| 1 | 1 | | By: Davis of Dallas (Senate Sponsor - Wentworth) H.B. No. 782 |
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| 2 | 2 | | (In the Senate - Received from the House April 27, 2011; |
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| 3 | 3 | | May 2, 2011, read first time and referred to Committee on |
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| 4 | 4 | | Intergovernmental Relations; May 19, 2011, reported favorably by |
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| 5 | 5 | | the following vote: Yeas 5, Nays 0; May 19, 2011, sent to |
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| 6 | 6 | | printer.) |
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| 7 | 7 | | |
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| 8 | 8 | | |
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| 9 | 9 | | A BILL TO BE ENTITLED |
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| 10 | 10 | | AN ACT |
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| 11 | 11 | | relating to a requirement that certain bond issuers obtain an |
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| 12 | 12 | | appraisal of property that is to be purchased with bond proceeds. |
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| 13 | 13 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 14 | 14 | | SECTION 1. Subchapter C, Chapter 252, Local Government |
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| 15 | 15 | | Code, is amended by adding Section 252.051 to read as follows: |
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| 16 | 16 | | Sec. 252.051. APPRAISAL REQUIRED BEFORE PURCHASE OF |
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| 17 | 17 | | PROPERTY WITH BOND PROCEEDS. A municipality may not purchase |
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| 18 | 18 | | property wholly or partly with bond proceeds until the municipality |
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| 19 | 19 | | obtains an independent appraisal of the property's market value. |
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| 20 | 20 | | SECTION 2. Subchapter C, Chapter 505, Local Government |
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| 21 | 21 | | Code, is amended by adding Section 505.1041 to read as follows: |
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| 22 | 22 | | Sec. 505.1041. APPRAISAL REQUIRED BEFORE PURCHASE OF |
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| 23 | 23 | | PROPERTY WITH BOND PROCEEDS. A Type B corporation may not purchase |
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| 24 | 24 | | property for a project wholly or partly with bond proceeds until the |
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| 25 | 25 | | corporation obtains an independent appraisal of the property's |
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| 26 | 26 | | market value. |
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| 27 | 27 | | SECTION 3. The changes in law made by Sections 252.051 and |
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| 28 | 28 | | 505.1041, Local Government Code, as added by this Act, apply only to |
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| 29 | 29 | | the purchase of property on or after the effective date of this Act. |
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| 30 | 30 | | The purchase of property before the effective date of this Act is |
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| 31 | 31 | | governed by the law in effect when the property was purchased, and |
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| 32 | 32 | | the former law is continued in effect for that purpose. |
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| 33 | 33 | | SECTION 4. This Act takes effect September 1, 2011. |
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| 34 | 34 | | * * * * * |
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