S.B. No. 414 amends the Government Code to enhance the transparency and clarity of ballot propositions for bond elections held by political subdivisions, such as municipalities and school districts. The bill specifies that the ballot must include a general description of the purpose of the debt obligations, the total principal amount, the estimated interest, the combined principal and interest required for repayment, and a statement that taxes will be imposed to cover these costs. Additionally, each specific purpose for which the debt obligations are issued must be presented as a separate proposition on the ballot.

The bill also mandates that political subdivisions with at least 250 registered voters prepare a voter information document that outlines key financial details related to the proposed debt obligations. This document must include the language of the ballot, a table detailing the principal and estimated interest, and the potential tax impact on a typical residence. Furthermore, the governing body must disclose major assumptions related to the debt obligations, such as amortization and estimated future appraised values. The changes will take effect on September 1, 2025, and apply only to elections ordered after that date.

Statutes affected:
Introduced: Education Code 11.0621 (Education Code 11)