HD50 - Annual Report of the Debt Capacity Advisory Committee


Executive Summary:
The Debt Capacity Advisory Committee (the "Committee") held its seventh annual meeting on December 10, 1997. The Committee was established by Executive Order No. 38 in 1991 and was codified by the 1994 General Assembly (Chapter 17, Article 1.1, Sections 2.1-304.7 through 2.1-304.7). The Committee is required to review the size and condition of the Commonwealth's tax-supported debt and submit to you an estimate of the maximum amount of new tax-supported debt that prudently may be authorized for the next biennium. In addition, as a result of legislation adopted during the 1997 Session, the Committee is now required to review annually the Commonwealth's moral obligation debt and other debt for which the Commonwealth has a contingent or limited liability.