83R7963 TJB-F
By: Paxton S.B. No. 636
A BILL TO BE ENTITLED
AN ACT
relating to public information regarding bonds and other
obligations issued by the state and local governments.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 1202.008, Government Code, is amended to
read as follows:
Sec. 1202.008. COLLECTION AND REPORT OF INFORMATION ON
LOCAL [PUBLIC] SECURITIES [OF POLITICAL SUBDIVISIONS]. (a) In
this section, "local security" has the meaning assigned by Section
1231.001.
(b) In reviewing local [public] securities under this
chapter, the attorney general shall [may] collect, in the form
required by the Bond Review Board, information on each local
security [public securities issued by a municipal corporation or
political subdivision of this state].
(c) [(b)] The information must include:
(1) the terms of each local security [the public
securities];
(2) the debt service payable on each local security
[the public securities]; and
(3) other information required by the Bond Review
Board.
(d) [(c)] The attorney general shall send the information
to the Bond Review Board for inclusion in the reports required by
Sections [board's report of debt statistics under Section]
1231.062, 1231.104, and 1231.105.
(e) The attorney general may not approve a local security
under Section 1202.003 until the attorney general receives written
notification from the Bond Review Board that the board:
(1) has received the information required by
Subsection (c); or
(2) has agreed to a later date for the submission of
the information.
SECTION 2. The heading to Subtitle B, Title 9, Government
Code, is amended to read as follows:
SUBTITLE B. PROVISIONS APPLICABLE TO PUBLIC SECURITIES [ISSUED BY
STATE GOVERNMENT]
SECTION 3. Section 1231.001, Government Code, is amended by
adding Subdivision (4) to read as follows:
(4) "Local security" means a public security as
defined by Section 1201.002, other than a state security.
SECTION 4. Subchapter B, Chapter 1231, Government Code, is
amended by adding Section 1231.024 to read as follows:
Sec. 1231.024. SEARCHABLE DATABASE FOR BOND AND DEBT
OBLIGATIONS. (a) The board shall develop and maintain a
computerized database that:
(1) lists the bond and other debt obligations issued
by the state and each local government granted debt authority by the
Texas Constitution; and
(2) is searchable by each local government within a
zip code.
(b) The database must include the:
(1) specific debt issued by the state and each local
government and the principal, interest, and payments on the debt;
(2) total principal, interest, and payments on all
debt issued by the state and each local government; and
(3) total principal, interest, and payments on all
debt issued by local governments in each zip code.
(c) The board shall make the database described by
Subsection (a) available to the public on the board's Internet
website.
(d) The comptroller shall provide on the comptroller's
Internet website a link to the database made available by the board
under Subsection (c).
SECTION 5. Sections 1231.062(a), (b), and (c), Government
Code, are amended to read as follows:
(a) Not later than December 31 of each even-numbered year,
the board shall submit to the legislature a statistical report
relating to:
(1) state securities, including a state security
issued by an institution of higher education; and
(2) local securities [bonds and other debt obligations
issued by local governments].
(b) A report must include:
(1) total debt service as a percentage of total
expenditures;
(2) total debt [tax-supported debt service as a
percentage of general revenue expenditure;
[(3)] per capita [total debt];
(3) tax-supported debt [(4) per capita tax-supported
debt;
[(5) total debt and tax-supported debt as a percentage
of personal income;
[(6) total personal income per capita;
[(7) total debt per capita as a percentage of total
personal income] per capita;
(4) [(8)] total debt and tax-supported debt as a
percentage of real property valuations;
(5) [(9) total debt and tax-supported debt as a
percentage of annual revenues and expenditures;
[(10)] principal scheduled [required] to be repaid in
five years, [and principal required to be repaid in] 10 years, and
20 years;
(6) [(11) growth rates of total debt per capita and
total debt per dollar of personal income;
[(12)] recent issuances [trends in the issuance] of
short-term notes;
(7) [(13)] recent trends in issuance costs;
(8) [(14)] savings from recent refundings;
(9) debt outstanding [(15) recent trends in
capitalized interest use;
[(16) debt service coverage ratios, if applicable];
and
(10) [(17)] other information the board considers
relevant.
(c) The attorney general, each state agency, and each local
government shall provide annually to the board, and at other [the]
times required by the board, information that the board determines
is [to be] necessary to prepare the statistical report.
SECTION 6. The heading to Section 1231.102, Government
Code, is amended to read as follows:
Sec. 1231.102. STATE SECURITIES ANNUAL REPORT.
SECTION 7. Subchapter F, Chapter 1231, Government Code, is
amended by adding Sections 1231.104, 1231.105, and 1231.106 to read
as follows:
Sec. 1231.104. LOCAL SECURITIES ANNUAL REPORT. Not later
than the 180th day after the end of each state fiscal year, the bond
finance office shall publish a report listing:
(1) the amount of local securities outstanding;
(2) applicable repayment schedules; and
(3) other information the office considers relevant.
Sec. 1231.105. ONLINE ANNUAL LOCAL DEBT STATISTICS REPORT.
Not later than the 150th day after the end of each state fiscal
year, the bond finance office shall publish on the office's
Internet website a report that includes the statistical information
listed in Section 1231.062(b) for all local securities for the
preceding fiscal year.
Sec. 1231.106. REQUIRED INFORMATION. (a) An issuer of a
local security shall provide annually to the bond finance office,
and at other times required by the office, information that the
office determines necessary to administer the powers or duties of
the board or the office, including the preparation of any report.
(b) The bond finance office shall develop a standardized
format to simplify the submission of information by an issuer under
this section.
SECTION 8. Not later than September 1, 2014, the Bond Review
Board shall make available on its Internet website the database
described by Section 1231.024, Government Code, as added by this
Act.
SECTION 9. This Act takes effect January 1, 2014.