Bill Text: TX SB462 | 2019-2020 | 86th Legislature | Engrossed
Bill Title: Relating to ballot propositions authorizing certain political subdivisions to issue debt obligations.
Spectrum: Partisan Bill (Republican 3-0)
Status: (Engrossed - Dead) 2019-05-09 - Left pending in committee [SB462 Detail]
Download: Texas-2019-SB462-Engrossed.html
| By: Campbell, Creighton | S.B. No. 462 | |
| Kolkhorst | ||
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| relating to ballot propositions authorizing certain political | ||
| subdivisions to issue debt obligations. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Chapter 1251, Government Code, is amended by | ||
| designating Sections 1251.001, 1251.002, 1251.003, 1251.004, | ||
| 1251.005, and 1251.006 as Subchapter A and adding a subchapter | ||
| heading to read as follows: | ||
| SUBCHAPTER A. PROVISIONS RELATING GENERALLY TO COUNTY AND | ||
| MUNICIPAL BOND ELECTIONS | ||
| SECTION 2. Chapter 1251, Government Code, is amended by | ||
| adding Subchapter B to read as follows: | ||
| SUBCHAPTER B. BALLOT FOR BONDS ISSUED BY POLITICAL SUBDIVISION | ||
| Sec. 1251.051. DEFINITIONS. In this subchapter: | ||
| (1) "Debt obligation" means an issued public security, | ||
| as defined by Section 1201.002, that is secured by ad valorem taxes. | ||
| (2) "Political subdivision" means a county, | ||
| municipality, school district, junior college district, other | ||
| special district, or other subdivision of state government. | ||
| Sec. 1251.052. CONTENTS OF BALLOT PROPOSITION. The | ||
| proposition submitted for an election to authorize a political | ||
| subdivision to issue debt obligations must distinctly state: | ||
| (1) the purpose for which the debt obligations are to | ||
| be authorized; | ||
| (2) the principal amount of the debt obligations to be | ||
| authorized; | ||
| (3) that taxes sufficient to pay the annual principal | ||
| of and interest on the debt obligations may be imposed; | ||
| (4) the aggregate amount of the outstanding principal | ||
| of the political subdivision's debt obligations as of the beginning | ||
| of the political subdivision's fiscal year in which the election is | ||
| ordered; and | ||
| (5) the ad valorem debt service tax rate for the | ||
| political subdivision at the time the election is ordered, | ||
| expressed as: | ||
| (A) an amount per $100 valuation of taxable | ||
| property; and | ||
| (B) a percentage of the political subdivision's | ||
| adopted tax rate as of the beginning of the political subdivision's | ||
| fiscal year in which the election is ordered. | ||
| Sec. 1251.053. FORM OF BALLOT. The secretary of state may | ||
| adopt a form of the ballot for an election held under this | ||
| subchapter. A political subdivision is not required to use any | ||
| adopted form. | ||
| SECTION 3. Section 1251.052, Government Code, as added by | ||
| this Act, applies only to an election ordered on or after the | ||
| effective date of this Act. An election ordered before the | ||
| effective date of this Act is governed by the law in effect when the | ||
| election was ordered, and the former law is continued in effect for | ||
| that purpose. | ||
| SECTION 4. This Act takes effect September 1, 2019. | ||
