LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE 74th Regular Session March 20, 1995 TO: Honorable Ken Marchant, Chair IN RE: House Bill No. 1947 Committee on Financial Institutions By: Heflin House of Representatives Austin, Texas FROM: John Keel, Director In response to your request for a Fiscal Note on House Bill No. 1947 (relating to the amount of debt a local government may incur) this office has determined the following: This bill would establish provisions for an election to limit the amount of debt a local government could incur. The bill would require local officials to submit a debt limit proposal to voters of the local government. The debt limit would be stated as a percentage of the total assessed valuation of taxable property within the jurisdiction of the local government and could not exceed any limit or restriction imposed by another statute. An established debt limit could be amended under certain circumstances. No fiscal implication to the State is anticipated. The fiscal implication to units of local government cannot be determined. Source: Bond Review Board, Comptroller of Public Accounts LBB Staff: JK, LP, RR