HB 1109 Summary

• Adds definition of "amount financed" for controlled projects made after June 30, 2013, calculated as project cost minus cash commitments from the political subdivision, federal government, and other contributing entities.

• Changes controlled project thresholds from "cost" to "amount financed" to determine whether projects are subject to petition and remonstrance process or referendum process.

• Modifies waiting period for subsequent referenda to allow next referendum at the comparable May or November election date even if less than one full year later, if first referendum was held on May or November election date; retains one-year rule for special elections.

• Requires political subdivisions to specify in preliminary determination resolutions or ordinances the amounts of cash being reserved exclusively for controlled project expenditures after June 30, 2013.

• Voids part of political subdivision's levy for controlled project if reserved cash is not spent; releases reserved cash for other lawful uses if project is not authorized or is withdrawn.