5. SB 449 3rd Reading

Passage; April 9, 2013; Journal Page 763: 28 Yeas, 3 Nays

YCT Yea. SB 449 would have prohibited the issuance of certain capital appreciation bonds by local governments. These bonds are used by local governments to put off paying their debts, sometimes for decades. Compounding interest means that taxpayers are responsible for millions of dollars more than the amount of the original bond, sometimes years after the improvement paid for by the bond has gone out of use.