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House Bill (H)

DIGEST

Political subdivision controlled projects and debt. Amends the definition of a "controlled project" to exclude projects for: (1) roads; (2) streets; (3) bridges; and (4) road, street, or bridge appurtenances. Provides that, for purposes of the petition and remonstrance process, a controlled project includes any project: (1) that is not otherwise a controlled project; but (2) the cost of which, when added to the cost of all other projects adopted by the political subdivision in the preceding five years, exceeds 1% of the political subdivision's gross assessed value but does not exceed 2% of the political subdivision's gross assessed value. Political subdivision controlled projects and debt. Amends the definition of a "controlled project" to exclude projects for: (1) roads; (2) streets; (3) bridges; and (4) road, street, or bridge appurtenances. Provides that, for purposes of the petition and remonstrance process, a controlled project includes any project: (1) that is not otherwise a controlled project; but (2) the cost of which, when added to the cost of all other projects adopted by the political subdivision in the preceding five years, exceeds 1% of the political subdivision's gross assessed value but does not exceed 2% of the political subdivision's gross assessed value. Provides that, for purposes of the referendum process, a controlled project includes any project: (1) that is not otherwise a controlled project; but (2) the cost of which, when added to the cost of all other projects adopted by the political subdivision in the preceding five years, exceeds 2% of the political subdivision's gross assessed value. Provides that the notice of the preliminary determination of the political subdivision to issue bonds or enter into a lease for a controlled project must include a statement that a person may file a petition with the department of local government finance objecting that the political subdivision has unlawfully divided a controlled project in order to avoid the petition and remonstrance or referendum requirements. 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 includes certain information and statements. Provides that if a political subdivision experiences a decrease in net assessed value it may be stated as an exception to a political subdivision's statement about maintaining its property tax rate to fund a new controlled project because of the retirement of debt. Specifies the ballot language for the referendum on such a proposed controlled project. Provides that the restrictions on supporting a position on a controlled project apply to any political subdivision that has assessed value within the same taxing district as the political subdivision proposing the project. ... View more