Bill Text: TX HB4408 | 2019-2020 | 86th Legislature | Introduced
Bill Title: Relating to the authority of a political subdivision to issue public securities for certain purposes.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2019-05-02 - Left pending in committee [HB4408 Detail]
Download: Texas-2019-HB4408-Introduced.html
86R6028 TJB-D | ||
By: Middleton | H.B. No. 4408 |
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relating to the authority of a political subdivision to issue | ||
public securities for certain purposes. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Subtitle C, Title 9, Government Code, is amended | ||
by adding Chapter 1253 to read as follows: | ||
CHAPTER 1253. LIMITATION ON AUTHORITY TO ISSUE SECURITIES FOR | ||
CERTAIN PURPOSES | ||
Sec. 1253.001. DEFINITIONS. In this chapter: | ||
(1) "Political subdivision" means a county, | ||
municipality, school district, junior college district, other | ||
special district, or other subdivision of state government. | ||
(2) "Public security" has the meaning assigned by | ||
Section 1201.002. | ||
Sec. 1253.002. LIMITATION ON AUTHORITY TO ISSUE SECURITY | ||
FOR PURPOSE PREVIOUSLY REJECTED BY VOTERS. A political subdivision | ||
may not issue a public security for the same purpose that was | ||
submitted by the political subdivision to the voters in a bond | ||
proposition to authorize the issuance of bonds during the preceding | ||
five years and failed to be approved. | ||
SECTION 2. The change in law made by this Act applies only | ||
to the issuance of a public security, as that term is defined by | ||
Section 1201.002, Government Code, on or after the effective date | ||
of this Act. | ||
SECTION 3. This Act takes effect September 1, 2019. |