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Senate substitutes Local Government Bonding Act to require municipal public hearings on bond impacts
Summary
Senate adopted a second substitute to S.B. 32 to clarify language including insertion of 'trust indenture' and to require municipalities to hold public hearings ahead of bond elections to discuss economic impacts. Sponsor said the substitute reflects bond attorneys’ suggestions and a compromise with the League of Cities.
Senator Jenkins presented and the Senate substituted S.B. 32, aimed at requiring municipalities to hold a public hearing that gives residents the chance to comment on the potential economic impact of bond-funded improvements before an election notice is published.
"It requires the cities no sooner than 30 days before an election or no later than five days before the day on which the notice of the election is published to receive input from the public with respect to the issuance of the bonds and the potential economic impact," Jenkins said, describing the bill's public-notice and hearing requirements. He said the League of Cities and Towns had worked with sponsors and that bond attorneys recommended re-inserting the phrase "trust indenture" to reflect how municipal bonds are issued.
The Senate substituted the bill with a second substitute to correct drafting issues, reinserting "trust indenture" and restoring pluralization where needed; the chamber then called the question and ordered the second substitute S.B. 32 for third reading after a roll-call vote (28 yes, 0 nays, 1 absent).
Supporters described the measure as a compromise intended to give the public more review of bond projects; the bill now proceeds to third reading where its final language will be considered.
