AN ACT TO REQUIRE DISCLOSURE ON THE BALLOT THAT AUTHORIZATION OF INDEBTEDNESS INCLUDES INTEREST AND THAT TAXES MAY BE LEVIED TO REPAY THE INDEBTEDNESS. Enacted June 26, 2013. Effective September 1, 2013.
Summary date: Jul 2 2013 - View summary
Summary date: Jun 6 2013 - View summary
Senate committee amendment to the 2nd edition makes the following changes. Changes the effective date of the act from when the act becomes law to September 1, 2013.
Summary date: Apr 17 2013 - View summary
House committee substitute makes the following changes to the 1st edition.
Deletes the proposed changes to GS 159-52(b) and deletes new GS 142-15.4 (general obligation ballot question).
Amends GS 159-55 to provide that when a bond order is introduced, the finance officer or some other officer designated by the governing board is to file a statement with the clerk that (1)estimates the amount of interest that will be paid on the bonds over the expected term of the bonds and (2) summarizes the assumptions on which the estimated interest calculationsare based. Includes additional guidelines regarding the statement of estimated interest on the bonds and provides that the statement may include other qualifications deemed appropriate by the finance officer. Specifies that the validity of bonds authorized by the order cannot be challenged on the grounds that there is a discrepancy between actual interest cost of the bonds and the estimate set out in the statement of estimated interest. Directs that the statement be filed with the Local Government Commission and maintained by the clerk.
Amends GS 159-56 to require that clerk to publish a bond order after its introduction with a statement appended that indicates the estimated interest that the finance officer included in the statement of estimated interest. Provides that the publication of the bond order may also include a summary of the assumptions on which the interest estimate is based.
Amends GS 159-58 to require that the publication of the bond order as adopted must also contain an appended statement of the estimated amount of interest that will be paid over the expected term of the bonds.
Amends GS 156-61(d) to modify the form of question as stated on the ballot.
Provides that this act is effective when it becomes law and applies to bonds issued under bond ordersintroduced on or after that date, and that this act does not affect the validity of any bonds issued under bond orders introduced prior to the effective date.
Amends the long title.
Summary date: Mar 6 2013 - View summary
Amends GS 159-52 to direct a Local Government Commission (Commission) that approves an application for a bond issue to use current interest rates to estimate the total amount of interest anticipated to result from the proposed bond and include that estimated amount in the order approving the application. Amends GS 159-61(d) to require that the estimated amount of principal andinterest that wouldresult from the proposed bond be included in the question on the ballot as to whether to approve the bond issue.
Enacts new GS 142-15.4 to declare that any general obligation bond issued by the General Assembly must use the current interest rate to determine an estimate of the total amount of interest anticipated to result from the proposed bond. Requires that the question on the ballot include the amount of principal and anticipated interestandtheState Treasurer's calculations as to the estimated cost of the debt resulting from the proposed bond. Also requires that ballot include a statement indicating that approval of the general obligation bond does not require the issuance of the general obligation bond.
Effective when the act becomes law and applies to bonds proposed on or after that date.