83R10723 JAM-D
By: Isaac H.B. No. 3778
A BILL TO BE ENTITLED
AN ACT
relating to requiring state approval of bonds issued by housing
finance corporations.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter E, Chapter 394, Local Government
Code, is amended by adding Section 394.058 to read as follows:
Sec. 394.058. APPROVAL OF BONDS BY BOND REVIEW BOARD.
Notwithstanding any other law, a bond may not be issued under this
chapter unless approved by the Bond Review Board.
SECTION 2. Chapter 1231, Government Code, is amended by
adding Subchapter C-1 to read as follows:
SUBCHAPTER C-1. BOARD APPROVAL OF ISSUANCE OF CERTAIN LOCAL
SECURITIES
Sec. 1231.051. APPROVAL OF ISSUANCE. The board shall
approve the issuance of a security issued under Subchapter E,
Chapter 394, Local Government Code, if, after examining the
application and documents or items of information required by the
board, the board determines that the issuance is advisable.
SECTION 3. This Act takes effect September 1, 2013.