Honorable Morgan Meyer, Chair, House Committee on Ways & Means
FROM:
Jerry McGinty, Director, Legislative Budget Board
IN RE:
SB2519 by Bettencourt (Relating to restrictions on the use of certain ad valorem taxes and on the issuance of certain bonds supported by ad valorem taxes.), As Engrossed
No significant fiscal implication to the State is anticipated.
The bill would prohibit a taxing unit, other than a school district, from using or transferring maintenance and operations tax revenue derived from an election under the section to a local government corporation to repay a public security.
The bill would prohibit a municipality, county, or local government corporation from dedicating, pledging, or otherwise using revenue subject to annual appropriation and derived wholly or partly from ad valorem taxes from an election for payment of a public security.
Local Government Impact
No significant fiscal implication to units of local government is anticipated.