Bill Text: TX HB3416 | 2013-2014 | 83rd Legislature | Introduced
Bill Title: Relating to a prohibition on the issuance of capital appreciation bonds by local governments.
Spectrum: Partisan Bill (Republican 8-0)
Status: (Introduced - Dead) 2013-04-18 - Left pending in committee [HB3416 Detail]
Download: Texas-2013-HB3416-Introduced.html
83R2444 JTS-D | ||
By: Flynn | H.B. No. 3416 |
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relating to a prohibition on the issuance of capital appreciation | ||
bonds by local governments. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Subchapter B, Chapter 1201, Government Code, is | ||
amended by adding Section 1201.0245 to read as follows: | ||
Sec. 1201.0245. CAPITAL APPRECIATION BONDS BY LOCAL | ||
GOVERNMENTS PROHIBITED. A county, municipality, special district, | ||
school district, junior college district, or other political | ||
subdivision of the state may not issue capital appreciation bonds. | ||
SECTION 2. The change in law made by this Act does not | ||
affect the validity of capital appreciation bonds issued before the | ||
effective date of this Act. | ||
SECTION 3. This Act takes effect September 1, 2013. |