|Posted:||April 6, 2020 05:43 PM|
|From:||Representative Francis X. Ryan|
|To:||All House members|
|Subject:||LEGISLATION: Authorize the acquisition of up $5 billion in revenue to provide liquidity for the Commonwealth in response to the current economic crisis.|
To address the significant economic impacts caused by the novel coronavirus, in the near future I intend to introduce legislation that will authorize the acquisition of up $5 billion in revenue to provide liquidity for the Commonwealth in response to the current economic crisis.
All revenues acquired through the issuance of bonds will be deposited into our Rainy Day Fund, with only an approval of the General Assembly enabling the funds to be accessed for use. I believe this action is vital to preserving the solvency of the Commonwealth should there be a disruption to the municipal debt markets due to the current economic crisis and it is imperative that we take this necessary action now in order of us to continue to navigate these tough times.
I respectfully ask for your consideration to join me as a co-sponsor to protect and preserve the Commonwealth's liquidity
Introduced as HB2480