| 1 | 1 | | 81R3085 JTS-D |
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| 2 | 2 | | By: Laubenberg H.B. No. 1702 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A BILL TO BE ENTITLED |
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| 6 | 6 | | AN ACT |
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| 7 | 7 | | relating to the posting on the comptroller's Internet website |
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| 8 | 8 | | certain information related to bonds issued by local governments. |
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| 9 | 9 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 10 | 10 | | SECTION 1. Subtitle C, Title 9, Government Code, is amended |
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| 11 | 11 | | by adding Chapter 1253 to read as follows: |
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| 12 | 12 | | CHAPTER 1253. PUBLICATION OF LOCAL GOVERNMENT BOND INFORMATION |
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| 13 | 13 | | Sec. 1253.001. DEFINITION. In this chapter, "local |
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| 14 | 14 | | government" means a county, municipality, or other political |
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| 15 | 15 | | subdivision of the state that is authorized to issue general |
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| 16 | 16 | | obligation bonds. |
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| 17 | 17 | | Sec. 1253.002. RULES. The comptroller shall adopt rules to |
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| 18 | 18 | | implement this chapter. |
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| 19 | 19 | | Sec. 1253.003. PUBLICATION OF INFORMATION BEFORE ELECTION. |
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| 20 | 20 | | (a) Not later than the 30th day before a scheduled election to |
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| 21 | 21 | | authorize the issuance of general obligation bonds by a local |
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| 22 | 22 | | government, the local government shall submit to the comptroller |
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| 23 | 23 | | for publication on the comptroller's Internet website information |
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| 24 | 24 | | regarding the bonds proposed to be issued, including information |
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| 25 | 25 | | regarding: |
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| 26 | 26 | | (1) the principal amount of the proposed bonds; |
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| 27 | 27 | | (2) a description of how proceeds from the proposed |
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| 28 | 28 | | bonds will be spent; |
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| 29 | 29 | | (3) the effect of the issuance of the proposed bonds on |
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| 30 | 30 | | the local government's tax rates; |
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| 31 | 31 | | (4) the total estimated cost, including interest, to |
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| 32 | 32 | | redeem the proposed bonds; |
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| 33 | 33 | | (5) the date by which the proposed bonds will be paid |
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| 34 | 34 | | off; and |
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| 35 | 35 | | (6) the amount of the local government's total |
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| 36 | 36 | | outstanding bonded indebtedness after issuance of the proposed |
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| 37 | 37 | | bonds. |
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| 38 | 38 | | (b) The comptroller shall publish the information, in an |
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| 39 | 39 | | easily readable format, on the comptroller's Internet website not |
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| 40 | 40 | | later than the 15th day before the date scheduled for the election. |
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| 41 | 41 | | Sec. 1253.004. COMPILATION OF BOND INFORMATION. A local |
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| 42 | 42 | | government quarterly shall prepare a report on the status of its |
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| 43 | 43 | | outstanding indebtedness and submit the report to the comptroller |
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| 44 | 44 | | for posting on the comptroller's Internet website. The report must |
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| 45 | 45 | | include: |
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| 46 | 46 | | (1) the amount of the local government's total |
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| 47 | 47 | | outstanding bonded indebtedness; and |
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| 48 | 48 | | (2) for each issuance of bonds with outstanding |
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| 49 | 49 | | indebtedness, information regarding: |
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| 50 | 50 | | (A) how bond proceeds have been used; |
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| 51 | 51 | | (B) the amount of outstanding indebtedness; and |
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| 52 | 52 | | (C) the date on which the bonds become payable. |
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| 53 | 53 | | SECTION 2. (a) The comptroller of public accounts shall |
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| 54 | 54 | | adopt rules necessary to implement Chapter 1253, Government Code, |
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| 55 | 55 | | as added by this Act, not later than September 1, 2009. |
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| 56 | 56 | | (b) A local government shall submit to the comptroller of |
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| 57 | 57 | | public accounts, and the comptroller shall publish, the information |
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| 58 | 58 | | required by Section 1253.003, Government Code, as added by this |
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| 59 | 59 | | Act, for bonds proposed to be authorized by an election to be held |
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| 60 | 60 | | on or after January 1, 2010. |
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| 61 | 61 | | (c) Each local government shall submit to the comptroller of |
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| 62 | 62 | | public accounts the first report required by Section 1253.004, |
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| 63 | 63 | | Government Code, as added by this Act, not later than January 1, |
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| 64 | 64 | | 2010. |
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| 65 | 65 | | SECTION 3. This Act takes effect immediately if it receives |
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| 66 | 66 | | a vote of two-thirds of all the members elected to each house, as |
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| 67 | 67 | | provided by Section 39, Article III, Texas Constitution. If this |
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| 68 | 68 | | Act does not receive the vote necessary for immediate effect, this |
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| 69 | 69 | | Act takes effect September 1, 2009. |
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