Bill Text: TX SB462 | 2019-2020 | 86th Legislature | Engrossed


Bill Title: Relating to ballot propositions authorizing certain political subdivisions to issue debt obligations.

Spectrum: Partisan Bill (Republican 3-0)

Status: (Engrossed - Dead) 2019-05-09 - Left pending in committee [SB462 Detail]

Download: Texas-2019-SB462-Engrossed.html
 
 
  By: Campbell, Creighton S.B. No. 462
      Kolkhorst
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to ballot propositions authorizing certain political
  subdivisions to issue debt obligations.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Chapter 1251, Government Code, is amended by
  designating Sections 1251.001, 1251.002, 1251.003, 1251.004,
  1251.005, and 1251.006 as Subchapter A and adding a subchapter
  heading to read as follows:
  SUBCHAPTER A.  PROVISIONS RELATING GENERALLY TO COUNTY AND
  MUNICIPAL BOND ELECTIONS
         SECTION 2.   Chapter 1251, Government Code, is amended by
  adding Subchapter B to read as follows:
  SUBCHAPTER B.  BALLOT FOR BONDS ISSUED BY POLITICAL SUBDIVISION
         Sec. 1251.051.  DEFINITIONS. In this subchapter:
               (1)  "Debt obligation" means an issued public security,
  as defined by Section 1201.002, that is secured by ad valorem taxes.
               (2)  "Political subdivision" means a county,
  municipality, school district, junior college district, other
  special district, or other subdivision of state government.
         Sec. 1251.052.  CONTENTS OF BALLOT PROPOSITION. The
  proposition submitted for an election to authorize a political
  subdivision to issue debt obligations must distinctly state:
               (1)  the purpose for which the debt obligations are to
  be authorized;
               (2)  the principal amount of the debt obligations to be
  authorized;
               (3)  that taxes sufficient to pay the annual principal
  of and interest on the debt obligations may be imposed;
               (4)  the aggregate amount of the outstanding principal
  of the political subdivision's debt obligations as of the beginning
  of the political subdivision's fiscal year in which the election is
  ordered; and
               (5)  the ad valorem debt service tax rate for the
  political subdivision at the time the election is ordered,
  expressed as:
                     (A)  an amount per $100 valuation of taxable
  property; and
                     (B)  a percentage of the political subdivision's
  adopted tax rate as of the beginning of the political subdivision's
  fiscal year in which the election is ordered.
         Sec. 1251.053.  FORM OF BALLOT. The secretary of state may
  adopt a form of the ballot for an election held under this
  subchapter.  A political subdivision is not required to use any
  adopted form.
         SECTION 3.  Section 1251.052, Government Code, as added by
  this Act, applies only to an election ordered on or after the
  effective date of this Act.  An election ordered before the
  effective date of this Act is governed by the law in effect when the
  election was ordered, and the former law is continued in effect for
  that purpose.
         SECTION 4.  This Act takes effect September 1, 2019.
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