As of 4 p.m. March 3, 2005, one bill has passed both the House and the Senate and has been sent to the Governor for his approval. Senate Bill 261 provides a mechanism for a special election to be held June 25, 2005 for state voters to ratify or reject the Legislature’s proposed “Pension Bond Amendment” to the State Constitution.
The amendment, adopted during the Jan. 2005 Special Session, proposes to permit additional general obligation bonds to be issued and not to exceed $5.5 billion to help pay down the State Teachers Retirement System, the Judges’ Retirement System and the Public Safety Death, Disability and Retirement System the State has already been paying.
