Local spending is growing faster than it should, and, as a consequence, it is fostering an environment of higher taxes and bigger debt. After all, persistently high levels of government spending have to be provided for somehow.
SB 462
SB 462
- Improves transparency in the debt issuance process by requiring bond propositions to specify:
- the purpose for the debt obligation
- the principal amount of debt to be authorized
- the taxes that may be imposed to pay the annual interest and principal
- the aggregate amount of outstanding principal of existing local debt
- the debt service portion of the property tax rate for the political subdivision at the time the election is ordered