| 1 | 1 | | 85R11860 PAM-D |
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| 2 | 2 | | By: Sanford H.B. No. 2642 |
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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 requirements for providing information regarding the |
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| 8 | 8 | | issuance of certain proposed bonds by certain political |
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| 9 | 9 | | subdivisions. |
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| 10 | 10 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 11 | 11 | | SECTION 1. Subchapter E, Chapter 45, Education Code, is |
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| 12 | 12 | | amended by adding Section 45.114 to read as follows: |
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| 13 | 13 | | Sec. 45.114. DISCLOSURE OF SPECIFIC BOND INFORMATION IN |
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| 14 | 14 | | PUBLICLY DISSEMINATED INFORMATION REQUIRED. (a) This section |
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| 15 | 15 | | applies only to school district bonds that may only be issued if |
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| 16 | 16 | | approved as provided by law by the qualified voters of the district |
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| 17 | 17 | | voting at an election held for that purpose. |
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| 18 | 18 | | (b) A school district shall include in any publicly |
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| 19 | 19 | | disseminated materials relating to the proposed issuance of bonds |
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| 20 | 20 | | described by Subsection (a), including any information provided on |
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| 21 | 21 | | the district's Internet website: |
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| 22 | 22 | | (1) the purpose for which the bonds are proposed; |
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| 23 | 23 | | (2) the amount of the bonds; |
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| 24 | 24 | | (3) the likely rate of interest on the bonds as |
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| 25 | 25 | | determined by the district; and |
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| 26 | 26 | | (4) the maximum estimated cost to repay the bonds that |
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| 27 | 27 | | would be authorized by the proposed issuance, including the |
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| 28 | 28 | | principal and interest at the likely interest rate determined under |
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| 29 | 29 | | Subdivision (3). |
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| 30 | 30 | | SECTION 2. Chapter 140, Local Government Code, is amended |
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| 31 | 31 | | by adding Section 140.013 to read as follows: |
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| 32 | 32 | | Sec. 140.013. DISCLOSURE OF SPECIFIC BOND INFORMATION IN |
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| 33 | 33 | | PUBLICLY DISSEMINATED INFORMATION REQUIRED. (a) This section |
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| 34 | 34 | | applies only to municipal or county bonds that may only be issued if |
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| 35 | 35 | | approved as provided by law by the qualified voters of the |
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| 36 | 36 | | municipality or county voting at an election held for that purpose. |
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| 37 | 37 | | (b) A municipality or county shall include in any publicly |
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| 38 | 38 | | disseminated materials relating to the proposed issuance of bonds |
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| 39 | 39 | | described by Subsection (a), including any information provided on |
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| 40 | 40 | | the Internet website of the municipality or county: |
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| 41 | 41 | | (1) the purpose for which the bonds are proposed; |
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| 42 | 42 | | (2) the amount of the bonds; |
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| 43 | 43 | | (3) the likely rate of interest on the bonds as |
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| 44 | 44 | | determined by the municipality or county; and |
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| 45 | 45 | | (4) the maximum estimated cost to repay the bonds that |
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| 46 | 46 | | would be authorized by the proposed issuance, including the |
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| 47 | 47 | | principal and interest at the likely interest rate determined under |
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| 48 | 48 | | Subdivision (3). |
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| 49 | 49 | | SECTION 3. This Act takes effect September 1, 2017. |
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