| 1 | 1 | | 84R5158 ATP-F |
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| 2 | 2 | | By: Campbell S.B. No. 399 |
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| 3 | 3 | | |
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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 ballot propositions authorizing certain political |
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| 8 | 8 | | subdivisions to issue debt obligations. |
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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. Chapter 1251, Government Code, is amended by |
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| 11 | 11 | | designating Sections 1251.001, 1251.002, 1251.003, 1251.004, |
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| 12 | 12 | | 1251.005, and 1251.006 as Subchapter A and adding a subchapter |
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| 13 | 13 | | heading to read as follows: |
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| 14 | 14 | | SUBCHAPTER A. COUNTIES AND MUNICIPALITIES |
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| 15 | 15 | | SECTION 2. Chapter 1251, Government Code, is amended by |
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| 16 | 16 | | adding Subchapter B to read as follows: |
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| 17 | 17 | | SUBCHAPTER B. BOND MATTERS AFFECTING MORE THAN ONE TYPE OF |
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| 18 | 18 | | POLITICAL SUBDIVISION |
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| 19 | 19 | | Sec. 1251.051. DEFINITIONS. In this subchapter: |
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| 20 | 20 | | (1) "Debt obligation" means an issued public security, |
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| 21 | 21 | | as defined by Section 1201.002, that is secured by ad valorem taxes. |
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| 22 | 22 | | (2) "Political subdivision" means a county, |
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| 23 | 23 | | municipality, school district, junior college district, other |
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| 24 | 24 | | special district, or other subdivision of state government. |
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| 25 | 25 | | Sec. 1251.052. CONTENTS OF BALLOT PROPOSITION. The |
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| 26 | 26 | | proposition submitted for an election to authorize a political |
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| 27 | 27 | | subdivision to issue debt obligations must distinctly state: |
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| 28 | 28 | | (1) the purpose for which the debt obligations are to |
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| 29 | 29 | | be authorized; |
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| 30 | 30 | | (2) the principal amount of the debt obligations to be |
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| 31 | 31 | | authorized; |
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| 32 | 32 | | (3) that taxes sufficient to pay the annual principal |
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| 33 | 33 | | of and interest on the debt obligations may be imposed; |
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| 34 | 34 | | (4) a statement of the estimated tax rate if the debt |
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| 35 | 35 | | obligations are authorized or of the maximum interest rate of the |
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| 36 | 36 | | debt obligations or any series of the debt obligations, based on the |
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| 37 | 37 | | market conditions at the time of the election order; |
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| 38 | 38 | | (5) the maximum maturity date of the debt obligations |
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| 39 | 39 | | to be authorized or that the debt obligations may be issued to |
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| 40 | 40 | | mature over a specified number of years not to exceed 40; |
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| 41 | 41 | | (6) the aggregate amount of the outstanding principal |
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| 42 | 42 | | of the political subdivision's debt obligations as of the beginning |
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| 43 | 43 | | of the political subdivision's fiscal year in which the election is |
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| 44 | 44 | | ordered; |
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| 45 | 45 | | (7) the aggregate amount of the outstanding interest |
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| 46 | 46 | | on debt obligations of the political subdivision as of the |
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| 47 | 47 | | beginning of the political subdivision's fiscal year in which the |
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| 48 | 48 | | election is ordered; and |
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| 49 | 49 | | (8) the ad valorem debt service tax rate for the |
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| 50 | 50 | | political subdivision at the time the election is ordered, |
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| 51 | 51 | | expressed as an amount per $100 valuation of taxable property. |
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| 52 | 52 | | Sec. 1251.053. FORM OF BALLOT. The secretary of state may |
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| 53 | 53 | | adopt a form of the ballot for an election held under this |
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| 54 | 54 | | subchapter. A political subdivision is not required to use any |
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| 55 | 55 | | adopted form. |
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| 56 | 56 | | SECTION 3. Section 1251.052, Government Code, as added by |
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| 57 | 57 | | this Act, applies only to an election ordered on or after the |
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| 58 | 58 | | effective date of this Act. An election ordered before the |
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| 59 | 59 | | effective date of this Act is governed by the law in effect when the |
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| 60 | 60 | | election was ordered, and the former law is continued in effect for |
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| 61 | 61 | | that purpose. |
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| 62 | 62 | | SECTION 4. This Act takes effect September 1, 2015. |
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