Relating to city finances by amending provisions relating to the issuance of general obligation bonds

the explanation’s substance by the members of the general assembly. This bill relates to city finances by amending provisions relating to the issuance of general obligation bonds. If a city proposes to carry out a general corporate purpose using funds from the issuance of general obligation bonds, generally the issuance of such bonds must first be approved at election. Current law establishes an exception by providing that a city, in lieu of calling an election, may institute proceedings for the issuance of bonds for a general municipal 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 city population limitations: (1) in cities having a population of 5,000 or less, in an amount of not more than $400,000; (2) in cities having a population of over 5,000 and not over 75,000, in an amount of not more than $700,000; and (3) in cities having a population of over 75,000, in an amount of not more than $1 million. However, if at any time before the date fixed for taking action for the issuance of the bonds, a valid petition is filed asking that the question of issuing the bonds be submitted to the registered voters of the city, the city council 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.4 million; and (3) in cities having a population of over 75,000, in an amount of not more than $2 million. requires each city’s population to be determined based on the most recent population estimate produced by the United States census bureau.