85R11860 PAM-D
By: Sanford H.B. No. 2642
A BILL TO BE ENTITLED
AN ACT
relating to requirements for providing information regarding the
issuance of certain proposed bonds by certain political
subdivisions.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter E, Chapter 45, Education Code, is
amended by adding Section 45.114 to read as follows:
Sec. 45.114. DISCLOSURE OF SPECIFIC BOND INFORMATION IN
PUBLICLY DISSEMINATED INFORMATION REQUIRED. (a) This section
applies only to school district bonds that may only be issued if
approved as provided by law by the qualified voters of the district
voting at an election held for that purpose.
(b) A school district shall include in any publicly
disseminated materials relating to the proposed issuance of bonds
described by Subsection (a), including any information provided on
the district's Internet website:
(1) the purpose for which the bonds are proposed;
(2) the amount of the bonds;
(3) the likely rate of interest on the bonds as
determined by the district; and
(4) the maximum estimated cost to repay the bonds that
would be authorized by the proposed issuance, including the
principal and interest at the likely interest rate determined under
Subdivision (3).
SECTION 2. Chapter 140, Local Government Code, is amended
by adding Section 140.013 to read as follows:
Sec. 140.013. DISCLOSURE OF SPECIFIC BOND INFORMATION IN
PUBLICLY DISSEMINATED INFORMATION REQUIRED. (a) This section
applies only to municipal or county bonds that may only be issued if
approved as provided by law by the qualified voters of the
municipality or county voting at an election held for that purpose.
(b) A municipality or county shall include in any publicly
disseminated materials relating to the proposed issuance of bonds
described by Subsection (a), including any information provided on
the Internet website of the municipality or county:
(1) the purpose for which the bonds are proposed;
(2) the amount of the bonds;
(3) the likely rate of interest on the bonds as
determined by the municipality or county; and
(4) the maximum estimated cost to repay the bonds that
would be authorized by the proposed issuance, including the
principal and interest at the likely interest rate determined under
Subdivision (3).
SECTION 3. This Act takes effect September 1, 2017.