Bill Text: TX HB3097 | 2023-2024 | 88th Legislature | Comm Sub
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Relating to the issuance of anticipation notes or other obligations by issuers located along the Gulf Coast in an emergency.
Spectrum: Strong Partisan Bill (Republican 13-1)
Status: (Passed) 2023-06-18 - Effective immediately [HB3097 Detail]
Download: Texas-2023-HB3097-Comm_Sub.html
Bill Title: Relating to the issuance of anticipation notes or other obligations by issuers located along the Gulf Coast in an emergency.
Spectrum: Strong Partisan Bill (Republican 13-1)
Status: (Passed) 2023-06-18 - Effective immediately [HB3097 Detail]
Download: Texas-2023-HB3097-Comm_Sub.html
By: Leo-Wilson, et al. (Senate Sponsor - Middleton) | H.B. No. 3097 | |
(In the Senate - Received from the House May 8, 2023; | ||
May 9, 2023, read first time and referred to Committee on Local | ||
Government; May 19, 2023, reported favorably by the following | ||
vote: Yeas 8, Nays 0; May 19, 2023, sent to printer.) | ||
COMMITTEE VOTE | ||
YeaNayAbsentPNV | ||
BettencourtX | ||
SpringerX | ||
EckhardtX | ||
GutierrezX | ||
HallX | ||
NicholsX | ||
ParkerX | ||
PaxtonX | ||
WestX | ||
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relating to the issuance of anticipation notes or other obligations | ||
by issuers located along the Gulf Coast in an emergency. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 1431.015(b), Government Code, is amended | ||
to read as follows: | ||
(b) Notwithstanding any other provision of this chapter or a | ||
rating requirement prescribed by Chapter 1371, an issuer located | ||
within 70 miles of the Gulf of Mexico or of a bay or inlet of the | ||
gulf may authorize the issuance of an anticipation note or other | ||
obligation in the event of an emergency. An anticipation note or | ||
other obligation issued under this section is an obligation under | ||
Chapter 1371, but is not required to be rated as required by that | ||
chapter. | ||
SECTION 2. The change in law made by this Act applies only | ||
to an anticipation note or obligation issued on or after the | ||
effective date of this Act. A note or obligation issued before the | ||
effective date of this Act is governed by the law in effect on the | ||
date the note or obligation was issued, and that law is continued in | ||
effect for that purpose. | ||
SECTION 3. This Act takes effect immediately if it receives | ||
a vote of two-thirds of all the members elected to each house, as | ||
provided by Section 39, Article III, Texas Constitution. If this | ||
Act does not receive the vote necessary for immediate effect, this | ||
Act takes effect September 1, 2023. | ||
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