LRB-3549/1
SRM:wlj&cjs:rs
2011 - 2012 LEGISLATURE
February 28, 2012 - Introduced by Representatives Kuglitsch, August, Williams,
Farrow, Kooyenga, Spanbauer, Endsley, Rivard, Craig, Litjens and
Thiesfeldt, cosponsored by Senator Vukmir. Referred to Committee on
Homeland Security and State Affairs.
AJR118,1,3
1To amend section 7 (2) (b) 1. of article VIII and section 7 (2) (b) 2. of article VIII of
2the constitution;
relating to: the ceiling for public debt contracted by the state
3(first consideration).
Analysis by the Legislative Reference Bureau
The constitution limits the aggregate public debt contracted by the state to
three-fourths of 1 per centum of the aggregate value of all taxable property in the
state, or in the alternative, 5 per centum of the aggregate value of all taxable property
in the state less the sum of certain other public debts.
This constitutional amendment, proposed to the 2011 legislature on first
consideration, lowers the debt ceiling from three-fourths of 1 percent to
three-eighths of 1 percent of the aggregate value of all taxable property in the state
and changes the alternate debt limit from 5 percent to 2.5 percent.
A proposed constitutional amendment requires adoption by two successive
legislatures, and ratification by the people, before it becomes effective.
AJR118,1,4
4Resolved by the assembly, the senate concurring, That:
AJR118, s. 1
5Section
1. Section 7 (2) (b) 1. of article VIII of the constitution is amended to
6read:
AJR118,2,2
1[Article VIII] Section 7 (2) (b) 1.
Three-fourths Three-eighths of one per
2centum of the aggregate value of all taxable property in the state; or
AJR118, s. 2
3Section
2. Section 7 (2) (b) 2. of article VIII of the constitution is amended to
4read:
AJR118,2,135
[Article VIII] Section 7 (2) (b) 2.
Five Two and one-half per centum of the
6aggregate value of all taxable property in the state less the sum of: a. the aggregate
7public debt of the state contracted pursuant to this section outstanding as of January
81 of such calendar year after subtracting therefrom the amount of sinking funds on
9hand on January 1 of such calendar year which are applicable exclusively to
10repayment of such outstanding public debt and, b. the outstanding indebtedness as
11of January 1 of such calendar year of any entity of the type described in paragraph
12(d) to the extent that such indebtedness is supported by or payable from payments
13out of the treasury of the state.
AJR118,2,16
14Be it further resolved, That this proposed amendment be referred to the
15legislature to be chosen at the next general election and that it be published for three
16months previous to the time of holding such election.
