Bill Text: TX HB3151 | 2013-2014 | 83rd Legislature | Introduced
Bill Title: Relating to required disclosures on a municipal bond election ballot.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Introduced - Dead) 2013-03-25 - Referred to Elections [HB3151 Detail]
Download: Texas-2013-HB3151-Introduced.html
| 83R2133 ATP-F | ||
| By: Capriglione | H.B. No. 3151 | |
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| relating to required disclosures on a municipal bond election | ||
| ballot. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Section 1251.002, Government Code, is amended to | ||
| read as follows: | ||
| Sec. 1251.002. CONTENTS OF PROPOSITION. (a) The proposition | ||
| submitted in the election must distinctly state: | ||
| (1) the purpose for which the bonds are to be issued; | ||
| (2) the amount of the bonds; | ||
| (3) the rate of interest; | ||
| (4) the imposition of taxes sufficient to pay the | ||
| annual interest on the bonds and to provide a sinking fund to redeem | ||
| the bonds at maturity; and | ||
| (5) the maturity date of the bonds or that the bonds | ||
| may be issued to mature serially over a specified number of years | ||
| not to exceed 40. | ||
| (b) If the election is held by a municipality, the | ||
| proposition submitted in the election must include a separate box | ||
| located beneath the information required under Subsection (a) that | ||
| states or restates, as applicable: | ||
| (1) the amount of bonds; | ||
| (2) a plain language description of the public purpose | ||
| for which the bonds are to be issued; | ||
| (3) the proportion of the municipality's total bonding | ||
| cap that will be encumbered through the issuance of the amount | ||
| described by Subdivision (1); | ||
| (4) the year in which the bonds will be retired; | ||
| (5) whether the issuance would require any new taxes, | ||
| fees, or assessments, or an increase in existing taxes, fees, or | ||
| assessments; | ||
| (6) an analysis of: | ||
| (A) the annual costs that each homeowner of an | ||
| average-priced home within the municipality or renter paying the | ||
| average rent within the municipality may be required to pay if the | ||
| bonds are supported by ad valorem taxes; | ||
| (B) the annual costs that each resident of the | ||
| municipality would be required to pay if the bonds are supported by | ||
| sales or other use taxes; or | ||
| (C) the annual costs that each affected resident | ||
| of the municipality would be required to pay if the bonds are | ||
| supported by other assessments or fees; and | ||
| (7) whether any of the projects to be supported by the | ||
| bonds are anticipated to require the exercise of the power of | ||
| eminent domain. | ||
| (c) The secretary of state shall prescribe the form of the | ||
| box containing the information required by Subsection (b). | ||
| SECTION 2. This Act takes effect September 1, 2013. | ||
