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Relating to procedures and requirements for the issuance of
certificates of obligation.
No significant fiscal implication to the State is anticipated.
SB 652 would prohibit city and county governments from issuing certificates of obligation for the same purpose for which a bond failed within the previous six years, an increase from the current three year prohibition. The bill also requires the governmental body to post on their website for at least 30 days prior to the date tentatively set for passage of the order or ordinance authorizing the issuance of the certificates of obligation.
All debt issued by a county or city should be subject to a bond passing, especially debt that has been voted down before. This would prevent local government from undemocratically circumventing the will of the voters, thereby preserving the principles of limited government and individual liberty.