Charles Postles
- Republican
- Representative
- District 33
Primary
This Act amends the Charter of the Town of Magnolia to update and clarify the authority of the Town to borrow money. Specifically, this Act increases the short-term borrowing limit from $15,000 to $50,000, which borrowings are to be authorized by a majority vote of the Town Council. This Act establishes procedures for the Town Council to borrow up to 15% of the assessed value of real property in the Town pursuant to a super-majority vote of the Town Council following a public hearing on the borrowing. The Town’s long-term debt limit pursuant to the favorable vote of the qualified voters is being increased from 15% to 25% of the total assessed value of real property in the Town. This Act clarifies that the owner of more than one lot in an unfinished subdivision may only vote once in a borrowing referendum. This Act makes various miscellaneous changes to internal references to establish consistency with the changes made herein.
Signed by Governor
Passed By House. Votes: 40 YES 1 ABSENT
Amendment SA 1 to HB 38 - Passed By Senate. Votes: 21 YES
Passed By Senate. Votes: 21 YES
Reported Out of Committee (Elections & Government Affairs) in Senate with 4 On Its Merits
Amendment SA 1 to HB 38 - Introduced and Placed With Bill
Assigned to Elections & Government Affairs Committee in Senate
Passed By House. Votes: 37 YES 4 ABSENT
Reported Out of Committee (Administration) in House with 5 On Its Merits
Introduced and Assigned to Administration Committee in House
| Bill Text Versions | Format |
|---|---|
| Bill Text | PDF HTML |
| SA 1 to HB 38 | HTML PDF |
| Document | Format |
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| No related documents. |
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