House Bill 580 Summary

• Requires a countywide election with two-thirds voter approval before urban renewal agencies can incur debt obligating county property taxpayers for bonds or liabilities lasting more than one fiscal year, with an exception for ordinary administration expenses.

• Grants urban renewal agencies comprehensive powers to undertake renewal projects including acquiring property, clearing land, installing utilities, constructing improvements, and entering into contracts with public and private entities.

• Authorizes urban renewal agencies to issue bonds for financing urban renewal projects, with bonds payable solely from agency revenues and not constituting municipal or state debt.

• Requires that bonds obligating county property taxpayers receive approval through a countywide election by two-thirds of qualified electors before issuance.

• Specifies bond authorization procedures including requirements that bonds be authorized by agency resolution or ordinance and may be sold at not less than par value through public or private sales with published notice.