The proposed bill would amend current statutes by requiring school district governing boards to hire an independent municipal advisor before calling an election related to school district bonds. This advisor must be registered and in good standing with the U.S. Securities and Exchange Commission. The advisor's responsibilities would include assisting with the election process and advising on each bond issue if the election favors issuing the bonds. Additionally, the advisor would be tasked with helping the governing board prepare an informational pamphlet and ensuring that the school district achieves the most effective cost of borrowing.

Furthermore, the bill outlines specific duties for the independent municipal advisor, such as determining the repayment structure of the bonds, obtaining necessary ratings, and hiring other professionals for bond issuance. It also prohibits the advisor from colluding in the selection of other professionals or from purchasing or underwriting any bond issue for which they served as the advisor. Overall, these changes aim to enhance the transparency and effectiveness of the bond issuance process for school districts.

Statutes affected:
Introduced Version: 15-492
House Engrossed Version: 15-492