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