BIENNIAL REPORT ON REPAYMENT OF BONDS ISSUED BY LOCAL GOVERNMENTS

(a) Not later than December 31 of each even-numbered year, the board shall prepare and submit to each standing committee of the legislature with primary jurisdiction over matters relating to finance a report on the repayment status of each voter-approved bond issued by a local government. (b) The report required by Subsection (a) must include: (1) for each voter-approved bond issued by a local government: (A) the estimated total amount required to pay the principal of and interest on the bond on the date the bond was issued; (B) the total amount of principal and interest paid by the local government on the bond; and (C) the minimum dollar amount required to be expended for debt service for each year of the biennium covered by the report; and (2) if a local government requires an increase in the local government's tax rate in order to pay the principal of and interest on bonds issued by the local government, the amount of the required increase. (c) The board may adopt any rules necessary to implement this section.