DIGEST OF INTRODUCED BILL
Referendum for property tax secured debt. Requires lease rentals or bond issues for local capital projects that will cost more than the lesser of: (1) 2% of a political subdivision's total gross certified assessed value; or (2) $50,000,000; to be approved at a local referendum if the preliminary determination to enter into the lease or issue bonds is made after June 30, 2007. Provides that the petition and remonstrance process applies if the preliminary determination to enter into the lease or issue bonds is made before July 1, 2007. Makes conforming amendments.