Bill Text: TX HB532 | 2017-2018 | 85th 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) 2017-05-05 - Committee report sent to Calendars [HB532 Detail]
Download: Texas-2017-HB532-Introduced.html
85R910 TJB-D | ||
By: Schofield | H.B. No. 532 |
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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. Subtitle C, Title 9, Government Code, is amended | ||
by adding Chapter 1253 to read as follows: | ||
CHAPTER 1253. LIMITATION ON AUTHORITY TO ISSUE PUBLIC 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 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 2. This Act takes effect September 1, 2017. |