Assembly.
(1994, c. 43, § 2.1-304.3; 1997, c. 187; 2001, c. 844.)