Bill Summary for H 248 (2013-2014)

Summary date: 

Mar 6 2013

Bill Information:

View NCGA Bill Details2013-2014 Session
House Bill 248 (Public) Filed Wednesday, March 6, 2013
A BILL TO BE ENTITLED AN ACT TO REQUIRE DISCLOSURE ON THE BALLOT THAT AUTHORIZATION OF INDEBTEDNESS INCLUDES INTEREST AND THAT TAXES MAY BE LEVIED TO REPAY THE INDEBTEDNESS.
Intro. by Conrad, Fulghum, Cleveland, Blust.

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Bill 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.

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