This Fiscal Note is not an official copy and should not be quoted or cited.
This Fiscal Note is not an official copy and should not be quoted or cited.
Fiscal Note - SJR 010 - Allows approval of school bond issues by simple majority
COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. NO. 0353-01
BILL NO. SJR 10
SUBJECT: Constitutional Amendment: Bonds - General Obligation and Revenue
TYPE: Original
DATE: December 10, 1998
FISCAL SUMMARY
|
ESTIMATED NET EFFECT ON STATE FUNDS | |||
| FUND AFFECTED | FY 2000 | FY 2001 | FY 2002 |
| General Revenue | $0 | ($43,100) | $0 |
| Total Estimated
Net Effect on All State Funds |
$0 | ($43,100) | $0 |
|
ESTIMATED NET EFFECT ON FEDERAL FUNDS | |||
| FUND AFFECTED | FY 2000 | FY 2001 | FY 2002 |
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
|
ESTIMATED NET EFFECT ON LOCAL FUNDS | |||
| FUND AFFECTED | FY 2000 | FY 2001 | FY 2002 |
| Local Government | $0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses
This fiscal note contains 3 pages.
FISCAL ANALYSIS
ASSUMPTION
Officials of the State Tax Commission and the Department of Elementary and Secondary Education stated that the proposal would not affect their agencies.
The actual effects of the proposal would depend upon actions of school boards, in presenting bond issues to the voters, and the voters, in approving or not approving proposed bond issues.
The proposal would make passage of bond issues easier, but would have no direct effect on any sources of income for municipalities, counties or school districts.
Advertisement costs for the proposal would be $3,990 per newspaper column inch for three publications of the text of the proposal, the introduction, title, fiscal note summary, and affidavit. The proposal would be on the ballot for the November 2000 general election.
| FISCAL IMPACT - State Government | FY 2000 | FY 2001 | FY 2002 |
| Cost to General Revenue Fund | |||
| Secretary of State | |||
| Newspaper Advertisements | ($ 43,100) | ||
| FISCAL IMPACT - Local Government | FY 2000 | FY 2001 | FY 2002 |
| $0 | $0 | $0 | |
| FISCAL IMPACT - Small Business | |||
No direct fiscal impact to small businesses would be expected as a result of this proposal.
DESCRIPTION
This proposal would allow political subdivisions to issue bonds with simple majority approval of voters. Currently, bond issues require two-thirds or four-sevenths majorities depending on when they are put on ballots.
DESCRIPTION continued
This legislation is not federally mandated, would not duplicate any other program and would not require additional capital improvements or rental space.
SOURCES OF INFORMATION
Department of Elementary and Secondary Education
Secretary of State
State Tax Commission
Jeanne Jarrett, CPA
Director
December 10, 1998