|
Oklahoma
State Senate
Communications Division
State Capitol
Oklahoma City, Oklahoma 73105
For Immediate Release: March 13, 2012
Sen. Dan Newberry
Senate approves debt-reduction bill Legislation intended to reduce the state’s long-term fiscal
burden and protect the viability of pension systems was approved
by the Senate on Tuesday.
Senate Bill 1264, authored by Sen. Dan
Newberry, will guarantee a percentage of spillover funding is
dedicated toward paying the state’s pension liability debt.
The measure would take effect after the state’s Rainy Day
Fund is full, ensuring that 30 percent of any spillover funding
is applied to the reduction of pension liability debt. Once pension
liability is funded at 80 percent, 30 percent of any spillover funding
beyond that point would be dedicated to reducing the state’s
bonded indebtedness. The remaining 70 percent, if appropriated by
the Legislature, could only be used for one-time or nonrecurring
expenditures.
“By passing this bill, we have taken a strong step to avoid
the troubles faced by states that have failed to control their long-term
debt and have seen capital flee as a result,” said Newberry,
R-Tulsa. “In order to safeguard our future, the Legislature
must establish the reduction of pension liability debt as a top
priority. I’m confident this proposal places state government
on a path to a more secure future.”
Newberry said SB 1264 ensures the state must address prior obligations
before new spending is considered.
“As a direct result of unsustainable pension and debt policies,
states such as Illinois have raised taxes to a point where job creators
are fleeing the state,” Newberry said. “In our effort
to build a more prosperous Oklahoma and sustain our momentum as
one of the nation’s leaders in job creation, we must make
debt reduction a priority. I’m pleased my colleagues understand
the importance of this issue.”
For more information, contact:
Sen. Newberry: (405) 521-5600
|
