Bill Text: TX HB3344 | 2015-2016 | 84th Legislature | Introduced
Bill Title: Relating to the authority of a political subdivision to issue debt to purchase or lease tangible personal property.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2015-04-08 - Left pending in subcommittee [HB3344 Detail]
Download: Texas-2015-HB3344-Introduced.html
| 84R8644 TJB-D | ||
| By: Schofield | H.B. No. 3344 | |
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| relating to the authority of a political subdivision to issue debt | ||
| to purchase or lease tangible personal property. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subtitle C, Title 9, Government Code, is amended | ||
| by adding Chapter 1253 to read as follows: | ||
| CHAPTER 1253. LIMITATION ON AUTHORITY TO ISSUE PUBLIC SECURITIES | ||
| FOR CERTAIN PURPOSES | ||
| Sec. 1253.001. DEFINITIONS. In this chapter: | ||
| (1) "Political subdivision" means a county, | ||
| municipality, school district, junior college district, other | ||
| special district, or other subdivision of state government. | ||
| (2) "Public security" has the meaning assigned by | ||
| Section 1201.002. | ||
| Sec. 1253.002. LIMITATION ON AUTHORITY TO ISSUE PUBLIC | ||
| SECURITY FOR TANGIBLE PERSONAL PROPERTY. A political subdivision | ||
| may not issue a public security to purchase or lease tangible | ||
| personal property if the expected useful life of the property ends | ||
| before the maturity date of the public security. | ||
| SECTION 2. This Act takes effect September 1, 2015. | ||
