Bill Text: TX SB1611 | 2017-2018 | 85th Legislature | Introduced
Bill Title: Relating to requiring an election for the issuance of certain certificates of obligation by a municipality or county.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2017-03-21 - Referred to Intergovernmental Relations [SB1611 Detail]
Download: Texas-2017-SB1611-Introduced.html
85R12918 SCL-D | ||
By: Taylor of Collin | S.B. No. 1611 |
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relating to requiring an election for the issuance of certain | ||
certificates of obligation by a municipality or county. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. The heading to Section 271.049, Local Government | ||
Code, is amended to read as follows: | ||
Sec. 271.049. NOTICE OF INTENTION TO ISSUE CERTIFICATES; | ||
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SECTION 2. Sections 271.049(c) and (d), Local Government | ||
Code, are amended to read as follows: | ||
(c) If [ |
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municipality[ |
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certificates unless the issuance is approved at an election | ||
ordered, held, and conducted in the manner provided for bond | ||
elections under Chapter 1251, Government Code. The election must | ||
be held on the first uniform election date prescribed by Section | ||
41.001, Election Code, that occurs after notice is provided under | ||
this section and that allows sufficient time to comply with other | ||
requirements of law. | ||
(d) This section does not apply if: | ||
(1) the issuer is located wholly or partly inside an | ||
area declared to be a disaster area by the governor; and | ||
(2) the proceeds of the certificates are used only for | ||
disaster-related purposes [ |
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SECTION 3. Section 271.049, Local Government Code, as | ||
amended by this Act, applies only to a certificate of obligation | ||
issued on or after the effective date of this Act. A certificate | ||
issued before the effective date of this Act is governed by the law | ||
applicable to the certificate immediately before the effective date | ||
of this Act, and that law is continued in effect for that purpose. | ||
SECTION 4. This Act takes effect September 1, 2017. |