House of Representatives

HB 2443

bond election pamphlets; disclosures

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

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

HB 2443, as amended, requires disclosure of the estimated impact of bond elections on owner-occupied residential property, agricultural property and commercial property valued at $100,000, amortized over the life of the bond. These requirements are to be in bold face type. As amended, the bill also clarifies dates for mailing bond pamphlets and the time limit for a canvas.

Current Status

HB 2443 was amended in the Ways and Means Committee. The Committee of the Whole adopted a substitute amendment to the Ways and Means Amendment.

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.

Amendments

Ways and Means:

HB 2443 was amended in the Ways and Means Committee to clarify that bond election pamphlets are to show impacts based on full cash value, not assessed value.

Committee of the Whole:

HB 2443 was amended with a substitute amendment to the Ways and Means amendment. The substitute amendment contained the following provisions:

· Adds agricultural property to those properties that appear on a ballot pamphlet with tax rate information.

· Clarifies that the tax rate impact information is on the full cash value of a $100,000 home, in addition to the information on the average valued home.

· Requires the annual cost of the bond on a $100,000 home, agricultural property and commercial property to be in bold face type, showing the total principal and interest payments over the life of the proposed bonds.

· Extends the time period to 50 days before an election, instead of 40 days, as the earliest possible day to mail the ballot pamphlet information.

· Clarified the time limit for the ballot canvas.

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· 45th Legislature

· Second Regular Session 2 April 1, 2002

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