Bill Text: TX SB399 | 2015-2016 | 84th Legislature | Introduced
Bill Title: Relating to ballot propositions authorizing certain political subdivisions to issue debt obligations.
Sponsorship: Partisan Bill (Republican 1)
Status: (Introduced - Dead) 2015-02-02 - Referred to State Affairs [SB399 Detail]
Download: Texas-2015-SB399-Introduced.html
| 84R5158 ATP-F | ||
| By: Campbell | S.B. No. 399 | |
|
|
||
|
|
||
| relating to ballot propositions authorizing certain political | ||
| subdivisions to issue debt obligations. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Chapter 1251, Government Code, is amended by | ||
| designating Sections 1251.001, 1251.002, 1251.003, 1251.004, | ||
| 1251.005, and 1251.006 as Subchapter A and adding a subchapter | ||
| heading to read as follows: | ||
| SUBCHAPTER A. COUNTIES AND MUNICIPALITIES | ||
| SECTION 2. Chapter 1251, Government Code, is amended by | ||
| adding Subchapter B to read as follows: | ||
| SUBCHAPTER B. BOND MATTERS AFFECTING MORE THAN ONE TYPE OF | ||
| POLITICAL SUBDIVISION | ||
| Sec. 1251.051. DEFINITIONS. In this subchapter: | ||
| (1) "Debt obligation" means an issued public security, | ||
| as defined by Section 1201.002, that is secured by ad valorem taxes. | ||
| (2) "Political subdivision" means a county, | ||
| municipality, school district, junior college district, other | ||
| special district, or other subdivision of state government. | ||
| Sec. 1251.052. CONTENTS OF BALLOT PROPOSITION. The | ||
| proposition submitted for an election to authorize a political | ||
| subdivision to issue debt obligations must distinctly state: | ||
| (1) the purpose for which the debt obligations are to | ||
| be authorized; | ||
| (2) the principal amount of the debt obligations to be | ||
| authorized; | ||
| (3) that taxes sufficient to pay the annual principal | ||
| of and interest on the debt obligations may be imposed; | ||
| (4) a statement of the estimated tax rate if the debt | ||
| obligations are authorized or of the maximum interest rate of the | ||
| debt obligations or any series of the debt obligations, based on the | ||
| market conditions at the time of the election order; | ||
| (5) the maximum maturity date of the debt obligations | ||
| to be authorized or that the debt obligations may be issued to | ||
| mature over a specified number of years not to exceed 40; | ||
| (6) the aggregate amount of the outstanding principal | ||
| of the political subdivision's debt obligations as of the beginning | ||
| of the political subdivision's fiscal year in which the election is | ||
| ordered; | ||
| (7) the aggregate amount of the outstanding interest | ||
| on debt obligations of the political subdivision as of the | ||
| beginning of the political subdivision's fiscal year in which the | ||
| election is ordered; and | ||
| (8) the ad valorem debt service tax rate for the | ||
| political subdivision at the time the election is ordered, | ||
| expressed as an amount per $100 valuation of taxable property. | ||
| Sec. 1251.053. FORM OF BALLOT. The secretary of state may | ||
| adopt a form of the ballot for an election held under this | ||
| subchapter. A political subdivision is not required to use any | ||
| adopted form. | ||
| SECTION 3. Section 1251.052, Government Code, as added by | ||
| this Act, applies only to an election ordered on or after the | ||
| effective date of this Act. An election ordered before the | ||
| effective date of this Act is governed by the law in effect when the | ||
| election was ordered, and the former law is continued in effect for | ||
| that purpose. | ||
| SECTION 4. This Act takes effect September 1, 2015. | ||
