LOCAL GOVERNMENT Bonds: Require the Reporting of Certain Information with Respect to Any Bonds, Notes, or Other Obligations of Any Political Subdivision; Provide for Compilation and Reporting; Provide for Enforcement; Provide for Powers, Duties, and Authority of the Department of Community Affairs with Respect to the Foregoing; Provide for an Effective Date

The Act requires local government units to report information regarding bond issuance costs to the State Department of Community Affairs (DCA) on an annual basis. The information will be compiled and reported by the DCA annually in its existing local government finances and local authority indebtedness reports, and will enable local governments to compare their own bond issuance costs to those of similar bonds issued by other local governments. The Act specifies that existing provisions of Code section 36-81-8 will enforce reporting of the newly required information by making release of state-appropriated funds to the relevant local government units contingent upon receipt of the information by the DCA. The Act further specifies that local government units are not required to report indebtedness under $1 million in order to prevent creating an overly burdensome administrative requirement.

Finally, the Act repeals Code section 36-82-160, comprising Article 7, Regulation of Bonds and Obligations Issued by Development Authorities, composed of the reporting requirements made obsolete by the Act.