The bill amends the Revised Municipal Finance Act by updating the requirements for municipalities regarding the filing of audit reports and qualifying statements. Municipalities are now required to submit their audit reports not later than six months after the end of their fiscal year, along with a qualifying statement certified by the chief administrative officer. The department will have 30 business days to determine compliance with specific requirements, and if a municipality meets these requirements or does not receive a notification of noncompliance within that timeframe, it may issue municipal securities without further approval until the next qualifying statement is due. The bill also specifies the conditions under which a municipality can qualify to issue securities without prior approval, including compliance with various financial and operational standards.

Additionally, the bill modifies the filing fees associated with the issuance of municipal securities, increasing the minimum and maximum fees and introducing an inflation adjustment mechanism starting January 1, 2026. It also establishes a late fee for municipalities that fail to submit qualifying statements on time. The amendments aim to streamline the process for municipalities to issue securities while ensuring they maintain financial stability and compliance with state regulations.

Statutes affected:
Senate Introduced Bill: 141.2303, 141.2319
As Passed by the Senate: 141.2303, 141.2319