Authors: Representative Todd Huston
Co-authors: Representative Terry Goodin, Representative Edward Clere, Representative Sue Errington
Sponsors: Senator Pete Miller, Senator Ryan Mishler, Senator Randall Head
Co-Sponsors: Senator Patricia Miller, Senator James Merritt, Senator Timothy Lanane
Advisors: Representative Jeffrey Thompson, Representative Michael Karickhoff, Representative Terry Goodin
Provides that for all political subdivisions, the maximum amount allowed for an operating balance for a debt service fund is 50% of the budget estimate for annual debt service payments from the fund for debt originally incurred before July 1, 2014, including refinanced debt, and 15% on debt originally incurred after June 30, 2014. Permits a school corporation that experiences at least a 10% loss to the school corporation's transportation fund due to circuit breaker credits in 2014, 2015, or 2016 to use a proportional circuit breaker credit allocation for that year. Permits a school corporation that experiences at least a 20% loss to the school corporation's levies due to circuit breaker credits to use debt restructuring by adopting a resolution before January 1, 2019. Specifies that if a taxpayer appearing at the public hearing files a written objection to the proposed restructuring and a sufficient number of people request a petition and remonstrance process, the bonds may not be issued unless more petitioners than remonstrators sign the petition.