Senate committee substitute to the 1st edition makes the following changes.

Section 1.

Moves amendments to GS 159-61(d) (form of ballot question on bond referenda) to Section 1 (was, Section 4).  Rewords the form of the ballot question so that it begins with the following, “additional property taxes may be levied on property located in [name of unit of local government] in an amount sufficient to pay the principal of and interest on bonds if approved by the following ballot question.” Eliminates requirement that the bond question appear in the format listed in the statute. Deletes proposed ballot language that would have provided the voter with: (1) a disclosure of the maximum bond issuance term and a disclosure of the interest rate charged over the same period of years immediately prior and (2) a disclosure that approval would permit the local government to issue up to 2/3 of the principal amount authorized by the ballot question without voter approval in future years. Changes the ballot disclosure pertaining to property tax liability so that it now will provide the estimated increase in property tax liability to service the debt for each $100,000 of property tax value, per year (was, $10,000 of property tax value).

Section 3.

Amends GS 159-52 (c) (approval of proposed bond issue application by Local Government Commission [LGC]) as follows. Changes the disclosure pertaining to property tax liability so that it now will provide the unit’s increase in property tax liability to service the debt for each $100,000 of property tax value, per year (was, $10,000 of property tax value). Specifies that the order approving the application must be posted online on the LGC’s, the local government’s, and the appropriate local county board(s) of elections’ website(s).

Section 5.

Amends GS 159-55 (sworn statement of debt as part of procedure for issuing bonds) to provide that the local government’s finance officer or designee must file a summary sheet containing the following information prior to the public hearing on the bond order: (1) the current financial state of the unit of local government, including any outstanding bonds held by the unit of local government; (2) the information required by GS 159-55.1 for the statement of disclosure; (3) the amount of debt that may be issued over [maximum bond issuance term] years, and the interest charged for similar debt over the last [same period of time in years] was [provide applicable range]; (4) the information required by GS 159-55. Specifies that the summary sheet must be posted online on the LGC’s, the local government’s, and the appropriate local county board(s) of elections’ website(s).

Amends GS 159-55.1 (statement of disclosure necessary for bond authorization), GS 159-56 (pertaining to publication of bond order as introduced), and GS 159-58 (pertaining to publication of bond order as adopted) to specify that the statement of disclosure/bond order as introduced/bond order as adopted must be posted online on the LGC’s, the local government’s, and the appropriate local county board(s) of elections’ website.

Section 6.

Requires the LGC to establish an online database that makes publicly available a searchable listing of all proposed bond issue approved by the LGC.  Requires the database to contain the following information: (1) the summary sheet provided for in GS 159-55(e); (2) the ballot question as provided for in GS 159-61 and (3) a statement of the result of the ballot question once certified by the appropriate board of elections. Effective January 1, 2024.

Section 7.

Amends GS 69-25.1 (special tax elections to be held upon petition of voters in rural fire protection districts to require that the ballot question specify that the maximum tax rate authorized be fifteen cents (15¢) on the $100 valuation of property and first proposed fire tax rate, if any, is proposed. Makes a clarifying change. 

Section 8.

Changes the act’s general effective date to December 31, 2023. Specifies it applies to bonds proposed on or after that date. 

Makes organizational, technical and clarifying changes.

Makes conforming changes to the act’s long title.