Bill Text: TX HB782 | 2011-2012 | 82nd Legislature | Enrolled
Bill Title: Relating to a requirement that certain bond issuers obtain an appraisal of property that is to be purchased with bond proceeds.
Spectrum: Bipartisan Bill
Status: (Passed) 2011-06-17 - Effective on 9/1/11 [HB782 Detail]
Download: Texas-2011-HB782-Enrolled.html
| H.B. No. 782 | ||
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| relating to a requirement that certain bond issuers obtain an | ||
| appraisal of property that is to be purchased with bond proceeds. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subchapter C, Chapter 252, Local Government | ||
| Code, is amended by adding Section 252.051 to read as follows: | ||
| Sec. 252.051. APPRAISAL REQUIRED BEFORE PURCHASE OF | ||
| PROPERTY WITH BOND PROCEEDS. A municipality may not purchase | ||
| property wholly or partly with bond proceeds until the municipality | ||
| obtains an independent appraisal of the property's market value. | ||
| SECTION 2. Subchapter C, Chapter 505, Local Government | ||
| Code, is amended by adding Section 505.1041 to read as follows: | ||
| Sec. 505.1041. APPRAISAL REQUIRED BEFORE PURCHASE OF | ||
| PROPERTY WITH BOND PROCEEDS. A Type B corporation may not purchase | ||
| property for a project wholly or partly with bond proceeds until the | ||
| corporation obtains an independent appraisal of the property's | ||
| market value. | ||
| SECTION 3. The changes in law made by Sections 252.051 and | ||
| 505.1041, Local Government Code, as added by this Act, apply only to | ||
| the purchase of property on or after the effective date of this Act. | ||
| The purchase of property before the effective date of this Act is | ||
| governed by the law in effect when the property was purchased, and | ||
| the former law is continued in effect for that purpose. | ||
| SECTION 4. This Act takes effect September 1, 2011. | ||
| ______________________________ | ______________________________ | |
| President of the Senate | Speaker of the House | |
| I certify that H.B. No. 782 was passed by the House on April | ||
| 26, 2011, by the following vote: Yeas 146, Nays 1, 2 present, not | ||
| voting. | ||
| ______________________________ | ||
| Chief Clerk of the House | ||
| I certify that H.B. No. 782 was passed by the Senate on May | ||
| 25, 2011, by the following vote: Yeas 31, Nays 0. | ||
| ______________________________ | ||
| Secretary of the Senate | ||
| APPROVED: _____________________ | ||
| Date | ||
| _____________________ | ||
| Governor | ||
