Sec 35-504. Debt oversight commission; membership; compensation; duties; commission termination

A. In order to provide more accurate and meaningful information to the public regarding bond issues, the debt oversight commission is established in the office of the state treasurer.

B. The commission consists of the state treasurer, who serves as chairman, and four private citizens knowledgeable in the area of finance or bond financing, one appointed by the governor and three appointed jointly by the president of the senate and the speaker of the house of representatives. The terms of appointive members are three years.

C. An appointment to fill a vacancy on the commission resulting from other than expiration of term is for the unexpired portion of the term.

D. The office of the state treasurer shall provide secretarial and staff support services to the commission.

E. The private citizen members of the commission are eligible to receive fifty dollars per day for time spent in the performance of their duties. These monies shall be paid from monies appropriated to the state treasurer.

F. The commission shall meet at least annually and, in addition, at the call of the chairman. The commission shall meet at such times and places as convenient or necessary to conduct its affairs and shall render its findings, reports and recommendations in writing to the governor and to the legislature.

G. The commission shall:

1. Review the information provided to the state treasurer as prescribed in section 35-501.

2. Ascertain the bonded indebtedness of all taxing jurisdictions and the relationship to the appropriate debt limitation.

H. The commission established by this section ends on July 1, 2026 pursuant to section 41-3103.