A. Beginning on or before December 1, 2013 and each December 1 thereafter, the department shall submit a report to the speaker of the house of representatives, the president of the senate and the staff director of the joint legislative budget committee that addresses the cost to this state to pay the remaining balance of any outstanding state debt and obligations and, based on the current interest rates, the interest that would be saved. The report shall include an analysis that gives the amount of the savings if this state pays the outstanding state debt and obligations, under current economic conditions, in increments of fifty million dollars up to two hundred million dollars. The analysis shall focus on approaches that would produce the highest cost savings to this state.

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B. For the purposes of this section, "state debt and obligations" means the following obligations that are paid with state general fund monies:

1. Outstanding general obligation bonds.

2. Long-term notes and obligations.

3. Certificates of participation and other obligations pursuant to any lease-purchase agreement.

4. Revenue bonds.