DEBT AFFORDABILITY STUDY

(a) The board, in consultation with the Legislative Budget Board, shall annually prepare a study regarding the state's current debt burden by: (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) monitoring how annual changes and new debt authorizations affect the mechanism described in Subsection (b). (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) the not self-supporting debt service as a percentage of unrestricted revenues; (2) the ratio of not self-supporting debt to personal income; (3) the amount of not self-supporting debt per capita; (4) the rate of debt retirement; and (5) the ratio of not self-supporting debt service to budgeted or expended general revenue. (c) Not later than February 15 of each year, the board shall submit the annual study to: (1) the governor; (2) the comptroller; (3) the presiding officer of each house of the legislature; and (4) the Senate Committee on Finance and House Appropriations Committee. (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.