NC H128

Requires local government units to adopt a resolution stating intent to enter into certificates of participation or similar debt contracts, with the maximum amount disclosed at least 10 days before execution.

Allows voters to petition for a referendum on such contracts if signed by at least 5% of registered voters in the unit, with petitions filed before Local Government Commission approval or within 10 days of the resolution adoption.

Establishes that referendums require majority voter approval and must be held within one year of the resolution adoption on a date permitted by election law, with official notice published at least 14 and 7 days before voter registration deadline.

Applies similar voter referendum requirements to revenue bonds, project development financing, special obligation bonds, and other financing arrangements subject to Local Government Commission approval.

Reduces petition signature requirement for general bond issue referendums from 10% to 5% of registered voters and becomes effective upon passage.