The proposed bill would amend current statutes by requiring school district governing boards to hire an independent municipal advisor before calling a bond election. This advisor must be registered and in good standing with the Securities and Exchange Commission (SEC) and will assist the governing board with both the election process and any bond issues authorized by the election if the majority of votes favor issuing the bonds.

Additionally, the bill outlines specific responsibilities for the independent municipal advisor, including advising on all aspects of bond issuance to ensure effective borrowing costs, assisting in preparing informational pamphlets for bond elections, and acting in the best interests of the school district. It also prohibits the advisor from colluding in the selection of other professionals or from purchasing or underwriting any bond issues for which they served as the advisor.

Statutes affected:
Introduced Version: 15-492