Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance topic
No spam. Unsubscribe anytime.
House approves bond-election transparency bill with delayed effective date
Summary
On March 6, 2018 the House passed Senate Bill 122 as amended to require clearer disclosures and to limit local bond amounts to what voters authorize; the House adopted an amendment delaying the effective date to avoid disrupting bond processes already underway.
Representative McKay presented Senate Bill 122, saying the bill aligns local bonding practices with state standards to improve transparency so that voters’ authorized bond amounts are reflected in final financing. He said some financing vehicles could result in effective bond obligations substantially larger than the ballot authorization, and that the bill limits overage and improves disclosure.
Members debated the bill’s potential effects on school districts. Representative Briscoe and others said the bill could constrain local flexibility and would affect districts that must adapt plans when market costs change; Representative Thurston and Representative Segers supported the bill, arguing it prevents "gaming" financing and ensures voters know total borrowing obligations.
Representative Notwell moved Amendment No. 3 (delayed effective date) to protect districts already in mid-process; Representative McKay supported the amendment as a fairness measure. The amendment was adopted and the House voted: the presiding officer announced SB122 passed the House as amended with 40 yea votes and 28 nay votes. The bill was returned to the Senate for further consideration.
Next steps: SB122 will go back to the Senate for consideration of House amendments.
