Bill Text: TX HB2642 | 2017-2018 | 85th Legislature | Introduced
Bill Title: Relating to requirements for providing information regarding the issuance of certain proposed bonds by certain political subdivisions.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2017-03-21 - Referred to Public Education [HB2642 Detail]
Download: Texas-2017-HB2642-Introduced.html
| 85R11860 PAM-D | ||
| By: Sanford | H.B. No. 2642 | |
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| relating to requirements for providing information regarding the | ||
| issuance of certain proposed bonds by certain political | ||
| subdivisions. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subchapter E, Chapter 45, Education Code, is | ||
| amended by adding Section 45.114 to read as follows: | ||
| Sec. 45.114. DISCLOSURE OF SPECIFIC BOND INFORMATION IN | ||
| PUBLICLY DISSEMINATED INFORMATION REQUIRED. (a) This section | ||
| applies only to school district bonds that may only be issued if | ||
| approved as provided by law by the qualified voters of the district | ||
| voting at an election held for that purpose. | ||
| (b) A school district shall include in any publicly | ||
| disseminated materials relating to the proposed issuance of bonds | ||
| described by Subsection (a), including any information provided on | ||
| the district's Internet website: | ||
| (1) the purpose for which the bonds are proposed; | ||
| (2) the amount of the bonds; | ||
| (3) the likely rate of interest on the bonds as | ||
| determined by the district; and | ||
| (4) the maximum estimated cost to repay the bonds that | ||
| would be authorized by the proposed issuance, including the | ||
| principal and interest at the likely interest rate determined under | ||
| Subdivision (3). | ||
| SECTION 2. Chapter 140, Local Government Code, is amended | ||
| by adding Section 140.013 to read as follows: | ||
| Sec. 140.013. DISCLOSURE OF SPECIFIC BOND INFORMATION IN | ||
| PUBLICLY DISSEMINATED INFORMATION REQUIRED. (a) This section | ||
| applies only to municipal or county bonds that may only be issued if | ||
| approved as provided by law by the qualified voters of the | ||
| municipality or county voting at an election held for that purpose. | ||
| (b) A municipality or county shall include in any publicly | ||
| disseminated materials relating to the proposed issuance of bonds | ||
| described by Subsection (a), including any information provided on | ||
| the Internet website of the municipality or county: | ||
| (1) the purpose for which the bonds are proposed; | ||
| (2) the amount of the bonds; | ||
| (3) the likely rate of interest on the bonds as | ||
| determined by the municipality or county; and | ||
| (4) the maximum estimated cost to repay the bonds that | ||
| would be authorized by the proposed issuance, including the | ||
| principal and interest at the likely interest rate determined under | ||
| Subdivision (3). | ||
| SECTION 3. This Act takes effect September 1, 2017. | ||
