SF 493 – Additional bonding options for benefited recreational lake district
SF 493 allows a benefited recreational district to issue the same types of bonds as cities and counties. There is only one such district in the state, which is located around Lake Delhi in Delaware County. Currently, the district is restricted to issuing only general obligation or revenue bonds. The district cannot refinance bonds. With the change in SF 493, Lake Delhi would have the opportunity to refinance bonds to save money over the term of the bond.
Additionally, the bill allows a benefited recreational district to refinance bonds without conducting a public vote. The law would still require a public vote for the district to bond for new debt or an increase in the amount of debt.
[3/28: 49-0 (Rozenboom absent)]