Limits municipal, county, and school district bond issuance to emergencies and essential infrastructure.

The Sustainable, Honest Investment, and Elimination of Local Debt Act, or SHIELD Act, restricts municipalities, counties, and school districts from issuing bonds after January 1, 2027, except for declared emergencies, essential infrastructure, or emergency replacement of critical building systems. Bonds must also secure federal or state matching funds or be explicitly authorized by voters. Bonds issued in violation of these provisions are voidable by taxpayers, and the state treasurer must refuse registration of non-compliant bonds.

Limits municipal, county, and school district bond issuance to emergencies and essential infrastructure.

The Sustainable, Honest Investment, and Elimination of Local Debt Act, or SHIELD Act, restricts municipalities, counties, and school districts from issuing bonds after January 1, 2027, except for declared emergencies, essential infrastructure, or emergency replacement of critical building systems. Bonds must also secure federal or state matching funds or be explicitly authorized by voters. Bonds issued in violation of these provisions are voidable by taxpayers, and the state treasurer must refuse registration of non-compliant bonds.