Texas Senate Bill SB1874

Texas 2009 - 81st Regular

Caption

Relating to requiring a municipality or county to publish a notice of intent before issuing anticipation notes.

Impact

The bill mandates that the notice of intent must be published weekly for two consecutive weeks in a newspaper with general circulation in the area. The notice must include crucial details such as the maximum amount of anticipation notes to be issued, the purpose of the borrowing, and the proposed repayment methods. This requirement is expected to inform residents and taxpayers about financial decisions that could impact local budgets and public services, allowing for better informed citizenry participation.

Summary

SB1874 requires municipalities and counties to publish a notice of intent before issuing anticipation notes. This legislation amends the Government Code of Texas by adding specific notification requirements that must be adhered to by local authorities. The proposed act emphasizes transparency by ensuring that potential issuance of anticipation notes is disclosed to the public ahead of time, providing a greater opportunity for community engagement and oversight.

Contention

Notably, there are exceptions to the requirements set forth in the bill. Anticipation notes issued for unforeseen needs, including public calamities or necessary health protections, are exempted from the notice requirement, which has raised concerns about accountability in urgent situations. Critics may argue that this could lead to a lack of transparency in the face of emergencies. Proponents, however, assert that these provisions maintain flexibility for local governments to act swiftly when necessary, balancing public oversight with operational efficiency.