While traveling to Arizona in 2013 I came across a booklet published by the City of Scottsdale at my friend's home. This booklet, attached to this proposal, provides a breakdown for voters of a proposed bond issue in English and Spanish. It provides the ballot language, financial breakdown of the bond issue including the amount of principal and interest and the amount allocated to each project funded, and provides arguments for and against the individual components of the bond— which were presented to voters as individual questions by subject area.

Similar to the Federal Truth in Lending Act that aims to promote the informed use of consumer credit, I propose a requirement that the Town publish a bilingual (English and Spanish) election handbook similar to the one attached that will be mailed to each household in Miami Lakes no later than ninety (90) days before any scheduled election wherein the Town seeks voter approval for a bond. The mailed handbook shall include the following information:

• State the total, current amount of all types of debt owed by the town;

• Display separately, and in a conspicuous manner, the interest and principal to be paid on the proposed bond;

• List each of the projects for which the bond is sought and the amount of the bond allocated to each project;

• Provide a consolidated table of payments for the Town's total debt service if the proposed bond is approved;

• State whether the Town's credit rating has changed within the last five years and describe the change, if any;

• State the Town's credit rating at the time of publishing.

This handbook and the information it would present to the residents promotes transparency and allows them to make an informed decision about the use of long term debt instruments with specific regard to the impact on Town finances.The short title of this requirement will be the Miami Lakes Truth in Public Lending Act.

Fiscal Impact: Medium

Guiding Principles:3 and 4

Objectives: 5.1 5.2, 5.3, 6.1, 6.4.