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No amendments or modifications have been made to the bill since we reported on it. We continue to remain neutral.
First chamber analysis below:
Commercial paper notes are short-term obligations that mature in 270 days. Senate Bill 1657 would give slightly more flexibility to the State by allowing for the issuance and rollover of these notes during the entire fiscal year for which they would have been approved by the Cash Management Committee. According to the author's office's analysis, they have been "used by the state only five times since 1986 to assist in the management of the state's cash flow needs." All commercial paper notes would have to mature and be paid in full during the fiscal biennium in which they were issued.
The bill would also allow for subsequent to first time issuance of Tax and revenue anticipation notes (TRAN) in a fiscal year, to expire in the same period of time as for the first issuance.
Because these changes only give slightly more flexibility to issue or rollover notes to the Comptroller and do not affect our principles, we will remain neutral on Senate Bill 1657.