SB 6866 - DIGEST

     Declares that a political subdivision of the state shall not expend from its general expense budget during any fiscal year moneys in excess of the local expenditure limit established under this act.

     Provides that a political subdivision shall not issue or redeem any check, warrant, or voucher that will result in an expenditure for any fiscal year in excess of the local expenditure limit established under this act.

     Declares that the political subdivision's expenditure limit for any fiscal year shall be the previous fiscal year's expenditure limit increased by a percentage rate that equals the previous year's local fiscal growth factor.

     Provides that, after January 1, 2001, a political subdivision may exceed the local expenditure limit if:  (1) The expenditure has been approved by a majority of the voters of the political subdivision; or

     (2) the legislative authority of the political subdivision has declared an emergency by a two-thirds vote of the legislative authority.

     Directs the secretary of state to submit this act to the people for their adoption and ratification, or rejection, at the next general election to be held in this state, in accordance with Article II, section 1 of the state Constitution and the laws adopted to facilitate its operation.