HB 38 DE

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Became Law

This Act amends the Charter of the Town of Magnolia to update and clarify the authority of the Town to borrow money. Specifically, this Act increases the short-term borrowing limit from $15,000 to $50,000, which borrowings are to be authorized by a majority vote of the Town Council. This Act establishes procedures for the Town Council to borrow up to 15% of the assessed value of real property in the Town pursuant to a super-majority vote of the Town Council following a public hearing on the borrowing. The Town’s long-term debt limit pursuant to the favorable vote of the qualified voters is being increased from 15% to 25% of the total assessed value of real property in the Town. This Act clarifies that the owner of more than one lot in an unfinished subdivision may only vote once in a borrowing referendum. This Act makes various miscellaneous changes to internal references to establish consistency with the changes made herein.

• Charles S Postles Jr. Republican · primary
• Franklin D. Cooke Democratic · primary
• Kerri Evelyn Harris Democratic · primary

1. Jan 5, 2023 Introduced and Assigned to Administration Committee in House · lower
2. Jan 11, 2023 Reported Out of Committee (Administration) in House with 5 On Its Merits · lower
3. Jan 12, 2023 Passed By House. Votes: 37 YES 4 ABSENT · lower
4. Jan 12, 2023 Assigned to Elections & Government Affairs Committee in Senate · upper
5. Mar 6, 2023 Amendment SA 1 to HB 38 - Introduced and Placed With Bill · lower
6. Mar 15, 2023 Reported Out of Committee (Elections & Government Affairs) in Senate with 4 On Its Merits · upper
7. Mar 29, 2023 Amendment SA 1 to HB 38 - Passed By Senate. Votes: 21 YES · upper
8. Mar 29, 2023 Passed By Senate. Votes: 21 YES · upper
9. Mar 30, 2023 Passed By House. Votes: 40 YES 1 ABSENT · lower
10. Apr 12, 2023 Signed by Governor · executive