1. (a) The board, in consultation with the Legislative Budget Board, shall annually prepare a study regarding the state's current debt burden by:

   1. (1) analyzing the state's historical debt use and financial and economic resources to determine the amount of additional not self-supporting debt the state can accommodate; and
   2. (2) monitoring how annual changes and new debt authorizations affect the mechanism described in Subsection (b).

2. (b) The study must include a mechanism that can be used to determine, at a minimum, the state's debt affordability and serve as a guideline for debt authorizations and debt service appropriations. The mechanism must be designed to calculate:

   1. (1) the not self-supporting debt service as a percentage of unrestricted revenues;
   2. (2) the ratio of not self-supporting debt to personal income;
   3. (3) the amount of not self-supporting debt per capita;
   4. (4) the rate of debt retirement; and
   5. (5) the ratio of not self-supporting debt service to budgeted or expended general revenue.

3. (c) Not later than February 15 of each year, the board shall submit the annual study to:

   1. (1) the governor;
   2. (2) the comptroller;
   3. (3) the presiding officer of each house of the legislature; and
   4. (4) the Senate Committee on Finance and House Appropriations Committee.
4. (d) The annual study submitted under Subsection (c) must include a target and limit ratio for not self-supporting debt service as a percentage of unrestricted revenues.

Added by Acts 2007, 80th Leg., R.S., Ch. 991 (S.B. 1332), Sec. 5, eff. September 1, 2007.

Acts 2009, 81st Leg., R.S., Ch. 1416 (S.B. 2064), Sec. 2, eff. June 19, 2009.