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House Bill 1045

Introduced House Bill (H)

DIGEST

Controlled project referendum. 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 does the following: (1) Includes a schedule that specifies certain information concerning the debt service for the controlled project and the expected changes in the political subdivision's total debt service payments that will result because the debt service for the controlled project will be offset Controlled project referendum. 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 does the following: (1) Includes a schedule that specifies certain information concerning the debt service for the controlled project and the expected changes in the political subdivision's total debt service payments that will result because the debt service for the controlled project will be offset by the retirement of existing debt. (2) States that the political subdivision intends to maintain the political subdivision's total debt service property tax rate (including debt service for the controlled project and for all other debt of the political subdivision) at or below a specified tax rate. Provides that the political subdivision's statement that it intends to maintain its total debt service property tax rate at or below a specified tax rate may include exceptions for specified projects or purposes, including any projects that the political subdivision declares are required by an emergency or are required for the safety and security of citizens or students. Specifies the ballot language for the referendum on such a proposed controlled project. ... View more