Bill Text: TX HB451 | 2023-2024 | 88th Legislature | Introduced
Bill Title: Relating to the authority of a political subdivision to issue debt to purchase or lease tangible personal property.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2023-04-19 - Left pending in committee [HB451 Detail]
Download: Texas-2023-HB451-Introduced.html
88R2354 AMF-D | ||
By: Schofield | H.B. No. 451 |
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relating to the authority of a political subdivision to issue debt | ||
to purchase or lease tangible personal property. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. The heading to Chapter 1253, Government Code, is | ||
amended to read as follows: | ||
CHAPTER 1253. PUBLIC SECURITIES [ |
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ISSUED BY POLITICAL SUBDIVISIONS | ||
SECTION 2. Section 1253.001, Government Code, is amended to | ||
read as follows: | ||
Sec. 1253.001. DEFINITIONS [ |
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(1) "Political [ |
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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. | ||
SECTION 3. Chapter 1253, Government Code, is amended by | ||
adding Section 1253.0015 to read as follows: | ||
Sec. 1253.0015. LIMITATION ON AUTHORITY TO ISSUE PUBLIC | ||
SECURITY FOR TANGIBLE PERSONAL PROPERTY. A political subdivision | ||
may not issue a public security to purchase or lease tangible | ||
personal property if the expected useful life of the property ends | ||
before the maturity date of the public security. | ||
SECTION 4. Section 1253.002 | ||
, Government Code, is amended to | ||
read as follows: | ||
Sec. 1253.002. LIMITATION ON AUTHORITY TO ISSUE GENERAL | ||
OBLIGATION BONDS FOR IMPROVEMENTS TO REAL PROPERTY. [ |
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political subdivision may not issue general obligation bonds to | ||
purchase, improve, or construct one or more improvements to real | ||
property [ |
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exceeds 120 percent of the reasonably expected weighted average | ||
economic life of the improvements [ |
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with the issue of bonds. | ||
SECTION 5. This Act takes effect September 1, 2023. |