MITCHELL,BILL. New Act Creates the State Debt Limitation Act. Beginning with fiscal year 2004, requires that in any fiscal year the increase in the State's total indebtedness shall not exceed 3% of that fiscal year's total State budget. Effective immediately. AUG-19-2002 H FILED WITH CLERK NOV-07-2002 H FIRST READING NOV-07-2002 H REFERRED TO HOUSE RULES COMMITTEE RULES JAN-07-2003 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary