The legislature's own summary of the bill, or its official long title.
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…
Read the full title (159 words)
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.
Every action
10 steps, oldest first, as the legislature records them.
CommitteeIntroduced and Assigned to Administration Committee in House · House Administration
CommitteeReported Out of Committee (Administration) in House with 5 On Its Merits · House Administration
HousePassed By House. Votes: 37 YES 4 ABSENT
CommitteeAssigned to Elections & Government Affairs Committee in Senate · Senate Elections & Government Affairs
SenateAmendment SA 1 to HB 38 - Introduced and Placed With Bill
CommitteeReported Out of Committee (Elections & Government Affairs) in Senate with 4 On Its Merits · Senate Elections & Government Affairs
SenateAmendment SA 1 to HB 38 - Passed By Senate. Votes: 21 YES
SenatePassed By Senate. Votes: 21 YES
HousePassed By House. Votes: 40 YES 1 ABSENT
GovernorSigned by Governor
Roll calls
4 recorded votes: 4 on the floor, 0 in committee. Each shows how every member voted.
Passed By House. Votes: 37 YES 4 ABSENT (2/3 required) · Full House