House of Representatives

HB 2443

bond election pamphlets; disclosures

Sponsor: Rep. May, Kraft, Cooley, Weiers, et al

X	Committee on Ways and Means
	Caucus and COW
	Third Read
	As Passed the House

HB 2443 requires disclosure of the estimated impact of bond elections on owner-occupied residential property valued at $100,000 amortized over the life of the bond.

History

The informational pamphlet for bond elections has been required since 1994. The pamphlet is required to be mailed to registered voters from 10-40 days before the bond election. Currently the pamphlet must include an estimated tax rate impact for residential, commercial, and industrial properties determined by the governing body of the political subdivision.

The bill will require political subdivisions to notify voters of the actual tax impact of bond proposals on a $100,000 owner-occupied residential property, amortized over the life of the bond. The bill also requires that the full disclosure of an equation, in bold-face type, explaining total cost of the bond, including principle and interest.

Provisions

· Requires political subdivisions to include estimated impacts of bond elections on $100,000 owner-occupied residential property, amortized over the life of the bond, on informational pamphlets about bond elections. Also requires disclosure of total cost of the bond in bold-face type.

· Makes technical changes.

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· 45th Legislature

· Second Regular Session 2 March 15, 2002

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