H259 - 2023 Appropriations Act. (SL 2023-134)

Overview: Section 36.3 of S.L. 2023-134 amends the ballot language required for a general obligation bond referendum to add the following:

• The estimated cumulative cost over the life of the bond, using the highest interest rate charged for similar debt.
• The amount of property tax liability increase to service the cumulative cost over the life of the bond, stated for each $100,000 of property tax value.

Section 36.3 also requires that the ballot language explicitly state that additional property taxes can be levied on property located in the unit of local government to repay the debt.

This section became effective December 31, 2023, and applies to bond referendums conducted on or after that date.