Amends GS 159-51 to require local governments that apply to the Local Government Commission (LGC) for approval of a bond issuance include information satisfying the disclosure requirements of GS 159-52(c) and any additional information required by the secretary of the LGC. Creates new GS 159-52(c), requiring disclosure in the LGC’s order approving an application for a bond issuance (1) the total amount of interest estimated to result from the bond using the highest interest rate in the immediately preceding years for the maximum issue term of the bond; (2) the increase in property tax liability necessary to service the debt for each $10,000 of property tax value; and (3) a notice that pursuant to GS 159-49 the local government may issue additional general obligation debt up to 2/3 of the amount of the proposed bond as the debt is retired, without a vote, along with a calculation of that debt. Re-letters the subsections of GS 159-52 accordingly and creates new subsection (d) from existing text. Changes the text of GS 159-53 to reference “GS 159-52” instead of “GS 159-52(b).” 

Creates four new required sections that must appear on the ballot question under GS 159-61(d), roughly corresponding to the disclosures required in GS 159-52(c). The required sections are (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; (2) the estimated cumulative cost of the bond using the interest rate referenced in subsection (1); (3) the estimated increase in property tax liability to service the debt for each $10,000 of property tax value, per year; and (4) 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.