Relating to a limitation on the authority of political subdivisions to issue public securities.

HB 226 limits local governments' ability to issue new debt by capping annual debt payments from property taxes at 10% of the average property tax collections from the previous three fiscal years. It directly affects cities, counties, and other political subdivisions that rely on property tax revenue to service bonds or public securities. The bill prohibits these entities from authorizing additional debt if the resulting annual debt service exceeds this 10% threshold, regardless of existing charters or local laws. This rule applies to all debt payable through property taxes and takes effect 91 days after the legislative session ends.