Help Support Truth in Government Borrowing
I write to you to ask you to contact your North Carolina State House member in support of House Bill 315, the Taxpayer Information Act. House Bill 315 is a bill that brings SUNSHINE to state and local government debt.
The contents of the Taxpayer Information Act are as simple as its title: when governments go to the voters to borrow money, they will now be required to include the interest as well as the principal on the referendum. Every other business who borrows money in North Carolina is required to do exactly that, but the State is not! Can you imagine being asked to pay back money that you borrow as a taxpayer without knowing what the interest rate is? Every time North Carolinians vote on a referendum, they are doing just that.
Right now when theres a bond on the ballot, all it says is that a project will cost $100 million. They do not tell you the estimated principal and interest total. This bill will estimate how much the taxpayers will be paying at the end of the project.
Americans for Prosperity North Carolina