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IN HB1045
Bill
Status
1/3/2018
Primary Sponsor
Jeffrey Thompson
Click for details
AI Summary
- Political subdivisions may adopt a resolution when new debt service for controlled projects will be offset by retiring existing debt, allowing them to present the net tax impact rather than just the new project's cost
- Resolutions must include a 10-year schedule showing maximum annual debt service, projected levy and tax rates, and whether retiring bonds were previously approved by voters
- Political subdivisions can commit to maintaining total debt service property tax rates at or below a specified rate, with exceptions allowed for emergencies or safety/security projects
- Referendum ballot language must show both the project's property tax rate and the estimated net change in total debt service rate after accounting for debt retirement
- Subdivisions must submit debt retirement details to the Department of Local Government Finance, including amount retired, impact on tax rates, and net change in total debt service rate
Legislative Description
Controlled project referendum. Provides that if the estimated increase in a political subdivision's property tax levy for debt service for a proposed controlled project will be offset in whole or in part because of the retirement of existing debt of the political subdivision, the proper officers of the political subdivision may adopt a resolution that does the following: (1) Includes a schedule that specifies certain information concerning the debt service for the controlled project and the expected changes in the political subdivision's total debt service payments that will result because the debt service for the controlled project will be offset
Last Action
Representative Cook added as coauthor
1/9/2018