Texas 2013 - 83rd Regular

Texas Senate Bill SB637 Compare Versions

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1	1	By: Paxton S.B. No. 637
2	2	(Flynn)
3	3
4	4
5	5	A BILL TO BE ENTITLED
6	6	AN ACT
7	7	relating to notice and election order requirements for bond
8	8	approval elections held by political subdivisions.
9	9	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
10	10	SECTION 1. Chapter 3, Election Code, is amended by adding
11	11	Section 3.009 to read as follows:
12	12	Sec. 3.009. CONTENTS OF DEBT OBLIGATION ELECTION ORDER.
13	13	(a) In this section, "debt obligation" means an issued public
14	14	security, as defined by Section 1201.002, Government Code, that is
15	15	secured by ad valorem taxes.
16	16	(b) The document ordering an election to authorize a
17	17	political subdivision to issue debt obligations must distinctly
18	18	state:
19	19	(1) the proposition language that will appear on the
20	20	ballot;
21	21	(2) the purpose for which the debt obligations are to
22	22	be authorized;
23	23	(3) the principal amount of the debt obligations to be
24	24	authorized;
25	25	(4) that taxes sufficient to pay the annual principal
26	26	of and interest on the debt obligations may be imposed;
27	27	(5) a statement of the estimated tax rate if the debt
28	28	obligations are authorized or of the maximum interest rate of the
29	29	debt obligations or any series of the debt obligations, based on the
30	30	market conditions at the time of the election order;
31	31	(6) the maximum maturity date of the debt obligations
32	32	to be authorized or that the debt obligations may be issued to
33	33	mature over a specified number of years not to exceed 40;
34	34	(7) the aggregate amount of the outstanding principal
35	35	of the political subdivision's debt obligations as of the beginning
36	36	of the political subdivision's fiscal year in which the election is
37	37	ordered;
38	38	(8) the aggregate amount of the outstanding interest
39	39	on debt obligations of the political subdivision as of the
40	40	beginning of the political subdivision's fiscal year in which the
41	41	election is ordered; and
42	42	(9) the ad valorem debt service tax rate for the
43	43	political subdivision at the time the election is ordered,
44	44	expressed as an amount per $100 valuation of taxable property.
45	45	SECTION 2. Section 4.003, Election Code, is amended by
46	46	adding Subsection (f) to read as follows:
47	47	(f) A debt obligation election order required under Section
48	48	3.009 shall be posted:
49	49	(1) on election day and during early voting by
50	50	personal appearance, in a prominent location at each polling place;
51	51	(2) not later than the 21st day before the election, in
52	52	three public places in the boundaries of the political subdivision
53	53	holding the election; and
54	54	(3) during the 21 days before the election, on the
55	55	political subdivision's Internet website, prominently and together
56	56	with the notice of the election and the contents of the proposition,
57	57	if the political subdivision maintains an Internet website.
58	58	SECTION 3. The changes in law made by this Act apply only to
59	59	an election ordered on or after the effective date of this Act. An
60	60	election ordered before the effective date of this Act is governed
61	61	by the law in effect when the election was ordered, and the former
62	62	law is continued in effect for that purpose.
63	63	SECTION 4. This Act takes effect September 1, 2013.