81R3085 JTS-D
By: Laubenberg H.B. No. 1702
A BILL TO BE ENTITLED
AN ACT
relating to the posting on the comptroller's Internet website
certain information related to bonds issued by local governments.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subtitle C, Title 9, Government Code, is amended
by adding Chapter 1253 to read as follows:
CHAPTER 1253. PUBLICATION OF LOCAL GOVERNMENT BOND INFORMATION
Sec. 1253.001. DEFINITION. In this chapter, "local
government" means a county, municipality, or other political
subdivision of the state that is authorized to issue general
obligation bonds.
Sec. 1253.002. RULES. The comptroller shall adopt rules to
implement this chapter.
Sec. 1253.003. PUBLICATION OF INFORMATION BEFORE ELECTION.
(a) Not later than the 30th day before a scheduled election to
authorize the issuance of general obligation bonds by a local
government, the local government shall submit to the comptroller
for publication on the comptroller's Internet website information
regarding the bonds proposed to be issued, including information
regarding:
(1) the principal amount of the proposed bonds;
(2) a description of how proceeds from the proposed
bonds will be spent;
(3) the effect of the issuance of the proposed bonds on
the local government's tax rates;
(4) the total estimated cost, including interest, to
redeem the proposed bonds;
(5) the date by which the proposed bonds will be paid
off; and
(6) the amount of the local government's total
outstanding bonded indebtedness after issuance of the proposed
bonds.
(b) The comptroller shall publish the information, in an
easily readable format, on the comptroller's Internet website not
later than the 15th day before the date scheduled for the election.
Sec. 1253.004. COMPILATION OF BOND INFORMATION. A local
government quarterly shall prepare a report on the status of its
outstanding indebtedness and submit the report to the comptroller
for posting on the comptroller's Internet website. The report must
include:
(1) the amount of the local government's total
outstanding bonded indebtedness; and
(2) for each issuance of bonds with outstanding
indebtedness, information regarding:
(A) how bond proceeds have been used;
(B) the amount of outstanding indebtedness; and
(C) the date on which the bonds become payable.
SECTION 2. (a) The comptroller of public accounts shall
adopt rules necessary to implement Chapter 1253, Government Code,
as added by this Act, not later than September 1, 2009.
(b) A local government shall submit to the comptroller of
public accounts, and the comptroller shall publish, the information
required by Section 1253.003, Government Code, as added by this
Act, for bonds proposed to be authorized by an election to be held
on or after January 1, 2010.
(c) Each local government shall submit to the comptroller of
public accounts the first report required by Section 1253.004,
Government Code, as added by this Act, not later than January 1,
2010.
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, 2009.