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| 4 | 4 | | |
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| 5 | 5 | | A BILL TO BE ENTITLED |
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| 6 | 6 | | AN ACT |
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| 7 | 7 | | relating to the use of proceeds of bonds sold and delivered by a |
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| 8 | 8 | | home-rule municipality for a specific purpose. |
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| 9 | 9 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 10 | 10 | | SECTION 1. Section 1332.001, Government Code, is amended to |
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| 11 | 11 | | read as follows: |
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| 12 | 12 | | Sec. 1332.001. USE OF UNSPENT BOND PROCEEDS FOR OTHER |
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| 13 | 13 | | PURPOSES. (a) The governing body of a municipality other than a |
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| 14 | 14 | | home-rule municipality may use the proceeds of municipal bonds that |
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| 15 | 15 | | have been sold and delivered for a specific purpose for a purpose |
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| 16 | 16 | | other than the specific purpose if: |
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| 17 | 17 | | (1) the specific purpose is accomplished by other |
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| 18 | 18 | | means or is abandoned; |
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| 19 | 19 | | (2) the proceeds are unspent; and |
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| 20 | 20 | | (3) a majority of the votes cast in an election held in |
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| 21 | 21 | | the municipality approve the use of the proceeds for the proposed |
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| 22 | 22 | | purpose. |
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| 23 | 23 | | (b) The governing body of a home-rule municipality may use |
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| 24 | 24 | | the unspent proceeds of municipal bonds that have been sold and |
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| 25 | 25 | | delivered for a specific purpose only for the specific purpose, |
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| 26 | 26 | | including retiring the outstanding bonds. |
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| 27 | 27 | | SECTION 2. The change in law made by this Act applies only |
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| 28 | 28 | | to municipal bonds authorized after the effective date of this Act. |
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| 29 | 29 | | Municipal bonds authorized before the effective date of this Act |
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| 30 | 30 | | are governed by the law in effect on the date the bonds were |
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| 31 | 31 | | authorized, and the former law is continued in effect for that |
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| 32 | 32 | | purpose. |
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| 33 | 33 | | SECTION 3. This Act takes effect September 1, 2015. |
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