The bill 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. It requires that the ballot explicitly states the specific purpose for which the debt obligations are being authorized, the total principal amount, and the estimated taxes that would be imposed on taxpayers for each $100,000 in taxable property value. Additionally, it mandates that the ballot must indicate that sufficient taxes will be imposed to cover the principal and interest on the debt obligations.

Furthermore, the bill stipulates that political subdivisions with at least 250 registered voters must prepare a voter information document for each proposition, which includes detailed financial information about the proposed debt obligations and any outstanding debts. This document must be posted publicly and made available on the political subdivision's website. The governing body is also required to outline the major assumptions used in estimating tax impacts, such as amortization schedules and projected changes in property values. The changes will apply only to elections ordered after the bill's effective date, which is set for 91 days following the end of the legislative session.