Signed by Governor Dave Heineman

Vote Smart's Synopsis:

Vote to pass a bill that allows governing bodies of municipalities to create urban growth districts for the purpose of using local option sales and use tax revenue to finance infrastructure projects.

Highlights:

-Allows municipalities that have established urban growth districts to issue urban growth bonds and refunding bonds to finance and refinance the construction or improvement of roads, bridges, and related structures within the urban growth district and in other areas in the municipality (Sec. 1). -Specifies that urban growth districts must be within the municipality's current corporate limits and outside the corporate limits as they existed before the issuance of growth bonds (Sec. 1). -Specifies that urban growth bonds shall be secured by a pledge of the urban growth local option sales and use tax revenue (Sec. 1).

Full Bill Text