IN HB1132

Defines "cost to be financed" for controlled projects as the total project cost minus cash committed by the political subdivision, federal grants, and donations from outside entities, effective for preliminary determinations made after June 30, 2012

Requires political subdivisions to specify in their preliminary determination resolution or ordinance the amount of cash they are reserving exclusively for expenditure on the controlled project

Applies petition/remonstrance thresholds and referendum thresholds based on "cost to be financed" rather than total project cost, affecting which approval process applies to school buildings and other controlled projects

Sets cost thresholds for referendum requirements: elementary/middle school buildings exceeding $10 million, high school buildings exceeding $20 million, and other projects exceeding the lesser of $12 million or 1% of gross assessed value

Voids the portion of a political subdivision's levy for a controlled project if the subdivision reserved cash for the project but fails to spend that reserved cash on the project