HB 1564 Summary

• Requires political subdivisions issuing bonds or leases after December 31, 2010 to supply information about those obligations to the department of local government finance and county treasurers by December 31 of the year issued.

• Mandates political subdivisions submit annual summaries of outstanding bonds and leases with proposed budgets, including payment schedules, outstanding balances, applicable tax rates, and explanations of any changes.

• Prohibits the department of local government finance from certifying a political subdivision's budget until required bond and lease information is provided for that year.

• Requires county treasurers to include detailed bond and lease information on property tax statements issued after December 31, 2011, showing how property taxes are used for debt service and what taxes would be without those obligations.

• Effective July 1, 2011.