Bill Text: TX HB134 | 2015-2016 | 84th Legislature | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Relating to certain information included with ballot propositions for elections to authorize state and local general obligation bonds.
Spectrum: Moderate Partisan Bill (Republican 13-2)
Status: (Introduced - Dead) 2015-05-04 - Committee report sent to Calendars [HB134 Detail]
Download: Texas-2015-HB134-Introduced.html
Bill Title: Relating to certain information included with ballot propositions for elections to authorize state and local general obligation bonds.
Spectrum: Moderate Partisan Bill (Republican 13-2)
Status: (Introduced - Dead) 2015-05-04 - Committee report sent to Calendars [HB134 Detail]
Download: Texas-2015-HB134-Introduced.html
84R1878 MK-D | ||
By: Simpson | H.B. No. 134 |
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relating to certain information included with ballot propositions | ||
for elections to authorize state and local general obligation | ||
bonds. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Subchapter A, Chapter 274, Election Code, is | ||
amended by adding Section 274.004 to read as follows: | ||
Sec. 274.004. PROPOSITION STATEMENT REGARDING GENERAL | ||
OBLIGATION BONDS OF THIS STATE. (a) In addition to any other | ||
wording for a ballot proposition for a proposed constitutional | ||
amendment to authorize the issuance of general obligation bonds of | ||
this state, the secretary of state shall require that the | ||
proposition, both on the ballot and in the proclamation ordering | ||
the election at which the amendment will be submitted, be | ||
accompanied by a statement that includes the following amounts, | ||
with each stated as a total amount and as a per capita amount for the | ||
then-current population of this state: | ||
(1) the then-current general obligation debt of this | ||
state; | ||
(2) the maximum amount of additional general | ||
obligation debt of this state that would be authorized by the | ||
proposed amendment; and | ||
(3) the maximum estimated cost to repay the general | ||
obligation debt that would be authorized by the proposed amendment, | ||
including principal and interest, at a stated likely interest rate. | ||
(b) For the purposes of the information required by | ||
Subsection (a), on the request of the secretary of state the Bond | ||
Review Board shall: | ||
(1) certify the then-current general obligation debt | ||
of this state; | ||
(2) determine a likely interest rate for the proposed | ||
bonds; and | ||
(3) compute the estimated maximum repayment cost in | ||
accordance with the likely interest rate determined under | ||
Subdivision (2). | ||
(c) The statement required by this section must: | ||
(1) be considered by the secretary of state before the | ||
secretary certifies the proposed amendment under Section | ||
274.003(a); and | ||
(2) be appropriately translated as provided by Section | ||
274.003(c) for other ballot language. | ||
SECTION 2. Subtitle C, Title 9, Government Code, is amended | ||
by adding Chapter 1253 to read as follows: | ||
CHAPTER 1253. BALLOT INFORMATION FOR ELECTION TO AUTHORIZE LOCAL | ||
GOVERNMENTAL GENERAL OBLIGATION BONDS | ||
Sec. 1253.001. DEFINITION. In this chapter, "local | ||
government" means a political subdivision or special-purpose | ||
district or authority of this state, including a county, | ||
municipality, school district, junior college district, hospital | ||
district, or conservation and reclamation district. | ||
Sec. 1253.002. BALLOT INFORMATION FOR ELECTION REGARDING | ||
GENERAL OBLIGATION BONDS. (a) This section applies to a ballot | ||
printed for an election to authorize a local government to issue | ||
general obligation bonds. | ||
(b) A ballot must include with the ballot proposition a | ||
statement that includes the following amounts, with each stated as | ||
a total amount and as a per capita amount for the then-current | ||
population of the local government: | ||
(1) the then-current general obligation debt of the | ||
local government; | ||
(2) the maximum amount of additional general | ||
obligation debt of the local government that would be authorized if | ||
the proposition is passed; and | ||
(3) the maximum estimated cost to repay the general | ||
obligation debt that would be authorized by the proposed amendment, | ||
including principal and interest, at a stated likely interest rate. | ||
Sec. 1253.003. DETERMINATION OF BALLOT INFORMATION. For | ||
the purposes of the information required by Section 1253.002(b), | ||
the treasurer of the local government, or another person as | ||
determined by the governing body of the local government, shall: | ||
(1) certify the then-current general obligation debt | ||
of the local government; | ||
(2) determine a likely interest rate for the proposed | ||
bonds; and | ||
(3) compute the estimated maximum repayment cost in | ||
accordance with the likely interest rate determined under | ||
Subdivision (2). | ||
SECTION 3. Section 274.004, Election Code, as added by this | ||
Act, and Chapter 1253, Government Code, as added by this Act, apply | ||
only to a ballot proposition for an election held on or after | ||
November 1, 2016. | ||
SECTION 4. This Act takes effect September 1, 2015. |