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Legislative Year: 2023 Change
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Bill Detail: HB23-1090

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Title Limit Metropolitan District Director Conflicts
Status Introduced In House - Assigned to Transportation, Housing & Local Government (01/19/2023)
Bill Subjects
  • Local Government
House Sponsors M. Weissman (D)
Senate Sponsors
House Committee Transportation, Housing and Local Government
Senate Committee
Date Introduced 01/19/2023
Summary

For any proposed metropolitan district that has any property within
its boundaries that is zoned or valued for assessment as residential,
section 1 of the bill prohibits a local government from approving a
service plan that permits the purchase of district debt by any entity with
respect to which any director of the district has a conflict of interest
necessitating disclosure under current law. Section 2 prohibits a member
of the board of a metropolitan district that approved the issuance of any
debt while the member was serving on the board from acquiring any
interest in the debt individually or on behalf of any organization or entity
for which the board member is engaged as an employee, counsel,
consultant, representative, or agent unless the debt is acquired indirectly
through an investment fund and the member has no input into or control
over the individual securities that the fund purchases.
Section 3 states that proof of a violation of the prohibition set forth
in section 2 is proof that the violator has breached the actor's fiduciary
duty and the public trust.

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with Amendments
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Fiscal Notes Fiscal Notes (02/06/2023) (most recent)  
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