Bill Text: TX HB430 | 2019-2020 | 86th Legislature | Introduced


Bill Title: Relating to certain information included with ballot propositions for elections to authorize state and local general obligation bonds.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2019-02-20 - Referred to Pensions, Investments & Financial Services [HB430 Detail]

Download: Texas-2019-HB430-Introduced.html
  86R685 CJC-D
 
  By: Shaheen H.B. No. 430
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to certain information included with ballot propositions
  for elections to authorize state and local general obligation
  bonds.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Subchapter A, Chapter 274, Election Code, is
  amended by adding Section 274.005 to read as follows:
         Sec. 274.005.  PROPOSITION STATEMENT REGARDING GENERAL
  OBLIGATION BONDS OF THIS STATE. (a) In addition to any other
  wording for a ballot proposition for a proposed constitutional
  amendment to authorize the issuance of general obligation bonds of
  this state, the secretary of state shall require that the
  proposition, both on the ballot and in the proclamation ordering
  the election at which the amendment will be submitted, be
  accompanied by a statement that includes the following amounts,
  with each stated as a total amount and as a per capita amount for the
  current population of this state at the time the statement is
  prepared:
               (1)  the current general obligation debt of this state
  at the time the statement is prepared;
               (2)  the maximum amount of additional general
  obligation debt of this state that would be authorized by the
  proposed amendment; and
               (3)  the maximum estimated cost to repay the general
  obligation debt that would be authorized by the proposed amendment,
  including principal and interest, at a stated likely interest rate.
         (b)  For the purposes of the information required by
  Subsection (a), on the request of the secretary of state the Bond
  Review Board shall:
               (1)  certify the current general obligation debt of
  this state;
               (2)  determine a likely interest rate for the proposed
  bonds; and
               (3)  compute the estimated maximum repayment cost in
  accordance with the likely interest rate determined under
  Subdivision (2).
         (c)  The ballot required by this section must be printed in
  substantially the following format:
 
 
DEBT ITEMS TOTAL PER CAPITA
 
 
CURRENT GENERAL
 
OBLIGATION DEBT $ ____ $ ____
 
 
PROPOSED ADDITIONAL GENERAL
 
OBLIGATION DEBT $ ____ $ ____
 
 
COST TO REPAY
 
ADDITIONAL GENERAL  
 
OBLIGATION DEBT
 
AT __% INTEREST
 
OVER __ YEARS $ ____ $ ____
         (d)  The statement required by this section must:
               (1)  be considered by the secretary of state before the
  secretary certifies the proposed amendment under Section
  274.003(a); and
               (2)  be appropriately translated as provided by Section
  274.003(c) for other ballot language.
         SECTION 2.  Subtitle C, Title 9, Government Code, is amended
  by adding Chapter 1253 to read as follows:
  CHAPTER 1253. BALLOT INFORMATION FOR ELECTION TO AUTHORIZE LOCAL
  GOVERNMENTAL GENERAL OBLIGATION BONDS
         Sec. 1253.0001.  DEFINITION. In this chapter, "local
  government" means a political subdivision or special-purpose
  district or authority of this state, including a county,
  municipality, school district, junior college district, hospital
  district, or conservation and reclamation district.
         Sec. 1253.0002.  BALLOT INFORMATION FOR ELECTION REGARDING
  GENERAL OBLIGATION BONDS. (a)  This section applies to a ballot
  printed for an election to authorize a local government to issue
  general obligation bonds.
         (b)  A ballot must include with the ballot proposition a
  statement that includes the following amounts, with each stated as
  a total amount and as a per capita amount for the current population
  of the local government at the time the statement is prepared:
               (1)  the current general obligation debt of the local
  government at the time the statement is prepared;
               (2)  the maximum amount of additional general
  obligation debt of the local government that would be authorized if
  the proposition is passed; and
               (3)  the maximum estimated cost to repay the general
  obligation debt that would be authorized by the proposition,
  including principal and interest, at a stated likely interest rate.
         (c)  The ballot required by this section must be printed in
  substantially the following format:
 
 
DEBT ITEMS TOTAL PER CAPITA
 
 
CURRENT GENERAL
 
OBLIGATION DEBT $ ____ $ ____
 
 
PROPOSED ADDITIONAL GENERAL
 
OBLIGATION DEBT $ ____ $ ____
 
 
COST TO REPAY
 
ADDITIONAL GENERAL  
 
OBLIGATION DEBT
 
AT __% INTEREST
 
OVER __ YEARS $ ____ $ ____
         Sec. 1253.0003.  DETERMINATION OF BALLOT INFORMATION. For
  the purposes of the information required by Section 1253.0002(b),
  the treasurer of the local government, or another person as
  determined by the governing body of the local government, shall:
               (1)  certify the current general obligation debt of the
  local government;
               (2)  determine a likely interest rate for the proposed
  bonds; and
               (3)  compute the estimated maximum repayment cost in
  accordance with the likely interest rate determined under
  Subdivision (2).
         SECTION 3.  Section 274.005, Election Code, as added by this
  Act, and Chapter 1253, Government Code, as added by this Act, apply
  only to a ballot proposition for an election held on or after
  November 1, 2020.
         SECTION 4.  This Act takes effect September 1, 2019.
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