HB2499 amends the Local Government Debt Reform Act to prohibit alternate bonds from being secured by general obligation bonds issued without.

HB2499 amends the Local Government Debt Reform Act to ensure that alternate bonds issued on or after the effective date of the amendatory Act cannot be secured by the proceeds of general obligation bonds issued without referendum approval. The bill outlines conditions for the issuance of alternate bonds, including the requirement for an independent accountant or feasibility analyst to demonstrate the sufficiency of revenues. It also specifies that alternate bonds are not regarded as indebtedness for statutory purposes unless expressly provided.

HB2499 amends the Local Government Debt Reform Act to prohibit alternate bonds from being secured by general obligation bonds issued without.

HB2499 amends the Local Government Debt Reform Act to ensure that alternate bonds issued on or after the effective date of the amendatory Act cannot be secured by the proceeds of general obligation bonds issued without referendum approval. The bill outlines conditions for the issuance of alternate bonds, including the requirement for an independent accountant or feasibility analyst to demonstrate the sufficiency of revenues. It also specifies that alternate bonds are not regarded as indebtedness for statutory purposes unless expressly provided.