Today, state Senator Donna Campbell filed Senate Bill 399 that if passed would add specific content to ballots for bond referendums proposed by school districts. Language that would be added includes:
- the purpose for which the debt obligations are to be authorized;
- the principal amount of the debt obligations to be authorized;
- that taxes sufficient to pay the annual principal of and interest on the debt obligations may be imposed;
- a statement of the estimated tax rate if the debt obligations are authorized or of the maximum interest rate of the debt obligations or any series of the debt obligations, based on the market conditions at the time of the election order;
- the maximum maturity date of the debt obligations to be authorized or that the debt obligations may be issued to mature over a specified number of years not to exceed 40;
- the aggregate amount of the outstanding principal of the political subdivision's debt obligations as of the beginning of the political subdivision's fiscal year in which the election is ordered;
- the aggregate amount of the outstanding interest on debt obligations of the political subdivision as of the beginning of the political subdivision's fiscal year in which the election is ordered; and
- the ad valorem debt service tax rate for the political subdivision at the time the election is ordered, expressed as an amount per $100 valuation of taxable property.
To access Senate Bill 399, click on the link below.
http://www.capitol.state.tx.us/BillLookup/Text.aspx?LegSess=84R&Bill=SB399