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Committee advances bill to raise township bond limits, adds tiered caps
Summary
The Committee on Local Government advanced Senate Bill 7, which raises statutory bond-issuance limits for townships and for township fire departments, creates population-based tiers for most township bonds, and preserves voter approval requirements.
Senate Bill 7, which would increase statutory limits on township bond issuance and revise maturity and percentage limits for township fire department bonds, was advanced out of the Committee on Local Government Tuesday.
The bill would leave the current 1% cap on general-obligation bonds in place for townships with populations of 5,000 or fewer, raise the cap to 5% for townships with populations between 5,001 and 15,000, and raise it to 10% for townships with populations above 15,000. "Senate Bill 7 increases the statutory limits on the bond issuance authority for townships," Jason Long, the committee reviser, told the committee, and said the bill amends statutes governing general obligation bonds and township fire departments.
The measure keeps in place the existing requirement that…
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