Texas Senate Bill SB2064

Texas 2009 - 81st Regular

• Out of Senate Committee: 4/28/09
• Voted on by Senate: 5/7/09
• Out of House Committee: 5/22/09
• Voted on by House: 5/27/09
• Governor Action: 6/19/09
• Enrolled: 6/1/09
• Passed: 6/19/09

Caption

Relating to the issuance of state and local government securities, including the powers and duties of the Bond Review Board and the issuance of private activity bonds.

Impact

One of the significant changes introduced by SB2064 involves amendments to existing Government Code sections that dictate how reservations of the state ceiling for various bond issuers should operate. This bill specifically influences the allocation percentages assigned to different types of bonds, such as qualified mortgage bonds or state-voted issues, which could streamline access to funding for these projects. By setting conditions under which these allocations happen, the bill intends to create a more predictable environment for local governments to plan their financing strategies over the following years.

Summary

Senate Bill 2064 pertains to the issuance of state and local government securities, establishing new regulations and responsibilities for the Bond Review Board in Texas. This bill aims to refine the procedural guidelines concerning the reservation and allocation of state ceilings on bonding activities, directly affecting how local governments can fund various projects through public and private financing avenues. It emphasizes more structured oversight of bond issuance and the management of public funds, aiming for more responsible financial stewardship.

Contention

Notably, the bill may provoke debate regarding the balance between state oversight and local autonomy over financial decisions. Some stakeholders might argue that imposing stricter regulations and procedural requirements could hinder local governments' ability to respond flexibly to their financing needs, while supporters of the bill might contend that it promotes accountability and reduces the risk of mismanagement of public funds. Overall, SB2064 encapsulates a pivotal shift in the state's financing landscape, reinforcing a framework that is both more regulated and potentially more beneficial for long-term financial planning.