| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | 85R13223 ATP-D | |
| 2 | 2 | By: Schaefer H.B. No. 3927 | |
| 3 | 3 | ||
| 4 | 4 | ||
| 5 | 5 | A BILL TO BE ENTITLED | |
| 6 | 6 | AN ACT | |
| 7 | 7 | relating to requiring an economic development corporation to file | |
| 8 | 8 | with the comptroller a report regarding bonds issued by the | |
| 9 | 9 | corporation. | |
| 10 | 10 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 11 | 11 | SECTION 1. Subchapter E, Chapter 501, Local Government | |
| 12 | 12 | Code, is amended by adding Section 501.215 to read as follows: | |
| 13 | 13 | Sec. 501.215. REPORT TO COMPTROLLER. (a) Not later than | |
| 14 | 14 | February 1 of each year, the board of directors of a corporation | |
| 15 | 15 | shall submit a report to the comptroller relating to any bonds | |
| 16 | 16 | issued by the corporation. The report must include: | |
| 17 | 17 | (1) as of the last day of the preceding fiscal year of | |
| 18 | 18 | the corporation: | |
| 19 | 19 | (A) the amount of all authorized bonds; | |
| 20 | 20 | (B) the principal of all outstanding bonds; and | |
| 21 | 21 | (C) the combined principal and interest required | |
| 22 | 22 | to pay all the outstanding bonds on time and in full; | |
| 23 | 23 | (2) the maturity dates for the bonds; | |
| 24 | 24 | (3) the projects for which the bonds were issued; and | |
| 25 | 25 | (4) any other information that the comptroller | |
| 26 | 26 | considers relevant and necessary in relation to the bonds. | |
| 27 | 27 | (b) The report must be in the form required by the | |
| 28 | 28 | comptroller. | |
| 29 | 29 | SECTION 2. This Act takes effect September 1, 2017. |