Summary
Amendment can translate this bill from legal jargon into easy-to-understand language. Sign up to try it for free.
- Takes 30 seconds
- Free
- No credit card required
From the Legislature
Authorizes municipality to transfer portion of its public utility earnings to its general fund; requires that such percentages be established or reestablished by local referendum, subject to majority vote; provides exception to percentage restrictions in event of disaster or emergency; authorizes such percentages to be established by passage of resolution, by four-fifths vote; requires such percentages to be repaid to general fund within specified time period; prohibits municipality from transferring portion of its public utility earnings in certain instances; prohibits ability of municipality to receive certain state funds if such prohibited transfer is effected; requires specified disclosure in budget & financial report of municipality.