| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | 84R8644 TJB-D | |
| 2 | 2 | By: Schofield H.B. No. 3344 | |
| 3 | 3 | ||
| 4 | 4 | ||
| 5 | 5 | A BILL TO BE ENTITLED | |
| 6 | 6 | AN ACT | |
| 7 | 7 | relating to the authority of a political subdivision to issue debt | |
| 8 | 8 | to purchase or lease tangible personal property. | |
| 9 | 9 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 10 | 10 | SECTION 1. Subtitle C, Title 9, Government Code, is amended | |
| 11 | 11 | by adding Chapter 1253 to read as follows: | |
| 12 | 12 | CHAPTER 1253. LIMITATION ON AUTHORITY TO ISSUE PUBLIC SECURITIES | |
| 13 | 13 | FOR CERTAIN PURPOSES | |
| 14 | 14 | Sec. 1253.001. DEFINITIONS. In this chapter: | |
| 15 | 15 | (1) "Political subdivision" means a county, | |
| 16 | 16 | municipality, school district, junior college district, other | |
| 17 | 17 | special district, or other subdivision of state government. | |
| 18 | 18 | (2) "Public security" has the meaning assigned by | |
| 19 | 19 | Section 1201.002. | |
| 20 | 20 | Sec. 1253.002. LIMITATION ON AUTHORITY TO ISSUE PUBLIC | |
| 21 | 21 | SECURITY FOR TANGIBLE PERSONAL PROPERTY. A political subdivision | |
| 22 | 22 | may not issue a public security to purchase or lease tangible | |
| 23 | 23 | personal property if the expected useful life of the property ends | |
| 24 | 24 | before the maturity date of the public security. | |
| 25 | 25 | SECTION 2. This Act takes effect September 1, 2015. |