Bill Text: TX HB782 | 2011-2012 | 82nd Legislature | Engrossed

Texas House Bill 782 (Prior Session Legislation)

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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-Engrossed.html



	By: Davis of Dallas	H.B. No. 782



	A BILL TO BE ENTITLED
	AN ACT
	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.