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ID H0616
Bill
AI Summary
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Requires approval before issuing bonds, registered warrants, or interim warrants of $500,000 or more for local improvement districts initiated by council resolution.
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Approval must come from either at least 60% of resident property owners or two-thirds of all property owners subject to assessment, voting at a May or November election or by petition.
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Exempts bonds, registered warrants, or interim warrants issued primarily to redeem and retire similar instruments issued before this act's effective date.
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Applies to all issuances or reissuances of $500,000 or more by local improvement districts initiated after the act's effective date.
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Declares an emergency, making the act effective upon passage and approval.
Legislative Description
Amends existing law to provide when a local improvement district is created by resolution of the city council that no bonds, registered warrants or interim warrants in an amount of $500,000 or more may be issued unless such issuance is approved by a specific percentage of resident owners of taxable property voting on the question.
LOCAL IMPROVEMENT DISTRICTS
Last Action
to Loc Gov
3/8/2010