Bill Text: TX HB3654 | 2015-2016 | 84th Legislature | Comm Sub


Bill Title: Relating to the fiscal transparency of political subdivisions.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2015-05-08 - Committee report sent to Calendars [HB3654 Detail]

Download: Texas-2015-HB3654-Comm_Sub.html
  84R26557 TJB-F
 
  By: Murphy H.B. No. 3654
 
  Substitute the following for H.B. No. 3654:
 
  By:  Landgraf C.S.H.B. No. 3654
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to the fiscal transparency of political subdivisions.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Chapter 140, Local Government Code, is amended
  by adding Section 140.008 to read as follows:
         Sec. 140.008.  ANNUAL REPORT OF CERTAIN FINANCIAL
  INFORMATION.  (a)  In this section:
               (1)  "Debt obligation" means debt secured by ad valorem
  taxation.
               (2)  "Political subdivision" means a county,
  municipality, school district, junior college district, other
  special district, or other subdivision of state government.
         (b)  A political subdivision shall annually compile and
  report the following financial information in the manner prescribed
  by this section:
               (1)  as of the last day of the preceding fiscal year,
  debt obligation information for the political subdivision that must
  state:
                     (A)  the amount of all authorized debt
  obligations;
                     (B)  the principal of all outstanding debt
  obligations;
                     (C)  the principal of each outstanding debt
  obligation;
                     (D)  the combined principal and interest required
  to pay all outstanding debt obligations on time and in full;
                     (E)  the combined principal and interest required
  to pay each outstanding debt obligation on time and in full;
                     (F)  if the political subdivision is a
  municipality, county, or school district, the amounts required by
  Paragraphs (A)-(E) expressed as a per capita amount; and
                     (G)  the following for each debt obligation:
                           (i)  the issued and unissued amount;
                           (ii)  the spent and unspent amount;
                           (iii)  the maturity date; and
                           (iv)  the stated purpose for which the debt
  obligation was authorized;
               (2)  the current credit rating given by any nationally
  recognized credit rating organization to debt obligations of the
  political subdivision; and
               (3)  any other information that the political
  subdivision considers relevant or necessary to explain the values
  required by this subsection.
         (c)  Not later than the 90th day after the last day of each
  fiscal year, a political subdivision shall electronically submit to
  the comptroller the financial information described by Subsection
  (b) and any other related information required by the comptroller.
  The political subdivision must submit the information to the
  comptroller in the form and in the manner prescribed by rule by the
  comptroller. 
         (d)  The comptroller shall as soon as practicable post the
  financial information submitted under Subsection (c) on the
  comptroller's Internet website and maintain the posting at all
  times. The comptroller shall update the information on the website
  when a political subdivision submits new information. The
  comptroller may post the information in the format that the
  comptroller determines appropriate, provided that the information
  for each political subdivision is easily located by searching the
  name of the political subdivision on the Internet. 
         (e)  If a political subdivision maintains an Internet
  website, the political subdivision shall maintain at all times on
  the website a direct link to the location on the comptroller's
  website where the financial information submitted to the
  comptroller under Subsection (c) may be viewed.
         SECTION 2.  The requirements to compile and report
  information under Section 140.008, Local Government Code, as added
  by this Act, apply only to a fiscal year ending on or after the
  effective date of this Act.
         SECTION 3.  This Act takes effect January 1, 2016.
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