HB38 - An Act To Amend The Town Charter Of The Town Of Magnolia.

3 Co-Sponsors

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 Towns 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.