Bill Summary for H 315 (2011-2012)

Summary date: 

Mar 10 2011

Bill Information:

View NCGA Bill Details2011-2012 Session
House Bill 315 (Public) Filed Thursday, March 10, 2011
TO REQUIRE DISCLOSURE ON THE BALLOT OF THE ESTIMATED AMOUNT OF INTEREST THAT WOULD BE INCURRED ON INDEBTEDNESS.
Intro. by Pridgen, Folwell, Collins, Stone.

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Bill summary

Enacts new GS 142-15.4, requiring the State Treasurer to use current interest rates to estimate the total amount of interest resulting from any proposed general obligation bond issued by the General Assembly. Requires the ballot to include the following information in the form of a question: (1) the amount of principal and the estimated total amount of interest and cost of debt resulting from the proposed bond and (2) a statement that approval of the general obligation bond does not require issuance of the general obligation bond.
Amends GS 159-52(b) (concerning proposed bond application approval) to direct the Local Government Commission to use current interest rates to estimate the total amount of interest resulting from the proposed bond and include that estimation in the order approving the bond application. Makes a conforming change to GS 159-61(d) (form of question on the ballot) to include the new language on the ballot.
Applies to bonds proposed on and after the date on which the act becomes law.

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