| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | 81R10998 JTS-D | |
| 2 | 2 | By: Villarreal H.B. No. 3937 | |
| 3 | 3 | ||
| 4 | 4 | ||
| 5 | 5 | A BILL TO BE ENTITLED | |
| 6 | 6 | AN ACT | |
| 7 | 7 | relating to the authority of certain counties to issue short-term | |
| 8 | 8 | bonds. | |
| 9 | 9 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 10 | 10 | SECTION 1. Chapter 1301, Government Code, is amended by | |
| 11 | 11 | adding Section 1301.005 to read as follows: | |
| 12 | 12 | Sec. 1301.005. SHORT-TERM BONDS ISSUED BY CERTAIN COUNTIES. | |
| 13 | 13 | (a) The commissioners court of a county with a population of more | |
| 14 | 14 | than one million and in which more than 80 percent of the population | |
| 15 | 15 | resides in a single municipality by resolution may issue short-term | |
| 16 | 16 | bonds that are secured by revenue or taxes of the county that: | |
| 17 | 17 | (1) have a term of not more than 12 months; and | |
| 18 | 18 | (2) are payable only from revenue or taxes received on | |
| 19 | 19 | or after the date of their issuance and before the end of the fiscal | |
| 20 | 20 | year following the fiscal year in which the bonds are issued. | |
| 21 | 21 | (b) Approval by the attorney general or registration with | |
| 22 | 22 | the comptroller is not required for a bond issued under this | |
| 23 | 23 | section. | |
| 24 | 24 | (c) An election is not required to issue bonds under this | |
| 25 | 25 | section. | |
| 26 | 26 | SECTION 2. This Act takes effect September 1, 2009. |