S.B. 95-57 Special district debt - quinquennial review . Grants the board of county commissioners or the governing body of the municipality discretion to determine whether or not to require special districts within its jurisdiction to file an application for a quinquennial finding of reasonable diligence and imposes administrative requirements for the review.
Requires special districts to certify to the appropriate boards of county commissioners or governing bodies of municipalities and to the division of securities: (1) The results of special district ballot issue elections to incur general obligation debt; and (2) If the special districts have authorized but unissued debt that was approved before July 1, 1995, a statement before January 1, 1996, of the amount of any issued, authorized debt.
Requires a special district that incurs debt to file a notice describing the debt with the board of county commissioners or the governing body of the municipality having jurisdiction.
If an application for quinquennial review is required, requires the board of county commissioners or the governing body of the municipality to either accept the application without any further action or conduct a public hearing with prior notice and make its determinations within a specified period. Specifies that the quinquennial review determinations are subject to judicial review. Specifies that actions to enforce the quinquennial review provisions may only be filed by the board of county commissioners or the municipality's governing body and must be filed before any bonds are issued.
Validates quinquennial review determinations made before July 1, 1995, and provides that the changes made to the quinquennial review law apply to applications pending on and filed after July 1, 1995.
APPROVED by Governor March 31, 1995
EFFECTIVE July 1, 1995
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