Bill Type
Congress Name
Long Title
AN ACT IMPOSING A CAP ON THE LOAN OBLIGATION OF LOCAL GOVERNMENT UNITS, AMENDING FOR THE PURPOSE THE 'LOCAL GOVERNMENT CODE OF 1991', AS AMENDED
Date filed
July 30, 2007
Scope
Legislative History
| House Bill/Resolution NO. HB01515 |
| FULL TITLE : AN ACT IMPOSING A CAP ON THE LOAN OBLIGATION OF LOCAL GOVERNMENT UNITS, AMENDING FOR THE PURPOSE THE 'LOCAL GOVERNMENT CODE OF 1991', AS AMENDED |
| ABSTRACT : The bill stipulates that the accumulated loan obligations of local government units shall, in no case, exceed 50% of the internal revenue allotment of the preceding year. |
| PRINCIPAL AUTHOR/S : AGGABAO, GIORGIDI B. |
| DATE FILED : 2007-07-30 |
| SIGNIFICANCE: NATIONAL |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON LOCAL GOVERNMENT ON 2007-08-08 |
Abstract
The bill stipulates that the accumulated loan obligations of local government units shall, in no case, exceed 50% of the internal revenue allotment of the preceding year.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.