Bill Text: TX SB1394 | 2023-2024 | 88th Legislature | Introduced


Bill Title: Relating to the issuance of anticipation notes or other obligations by issuers located along the Gulf Coast in an emergency.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2023-03-16 - Referred to Local Government [SB1394 Detail]

Download: Texas-2023-SB1394-Introduced.html
  88R6895 SGM-D
 
  By: Middleton S.B. No. 1394
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to the issuance of anticipation notes or other obligations
  by issuers located along the Gulf Coast in an emergency.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 1431.015(b), Government Code, is amended
  to read as follows:
         (b)  Notwithstanding any other provision of this chapter or a
  rating requirement prescribed by Chapter 1371, an issuer located
  within 70 miles of the Gulf of Mexico or of a bay or inlet of the
  gulf may authorize the issuance of an anticipation note or other
  obligation in the event of an emergency.
         SECTION 2.  The change in law made by this Act applies only
  to an anticipation note or obligation issued on or after the
  effective date of this Act.  A note or obligation issued before the
  effective date of this Act is governed by the law in effect on the
  date the note or obligation was issued, and that law is continued in
  effect for that purpose.
         SECTION 3.  This Act takes effect immediately if it receives
  a vote of two-thirds of all the members elected to each house, as
  provided by Section 39, Article III, Texas Constitution.  If this
  Act does not receive the vote necessary for immediate effect, this
  Act takes effect September 1, 2023.
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