SB 5068 - DIGEST

(AS OF SENATE 2ND READING 1/17/96)

     Declares that a contract for the purchase of any real or personal property may be executed only when the total amount of the purchase price does not result in a total indebtedness in excess of one and one-half percent of the taxable property in the local government.

     Provides for voter approval of a contract in excess of the limitation.