84R124 SCL-D
By: Larson, Fallon H.B. No. 156
A BILL TO BE ENTITLED
AN ACT
relating to the use of proceeds of bonds sold and delivered by a
home-rule municipality for a specific purpose.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 1332.001, Government Code, is amended to
read as follows:
Sec. 1332.001. USE OF UNSPENT BOND PROCEEDS FOR OTHER
PURPOSES. (a) The governing body of a municipality other than a
home-rule municipality may use the proceeds of municipal bonds that
have been sold and delivered for a specific purpose for a purpose
other than the specific purpose if:
(1) the specific purpose is accomplished by other
means or is abandoned;
(2) the proceeds are unspent; and
(3) a majority of the votes cast in an election held in
the municipality approve the use of the proceeds for the proposed
purpose.
(b) The governing body of a home-rule municipality may use
the unspent proceeds of municipal bonds that have been sold and
delivered for a specific purpose only for the specific purpose,
including retiring the outstanding bonds.
SECTION 2. The change in law made by this Act applies only
to municipal bonds authorized after the effective date of this Act.
Municipal bonds authorized before the effective date of this Act
are governed by the law in effect on the date the bonds were
authorized, and the former law is continued in effect for that
purpose.
SECTION 3. This Act takes effect September 1, 2015.