Bill Text: TX SB460 | 2017-2018 | 85th Legislature | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Relating to general obligation bonds issued by political subdivisions.
Spectrum: Slight Partisan Bill (Republican 3-1)
Status: (Engrossed - Dead) 2017-05-08 - Committee report sent to Calendars [SB460 Detail]
Download: Texas-2017-SB460-Introduced.html
Bill Title: Relating to general obligation bonds issued by political subdivisions.
Spectrum: Slight Partisan Bill (Republican 3-1)
Status: (Engrossed - Dead) 2017-05-08 - Committee report sent to Calendars [SB460 Detail]
Download: Texas-2017-SB460-Introduced.html
85R3059 TJB-D | ||
By: Lucio | S.B. No. 460 |
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relating to general obligation bonds issued by political | ||
subdivisions. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 4.003(f), Election Code, is amended to | ||
read as follows: | ||
(f) A debt obligation election order required under Section | ||
3.009 shall be posted: | ||
(1) on election day and during early voting by | ||
personal appearance, in a prominent location at each polling place; | ||
(2) not later than the 21st day before the election, in | ||
three public places in the boundaries of the political subdivision | ||
holding the election; and | ||
(3) during the 21 days before the election, on the | ||
political subdivision's Internet website, prominently and together | ||
with the notice of the election, [ |
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proposition, and any sample ballot prepared for the election, if | ||
the political subdivision maintains an Internet website. | ||
SECTION 2. Section 85.062, Election Code, is amended by | ||
adding Subsection (h) to read as follows: | ||
(h) In an election at which a political subdivision submits | ||
a proposition to the voters to approve the issuance of general | ||
obligation bonds, the entity that establishes early voting polling | ||
places under this section may not establish the polling places with | ||
the intent to affect the outcome of the election in favor of | ||
approval of the proposition. | ||
SECTION 3. Subtitle C, Title 9, Government Code, is amended | ||
by adding Chapter 1253 to read as follows: | ||
CHAPTER 1253. GENERAL OBLIGATION BONDS ISSUED BY POLITICAL | ||
SUBDIVISIONS | ||
Sec. 1253.001. DEFINITION. In this chapter, "political | ||
subdivision" means a county, municipality, school district, junior | ||
college district, other special district, or other subdivision of | ||
state government. | ||
Sec. 1253.002. LIMITATION ON AUTHORITY TO ISSUE GENERAL | ||
OBLIGATION BONDS. (a) In this section, "improvement" and "personal | ||
property" have the meanings assigned by Section 1.04, Tax Code. | ||
(b) Notwithstanding any other provision of law, a political | ||
subdivision may not issue a general obligation bond to purchase, | ||
improve, or construct improvements or to purchase personal property | ||
if the projected expected useful life of the improvement or | ||
personal property ends before the maturity date of the bond. | ||
Sec. 1253.003. USE OF UNSPENT GENERAL OBLIGATION BOND | ||
PROCEEDS. (a) A political subdivision may use the unspent proceeds | ||
of issued general obligation bonds only: | ||
(1) for the specific purpose for which the bonds were | ||
issued; | ||
(2) to retire the bonds; or | ||
(3) for a purpose other than the specific purpose for | ||
which the bonds were issued if: | ||
(A) the specific purpose is accomplished or | ||
abandoned; and | ||
(B) a majority of the votes cast in an election | ||
held in the political subdivision approve the use of the proceeds | ||
for the proposed purpose. | ||
(b) The election order and the notice of election for an | ||
election described by Subsection (a)(3)(B) must state the proposed | ||
purpose for which the bond proceeds are to be used. | ||
(c) A political subdivision must hold an election described | ||
by Subsection (a)(3)(B) in the same manner as an election to issue | ||
bonds in the political subdivision. | ||
SECTION 4. Chapter 1332, Government Code, is repealed. | ||
SECTION 5. Section 1253.002, Government Code, as added by | ||
this Act, applies only to a general obligation bond authorized to be | ||
issued at an election held on or after the effective date of this | ||
Act. | ||
SECTION 6. This Act takes effect September 1, 2017. |