35-504

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

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

B. The commission consists of the director of the department of revenue, 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 department of revenue 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 department of revenue.

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, to the director of the department of revenue and to the
legislature.

G. The commission shall:

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

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