After recent assurances by the Pennsylvania Office of Auditor General that the department will conduct an audit this fall on PENNVEST, I withdrew an amendment to a bill that would have required the department to do so. At issue is a generous, low-interest loan to Lyme Timber, an out-of-state investment firm.
House Passes Bipartisan Bill to Restore Responsible Debt Repayment Method
I am very concerned about Pennsylvania’s growing state debt burden. Working with colleagues on both sides of the aisle, I drafted House Bill 24 to institute common sense reform in the process used to issue state bonds. House Bill 24 passed the House by a unanimous vote. The bill would reduce the amount of interest paid over the life of state-issued bonds by requiring principal to be paid down faster and putting the Commonwealth on a path to improve its bond rating. Existing practice “front loads” interest payments on state bond issuances, with reduced principal payments in the first few years and larger principal payments coming as the loan matures. This forces difficult budgeting decisions into future years. House Bill 24 now goes to the Senate for consideration. Click here to see my remarks on the bill during debate on the House floor.
Pa. State Rep. John Lawrence Questions Pa. Agriculture Secretary Russell Redding during the March 5th House Appropriations Budget hearings about challenges mushroom farmers are facing.
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