SENATE SPECIAL SESSION COMMITTEE ON REVENUE

 

 

June 20. 2002 Hearing Room A

11:30 am Tape  19                                                                     

 

MEMBERS PRESENT:            Sen. Ted Ferrioli, Chair

Sen. Joan Dukes

Sen. Bill Fisher

Sen. John Minnis

Sen. Cliff Trow

 

STAFF PRESENT:                  Paul Warner, Administrator

Nancy Massee, Administrative Support

MEASURE/ISSUES HEARD:        

                                                Introduction of Measure LC 39

 

These minutes are in compliance with Senate and House Rules.  Only text enclosed in quotation marks reports a speaker’s exact words.  For complete contents, please refer to the tapes.

 

TAPE/#

Speaker

Comments

TAPE 19, A

004

Chair Ferrioli

Convenes meeting at 11:45 am.  Asks for Mr. Yates to explain LC 39.

008

Dick Yates

Legislative Revenue.  Explains LC 39 re-addresses issue of in earlier special session to do with individual employers who wish to buy out the unfunded liability with PERS.  PERS establishing separate accounts for each employer.

017

Chair Ferrioli

Asks who requested this LC.  There is a need to establish separate accounts.  This originated as a result of folks wanting to be able to make a lump sum adjustment on accounts.

022

Yates

The issue of granting local government the ability to issue bonds and make payments against their unfunded liability was addressed at an earlier session.  Employer groups as well as PERS were concerned how they would deal with lump sum payments by employers.  LC 39 clarifies that issue.

044

Chair Ferrioli

States the purpose of the meeting is to introduce LC 39. Opens work session on introduction of LC 39.  (EXHIBIT A)

WORK SESSION  Introduction of LC 39

045

Sen. Minnis

Moves to introduce LC 39 dated June 17, 2002.

046

 

VOTE:  3-2

AYE:               3 - Fisher, Minnis, Ferrioli

NAY:               2 - Dukes, Trow

047

Chair Ferrioli

The motion CARRIES.

SEN. FERRIOLI will lead discussion on the floor.

048

Trow

Comments he was instructed not to vote yes.

058

Chair Ferrioli

Adjourns meeting at 11:50 a.m.

 

 

 

 

Submitted By,                        Reviewed By,

 

 

Nancy Massee                        Paul Warner

Administrative Support                        Administrator

 

EXHIBIT SUMMARY

 

A – LC 39, staff, 4 pp