HSB 714

This bill relates to county and city finances by amending provisions relating to the issuance of bonds and authorizing counties to establish and levy for a capital improvement reserve fund.5 cents per $1,000 of taxable value each year to be levied for the fund for the purpose of accumulating moneys for the financing of specified capital improvements, or carrying out a specific capital improvement plan.7. The question of the establishment of a capital improvements reserve fund, the time period during which a levy will be made for the fund, and the tax rate to be levied for the fund is subject to approval by the voters, and may be submitted at any general election upon the board’s motion, or shall be submitted at the next general election upon receipt of a valid petition. Termination of the levy is done in the same manner as the authorization.442(2) requires the board of supervisors to publish a notice of the proposal to issue the bonds, including a statement of the amount and purpose of the bonds and a statement of the estimated cost of the project for which the bonds are to be issued. _____ estimated cost of the project for which the bonds are to be issued. If a county proposes to carry out a general county purpose using funds from the issuance of general obligation bonds, generally the issuance of such bonds must first be approved by the registered voters of the county. Current law establishes an exception by providing that a county, in lieu of calling an election, may institute proceedings for the issuance of bonds for a general county purpose by notice and publication of the proposal to issue the bonds that includes a notice of the right to petition for an election, subject to the following bond amount and county population limitations: (1) in counties having a population of 20,000 or less, in an amount of not more than $100,000; (2) in counties having a population of over 20,000 and not over 50,000, in an amount of not more than $200,000; and (3) in counties having a population of over 50,000, in an amount of not more than $300,000. However, if at any time before the date fixed for taking action for the issuance of the bonds, a valid petition is filed with the county auditor asking that the question of issuing the bonds be submitted to the registered voters of the county, the board of supervisors shall either by resolution declare the proposal to issue the bonds to have been abandoned or shall direct the county commissioner of elections to call a special election upon the question of issuing the bonds. The bill increases the bond amount limitations for each of the county population categories to the following amounts: (1) in counties having a population of 20,000 or less, in an amount of not more than $400,000; (2) in counties having a population of over 20,000 and not over 50,000, in an amount of not more than $700,000; and (3) in counties having a population of over 50,000, in an amount of not more than $1 million. _____ repair, cleanup, replacement, and improvement of property, buildings, equipment, and public facilities that have been damaged by a disaster and that are located in a specified disaster area. The bill increases the minimum threshold amount of bonds for such purposes from $3 million to $5 million.