Bill Text: TX HB1869 | 2021-2022 | 87th Legislature | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Relating to the definition of debt for the purposes of calculating certain ad valorem tax rates of a taxing unit.
Spectrum: Partisan Bill (Republican 7-0)
Status: (Passed) 2021-06-15 - Effective on 9/1/21 [HB1869 Detail]
Download: Texas-2021-HB1869-Introduced.html
Bill Title: Relating to the definition of debt for the purposes of calculating certain ad valorem tax rates of a taxing unit.
Spectrum: Partisan Bill (Republican 7-0)
Status: (Passed) 2021-06-15 - Effective on 9/1/21 [HB1869 Detail]
Download: Texas-2021-HB1869-Introduced.html
87R4691 TJB-F | ||
By: Burrows | H.B. No. 1869 |
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relating to the definition of debt for the purposes of calculating | ||
certain ad valorem tax rates of a taxing unit. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 26.012(7), Tax Code, is amended to read | ||
as follows: | ||
(7) "Debt" means a bond, warrant, certificate of | ||
obligation, or other evidence of indebtedness owed by a taxing unit | ||
that has been approved at an election and is payable solely from | ||
property taxes in installments over a period of more than one year, | ||
not budgeted for payment from maintenance and operations funds, and | ||
secured by a pledge of property taxes, or a payment made under | ||
contract to secure indebtedness of a similar nature issued by | ||
another political subdivision on behalf of the taxing unit. | ||
SECTION 2. The change in law made by this Act applies only | ||
to a bond, warrant, certificate of obligation, or other evidence of | ||
indebtedness for which the ordinance, order, or resolution | ||
authorizing issuance was adopted by the governing body of the | ||
taxing unit on or after the effective date of this Act. | ||
SECTION 3. This Act takes effect September 1, 2021. |