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A BILL TO BE ENTITLED
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AN ACT
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relating to requirements for providing information regarding the |
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issuance of certain proposed bonds by certain political |
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subdivisions. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter E, Chapter 45, Education Code, is |
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amended by adding Section 45.114 to read as follows: |
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Sec. 45.114. DISCLOSURE OF SPECIFIC BOND INFORMATION IN |
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PUBLICLY DISSEMINATED INFORMATION REQUIRED. (a) This section |
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applies only to school district bonds that may only be issued if |
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approved as provided by law by the qualified voters of the district |
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voting at an election held for that purpose. |
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(b) A school district shall include in any publicly |
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disseminated materials relating to the proposed issuance of bonds |
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described by Subsection (a), including any information provided on |
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the district's Internet website: |
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(1) the purpose for which the bonds are proposed; |
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(2) the amount of the bonds; |
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(3) the likely rate of interest on the bonds as |
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determined by the district; and |
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(4) the maximum estimated cost to repay the bonds that |
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would be authorized by the proposed issuance, including the |
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principal and interest at the likely interest rate determined under |
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Subdivision (3). |
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SECTION 2. Chapter 140, Local Government Code, is amended |
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by adding Section 140.013 to read as follows: |
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Sec. 140.013. DISCLOSURE OF SPECIFIC BOND INFORMATION IN |
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PUBLICLY DISSEMINATED INFORMATION REQUIRED. (a) This section |
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applies only to municipal or county bonds that may only be issued if |
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approved as provided by law by the qualified voters of the |
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municipality or county voting at an election held for that purpose. |
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(b) A municipality or county shall include in any publicly |
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disseminated materials relating to the proposed issuance of bonds |
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described by Subsection (a), including any information provided on |
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the Internet website of the municipality or county: |
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(1) the purpose for which the bonds are proposed; |
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(2) the amount of the bonds; |
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(3) the likely rate of interest on the bonds as |
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determined by the municipality or county; and |
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(4) the maximum estimated cost to repay the bonds that |
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would be authorized by the proposed issuance, including the |
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principal and interest at the likely interest rate determined under |
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Subdivision (3). |
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SECTION 3. This Act takes effect September 1, 2017. |