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Relating to ballot propositions authorizing certain political
subdivisions to issue debt obligations.
No fiscal impact to the state is anticipated.
SB 462 would require propositions to issue debt obligations to distinctly state the purpose for the debt, the principal amount of the debt, that taxes sufficient to pay the principal and interest may be imposed, the total amount of debt obligations the municipality currently has, and the ad valorem debt service tax rate at the time of the election.
Texas Action recommends supporting SB 462 because it promotes property rights, personal responsibility, and limited government. SB 462 would add more transparency to the debt obligation voting process that is a major contributing factor to rapidly rising property taxes. All voters would be informed as to the future effects of the added debt and the current debt situation in order to responsibly vote.