HB 2656 Summary

• Authorizes counties to enter into lease-purchase agreements for real property and improvements with a maximum payment period of 25 years (increased from 15 years with unanimous board approval).

• Requires counties to hold public hearings before entering into lease-purchase agreements and present details including project nature, funding sources, outstanding indebtedness, and status of current lease-purchases.

• Permits counties with populations between 900,000 and 1.5 million persons to issue certificates of participation for capital improvements only, subject to majority board vote, public hearings, and voter approval unless unanimously approved by the board.

• Establishes regional bond accountability committees consisting of representatives from the county board of supervisors and each incorporated city and town in the county to review and comment on proposed lease-purchases and certificates of participation.

• Requires counties to annually publish lists of all outstanding certificates of participation and long-term purchase obligations, including remaining debt amounts, interest rates, and revenue sources for payment.