00                            HOUSE BILL NO. 122                                                                          
01 "An Act relating to municipal general obligation bonds."                                                                
02 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
03    * Section 1. AS 29.10.200(56) is amended to read:                                                                  
04                 (56)  AS 29.47.190 and 29.47.200(b) (general obligation                                             
05       [AS 29.47.200(b) (SECURITY FOR] bonds);                                                                           
06    * Sec. 2. AS 29.47.190 is amended by adding new subsections to read:                                               
07            (c)  Each municipality with at least 25,000 residents shall include the following                            
08       information on the ballot regarding each general obligation bond issue proposal                                   
09       presented to the voters during an election:                                                                       
10                 (1)  the information required under (b)(1) - (3) of this section;                                       
11                 (2)  a description of the general obligation bonded indebtedness of the                                 
12       municipality that has been retired between the date of the last regular election and the                          
13       date of the current election;                                                                                     
14                 (3)  the estimated amount of tax increase for each $100,000 of the                                      
15       assessed value of real property that will be attributable to costs of paying the principal                        

01       of and interest on the proposed general obligation bond issue each tax year and the                               
02       total number of tax years during which the increase will apply;                                                   
03                 (4)  the estimated amount of total taxes for each $100,000 of the                                       
04       assessed value of real property that will be levied during the next two tax years,                                
05       assuming the proposed general obligation bond issue is approved by the voters.                                    
06            (d)  This section applies to home rule and general law municipalities.