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SB-798 Elections: local bond measures: tax rate statement.(2023-2024)
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Date Published: 10/12/2023 02:00 PM
SB798:v97#DOCUMENT

Senate Bill No. 798
CHAPTER 720

An act to amend Section 9401 of the Elections Code, relating to elections.

[ Approved by Governor  October 10, 2023. Filed with Secretary of State  October 10, 2023. ]

LEGISLATIVE COUNSEL'S DIGEST


SB 798, Glazer. Elections: local bond measures: tax rate statement.
Existing law requires local governments, when submitting a measure for voter approval for the issuance of bonds that will be secured by an ad valorem tax, to provide voters a statement that includes estimates of the tax rates required to fund the bonds. Under existing law, the estimated tax rate is expressed as the rate per $100 of assessed valuation on all property to be taxed to fund the bonds.
This bill would instead require that the estimated tax rate in the statement be expressed as the rate per $100,000 of assessed valuation on all property to be taxed to fund the bonds.
Vote: MAJORITY   Appropriation: NO   Fiscal Committee: NO   Local Program: NO  
The people of the State of California do enact as follows:
SECTION 1. Section 9401 of the Elections Code is amended to read:

9401. (a) In connection with each bond issue specified in Section 9400, a statement shall be mailed to the voters with the sample ballot for the bond election. The statement required by this section shall be filed with the elections official conducting the election not later than the 88th day before the election, and shall include all of the following:
(1) The best estimate from official sources of the average annual tax rate that would be required to be levied to fund that bond issue over the entire duration of the bond debt service, based on assessed valuations available at the time of the election or a projection based on experience within the same jurisdiction or other demonstrable factors. The estimate shall also identify the final fiscal year in which the tax is anticipated to be collected.
(2) The best estimate from official sources of the highest tax rate that would be required to be levied to fund that bond issue, and an estimate of the year in which that rate will apply, based on assessed valuations available at the time of the election or a projection based on experience within the same jurisdiction or other demonstrable factors.
(3) The best estimate from official sources of the total debt service, including the principal and interest, that would be required to be repaid if all the bonds are issued and sold. The estimate may include information about the assumptions used to determine the estimate.
(b) In addition, the statement may contain a declaration of policy of the legislative or governing body of the applicable jurisdiction, proposing to use revenues other than ad valorem taxes to fund the bond issue, and the best estimate from official sources of these revenues and the reduction in the tax rate levied to fund the bond issue resulting from the substitution of revenue.
(c) For purposes of this chapter, “tax rate” means tax rate per one hundred thousand dollars ($100,000) of assessed valuation on all property to be taxed to fund a bond issue described in Section 9400.