A bill to amend the Deficit Reduction Act of 1984 to clarify the Permanent University Fund arbitrage exception and to increase from 20 percent to 30 percent the amount of securities and obligations benefitting from the exception.

Read twice and referred to the Committee on Finance.

S.1474 through Congress

S.1474 keeps its number as it moves between the House and Senate.

SenateJul 22, 2005IntroducedOfficial record

Major milestones in the imported record. See all actions.

No House action is available in our imported record yet.

Separate related House measures (1)

These are different measures identified as related by Congress.gov. Their text and outcomes may differ; they are not the House stage of S.1474.

Related House bill: H.R.2661 To amend the Deficit Reduction Act of 1984 to clarify the Permanent University Fund arbitrage exception and to increase from 20 percent to 30 percent the amount of securities and obligations benefitting from the exception.

Congressional Research Service

Official summary

Version 00 · Introduced in Senate · Jul 22, 2005

Amends the Deficit Reduction Act of 1984 to modify the special arbitrage rule pertaining to specified securities or obligations held in a fund which cannot be used under state law restrictions continuously in effect since October 9, 1969, to pay debt service on the bond issue or to finance the facilities that are to be financed with the proceeds of the bonds. Changes the effective date of such state law restrictions from October 9, 1969, to March 1, 1985, and requires that they be continuously in effect only through the bond issue's date of issue.

Extends such rule, as an alternative, to specified securities or obligations held in a fund whose annual distributions cannot exceed 7% of the average fair market value of the assets held in the fund, except to the extent distributions are necessary to pay debt service on the bond issue.

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People & committees

Who introduced it

Sen. Hutchison, Kay Bailey [R-TX] · R–TX

Committees

Finance Committee

1 cosponsorship records, including any withdrawals

Sen. Cornyn, John [R-TX]

Legislative record

Actions

A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.

Jul 22, 2005
Read twice and referred to the Committee on Finance.
Jul 22, 2005
Introduced in Senate

Primary sources

Bill text & related measures

Text links open the official source. We currently store references to these documents.

Introduced in Senate · Jul 22, 2005 Formatted Text PDF Formatted XML

Related bills identified by Congress.gov

HR 2661 · To amend the Deficit Reduction Act of 1984 to clarify the Permanent University Fund arbitrage exception and to increase from 20 percent to 30 percent the amount of securities and obligations benefitting from the exception.

Source last updated: Dec 5, 2025. Consult Congress.gov for the current record.

AI Conversation Starters

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Neutral evidence review

Objective

Analyze S.1474 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

View full prompt & sources

Discuss S.1474, 109th Congress: A bill to amend the Deficit Reduction Act of 1984 to clarify the Permanent University Fund arbitrage exception and to increase from 20 percent to 30 percent the amount of securities and obligations benefitting from the exception.

Official record: https://www.congress.gov/bill/109th-congress/senate-bill/1474

Text version to examine: Introduced in Senate · 2005-07-22.

Official full text: https://www.congress.gov/109/bills/s1474/BILLS-109s1474is.htm

Imported record last updated by the source: 2025-12-05T21:11:30Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Analyze S.1474 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

Fairness and public impact

Progressive lens

Examine S.1474 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

View full prompt & sources

Discuss S.1474, 109th Congress: A bill to amend the Deficit Reduction Act of 1984 to clarify the Permanent University Fund arbitrage exception and to increase from 20 percent to 30 percent the amount of securities and obligations benefitting from the exception.

Official record: https://www.congress.gov/bill/109th-congress/senate-bill/1474

Text version to examine: Introduced in Senate · 2005-07-22.

Official full text: https://www.congress.gov/109/bills/s1474/BILLS-109s1474is.htm

Imported record last updated by the source: 2025-12-05T21:11:30Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.1474 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

Institutions and government scope

Conservative lens

Examine S.1474 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

View full prompt & sources

Discuss S.1474, 109th Congress: A bill to amend the Deficit Reduction Act of 1984 to clarify the Permanent University Fund arbitrage exception and to increase from 20 percent to 30 percent the amount of securities and obligations benefitting from the exception.

Official record: https://www.congress.gov/bill/109th-congress/senate-bill/1474

Text version to examine: Introduced in Senate · 2005-07-22.

Official full text: https://www.congress.gov/109/bills/s1474/BILLS-109s1474is.htm

Imported record last updated by the source: 2025-12-05T21:11:30Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.1474 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

Individual rights and government power

Liberty lens

Examine S.1474 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.

View full prompt & sources

Discuss S.1474, 109th Congress: A bill to amend the Deficit Reduction Act of 1984 to clarify the Permanent University Fund arbitrage exception and to increase from 20 percent to 30 percent the amount of securities and obligations benefitting from the exception.

Official record: https://www.congress.gov/bill/109th-congress/senate-bill/1474

Text version to examine: Introduced in Senate · 2005-07-22.

Official full text: https://www.congress.gov/109/bills/s1474/BILLS-109s1474is.htm

Imported record last updated by the source: 2025-12-05T21:11:30Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.1474 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.