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DIGEST OF INTRODUCED BILL
Controlled projects. Adds a definition of "amount financed" to the controlled projects statute. Defines the term as meaning, for purposes of a preliminary determination to issue bonds or enter into a lease made by a political subdivision after June 30, 2013, the cost of a project minus the sum of the cash committed to payment for the project by the political subdivision itself, by the federal government, and by any other entity contributing to the project. Restates the thresholds in current law differentiating between controlled projects that are subject to the petition and remonstrance process and those that are subject to the referendum process in terms of the controlled project's amount financed instead of the controlled project's cost. Changes the waiting period required for subsequent referenda for controlled projects and for a school's referendum fund to provide that if the first referendum is held on a May or November election date, a subsequent referendum may be held at the next comparable (May or November) election date even though it may be a few days less than one full year later. Retains the one year rule if a special election is used. Makes a technical correction.