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
DPA	Third Read
X	As Passed the House

HB 2443 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.

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 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.

· Requires 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.

· 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.

· Specifies that the Board of Supervisors or governing body of a political subdivision has a maximum of 20 days to hold a special meeting to certify bond election results.

· Makes technical changes.

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· 45th Legislature

· Second Regular Session 2 June 3, 2002

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