Vote Smart's Synopsis:

Vote to pass a bill that prohibits local governments from establishing local improvement districts for the purpose of issuing bonds, registered warrants, or interim warrants equal to $500,000 or more unless approved via an election or petition by 60 percent of resident owners or 2/3 of property owners subject to assessment within the district.

Highlights:

-Exempts bonds, registered warrants, or interim warrants issued primarily to redeem and retire interim warrants, and registered warrants or bonds that had been issued prior to the effective date of this Act (Sec. 1).

Full Bill Text