Bill Text: TX SB553 | 2017-2018 | 85th Legislature | Introduced
Bill Title: Relating to the notice of intention to issue certificates of obligation.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2017-02-08 - Referred to Intergovernmental Relations [SB553 Detail]
Download: Texas-2017-SB553-Introduced.html
85R2184 TJB-D | ||
By: Kolkhorst | S.B. No. 553 |
|
||
|
||
relating to the notice of intention to issue certificates of | ||
obligation. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 271.049, Local Government Code, is | ||
amended by amending Subsections (a), (b), and (d) and adding | ||
Subsections (e), (f), and (g) to read as follows: | ||
(a) Regardless of the sources of payment of certificates, | ||
certificates may not be issued unless the issuer publishes notice | ||
of its intention to issue the certificates. The notice must be | ||
published: | ||
(1) once a week for two consecutive weeks in a | ||
newspaper, as defined by Subchapter C, Chapter 2051, Government | ||
Code, that is of general circulation in the area of the issuer, with | ||
the date of the first publication to be before the 30th day before | ||
the date tentatively set for the passage of the order or ordinance | ||
authorizing the issuance of the certificates; and | ||
(2) continuously on the issuer's Internet website, or | ||
on a website as authorized by Subsection (f)(2), for at least 30 | ||
days before the date tentatively set for the passage of the order or | ||
ordinance authorizing the issuance of the certificates and until | ||
the first day after the date the issuer adopts the order or | ||
ordinance. | ||
(b) The notice must state: | ||
(1) the time and place tentatively set for the passage | ||
of the order or ordinance authorizing the issuance of the | ||
certificates; | ||
(2) the [ |
||
certificates to be authorized; [ |
||
(3) the manner in which the certificates will be paid | ||
for, whether by taxes, revenues, or a combination of the two; | ||
(4) as of the date the issuer adopts the order or | ||
ordinance, the principal of all outstanding debt obligations of the | ||
issuer; | ||
(5) as of the date the issuer adopts the order or | ||
ordinance, the estimated remaining interest of all outstanding debt | ||
obligations of the issuer; | ||
(6) as of the date the issuer adopts the order or | ||
ordinance, the estimated combined principal and interest required | ||
to pay all outstanding debt obligations of the issuer on time and in | ||
full; | ||
(7) the maximum principal of the certificates to be | ||
authorized; and | ||
(8) the process by which a petition may be submitted | ||
requesting an election on the issuance of the certificates, in the | ||
following form: | ||
"Five percent of the qualified voters of (name of issuer) may | ||
petition to require an election to be held authorizing the issuance | ||
of certificates of obligation by delivering a signed petition to | ||
the (insert "secretary or clerk" if the issuer is a municipality, or | ||
"county clerk" if the issuer is a county) of (name of issuer) | ||
before the date the governing body has set for the authorization of | ||
the certificates of obligation. Information about the requirements | ||
of the petition may be obtained from the (insert "secretary or | ||
clerk" if the issuer is a municipality, or "county clerk" if the | ||
issuer is a county) of (name of issuer)."[ |
||
(d) This section does not apply to certificates issued for | ||
the purposes described by Sections 271.056(1)-(3) | ||
[ |
||
(e) Except as provided by Subsection (f), an issuer shall | ||
maintain or cause to be maintained an Internet website to comply | ||
with this section. | ||
(f) This subsection does not apply to a county or | ||
municipality with a population of more than 2,000. If an issuer did | ||
not maintain an Internet website or cause a website to be maintained | ||
on January 1, 2017, the issuer shall post the information required | ||
by Subsection (b) on: | ||
(1) the issuer's website, if the issuer chooses to | ||
maintain the website or cause the website to be maintained; or | ||
(2) a website in which the issuer controls the content | ||
of the posting, including a social media site, provided that the | ||
information is easily found by searching the name of the issuer on | ||
the Internet. | ||
(g) In this section, "debt obligation" means an issued | ||
public security, as defined by Section 1201.002, Government Code, | ||
secured by property taxes. | ||
SECTION 2. The changes in law made by this Act to Section | ||
271.049, Local Government Code, apply only to a certificate of | ||
obligation for which the first notice of intention to issue the | ||
certificate is made on or after the effective date of this Act. A | ||
certificate of obligation for which the first notice of intention | ||
to issue the certificate is made before the effective date of this | ||
Act is governed by the law in effect when the notice of intention is | ||
made, and the former law is continued in effect for that purpose. | ||
SECTION 3. This Act takes effect September 1, 2017. |