In the wake of numerous hearings it appears that the Senate Local Government Committee is ready to advance a municipal debt reform package sponsored by Senators John H. Eichelberger, Rob Teplitz, Mike Folmer, and John P. Blake.

The testimony solicited from the most recent public hearing has been taken into account and the bills will likely be amended to address the concerns that have been raised. We covered the public hearing that was held early in September, see Senate Local Government Committee - Public Hearing on SWAP's, and Public Hearing on SWAP's.

SB 901 was reported from the Local Government Committee on June 26, 2013. It received First consideration in the Senate and was re-committed to its Committee following the recommendations received from the public hearing on October 9th, 2013.

The following article provides a description of the provisions contained in SB 901 and SB 902.

SB 903 and SB 904 have yet to be reported from Committee.

The intent of these bills is to limit the exposure faced by local governments and citizens by restricting the use of financial instruments and clarifying language contained in current law.

We'll provide a summary of Tuesday's voting meeting to recap any modifications to this package of bills.

Photo/Natalie Cake