Bill Text: TX SB652 | 2019-2020 | 86th Legislature | Engrossed
Bill Title: Relating to procedures and requirements for the issuance of certificates of obligation.
Spectrum: Partisan Bill (Republican 4-0)
Status: (Engrossed - Dead) 2019-05-17 - Reported favorably w/o amendment(s) [SB652 Detail]
Download: Texas-2019-SB652-Engrossed.html
By: Campbell, et al. | S.B. No. 652 |
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relating to procedures and requirements for the issuance of | ||
certificates of obligation. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 271.047(d), Local Government Code, is | ||
amended to read as follows: | ||
(d) Except as provided by this subsection, the governing | ||
body of an issuer may not authorize a certificate to pay a | ||
contractual obligation to be incurred if a bond proposition to | ||
authorize the issuance of bonds for the same purpose was submitted | ||
to the voters during the preceding six [ |
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be approved. A governing body may authorize a certificate that the | ||
governing body is otherwise prohibited from authorizing under this | ||
subsection: | ||
(1) in a case described by Sections 271.056(1)-(3); | ||
and | ||
(2) to comply with a state or federal law, rule, or | ||
regulation if the political subdivision has been officially | ||
notified of noncompliance with the law, rule, or regulation. | ||
SECTION 2. Section 271.049, Local Government Code, is | ||
amended by amending Subsection (a) and adding Subsection (e) 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 for | ||
at least 30 days before the date tentatively set for the passage of | ||
the order or ordinance authorizing the issuance of the | ||
certificates. | ||
(e) An issuer shall maintain an Internet website to comply | ||
with this section. | ||
SECTION 3. Section 271.049, Local Government Code, as | ||
amended by this Act, applies 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 on the date the notice of intention is | ||
made, and the former law is continued in effect for that purpose. | ||
SECTION 4. This Act takes effect September 1, 2019. |