Bill Text: TX SB1881 | 2011-2012 | 82nd Legislature | Engrossed

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Bill Title: Relating to certain financial powers and duties of the Travis-Creedmoor Municipal Utility District.

Spectrum: Bipartisan Bill

Status: (Engrossed - Dead) 2011-05-21 - Comm. report sent to Local & Consent Calendar [SB1881 Detail]

Download: Texas-2011-SB1881-Engrossed.html

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By: Wentworth S.B. No. 1881

A BILL TO BE ENTITLED
AN ACT
relating to certain financial powers and duties of the
Travis-Creedmoor Municipal Utility District.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter C, Chapter 8163, Special District
Local Laws Code, is amended by adding Section 8163.105 to read as
follows:
Sec. 8163.105. NO ALLOCATION AGREEMENT. Section 54.016(f),
Water Code, does not apply to the district.
SECTION 2. Subchapter E, Chapter 8163, Special District
Local Laws Code, is amended by adding Section 8163.203 to read as
follows:
Sec. 8163.203. BOND PROVISIONS. (a) Notwithstanding any
other law, district bonds may be sold at a public or private sale
according to terms and procedures the board determines.
(b) In connection with the issuance of bonds, the board may:
(1) prescribe the maximum principal amount of bonds to
be issued and the rate of interest the bonds may bear in accordance
with Section 1204.006, Government Code;
(2) recite the public purpose for which one or more
series of bonds are issued;
(3) delegate to an officer or employee of the district
the authority to effect the sale of one or more series of bonds; and
(4) determine the period, not to exceed one year after
the date the district adopts the order or resolution delegating the
authority under Subdivision (3), during which that authority must
be exercised.
(c) In exercising the authority delegated by the board to an
officer or employee, the officer or employee may establish the
terms and details related to the issuance and sale of the bonds,
including:
(1) the form and designation of the bonds;
(2) the principal amount of the bonds and the amount of
the bonds to mature in each year;
(3) the dates, price, interest rates, interest payment
dates, principal payment dates, and redemption features of the
bonds; and
(4) any other details relating to the issuance and
sale of the bonds as specified by the board in the proceedings
authorizing the issuance of the bonds.
(d) A finding or determination made by an officer or
employee acting under the authority delegated to the officer or
employee has the same force and effect as a finding or determination
made by the board.
SECTION 3. (a) The legal notice of the intention to
introduce this Act, setting forth the general substance of this
Act, has been published as provided by law, and the notice and a
copy of this Act have been furnished to all persons, agencies,
officials, or entities to which they are required to be furnished
under Section 59, Article XVI, Texas Constitution, and Chapter 313,
Government Code.
(b) The governor, one of the required recipients, has
submitted the notice and Act to the Texas Commission on
Environmental Quality.
(c) The Texas Commission on Environmental Quality has filed
its recommendations relating to this Act with the governor, the
lieutenant governor, and the speaker of the house of
representatives within the required time.
(d) All requirements of the constitution and laws of this
state and the rules and procedures of the legislature with respect
to the notice, introduction, and passage of this Act are fulfilled
and accomplished.
SECTION 4. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2011.