A. In order to provide more accurate and meaningful information to the public regarding bond issues, the debt oversight commission is established in the department of administration.

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B. The commission consists of the director of the department of administration, who serves as chairperson, and four private citizens who are knowledgeable in the area of finance or bond financing, one who is appointed by the governor and three who are appointed jointly by the president of the senate and the speaker of the house of representatives. The terms of appointive members are three years.

C. An appointment to fill a vacancy on the commission resulting from other than expiration of term is for the unexpired portion of the term.

D. The department of administration shall provide secretarial and staff support services to the commission.

E. The private citizen members of the commission are eligible to receive $50 per day for time spent in the performance of their duties. These monies shall be paid from monies appropriated to the department of administration.

F. The commission shall meet at least annually and, in addition, at the call of the chairperson. The commission shall meet at such times and places as convenient or necessary to conduct its affairs and shall render its findings, reports and recommendations in writing to the governor and to the legislature.

G. The commission shall:

1. Review the information provided to the department of administration as prescribed in section 35-501.

2. Ascertain the bonded indebtedness of all taxing jurisdictions and the relationship to the appropriate debt limitation.