HB0459 Summary: School District Debt Control and Taxpayer Protection Act

• School districts cannot refinance debt beyond its original repayment period or issue debt with a service period exceeding 20 years.

• Debt limits are set at 13.8% of taxable property value for unit districts and 6.9% for elementary or high school districts, calculated using 2016 equalized assessed value or last assessment value, whichever is greater.

• School districts exceeding the debt limitation cannot issue new debt, including tax anticipation warrants, unless a referendum was passed before the act's effective date.

• Capital appreciation bonds (debt without annual or semiannual principal or interest payments) are prohibited for school districts.

• Bond referendum questions must disclose the project description, estimated years of outstanding bonds, and total estimated debt service including principal, interest, and issuance costs.

• Public information about bond issuances must include the estimated average annual property tax needed to pay principal and interest on a median-priced home in the district.