BILL ANALYSIS H.B. 532 By: Schofield Investments & Financial Services Committee Report (Unamended) BACKGROUND AND PURPOSE Interested parties are concerned that certain governmental entities with the ability to issue bonds or obligations may not be able to repay such debt before its maturity date. H.B. 532 seeks to control local debt in Texas by prohibiting a political subdivision from issuing a public security to purchase or lease tangible personal property if the expected useful life of the property ends before the maturity date of the public security. CRIMINAL JUSTICE IMPACT It is the committee's opinion that this bill does not expressly create a criminal offense, increase the punishment for an existing criminal offense or category of offenses, or change the eligibility of a person for community supervision, parole, or mandatory supervision. RULEMAKING AUTHORITY It is the committee's opinion that this bill does not expressly grant any additional rulemaking authority to a state officer, department, agency, or institution. ANALYSIS H.B. 532 amends the Government Code to prohibit a political subdivision from issuing a public security to purchase or lease tangible personal property if the expected useful life of the property ends before the maturity date of the public security. EFFECTIVE DATE September 1, 2017.
BILL ANALYSIS
# BILL ANALYSIS
H.B. 532
By: Schofield
Investments & Financial Services
Committee Report (Unamended)
H.B. 532
By: Schofield
Investments & Financial Services
Committee Report (Unamended)
BACKGROUND AND PURPOSE Interested parties are concerned that certain governmental entities with the ability to issue bonds or obligations may not be able to repay such debt before its maturity date. H.B. 532 seeks to control local debt in Texas by prohibiting a political subdivision from issuing a public security to purchase or lease tangible personal property if the expected useful life of the property ends before the maturity date of the public security.
CRIMINAL JUSTICE IMPACT It is the committee's opinion that this bill does not expressly create a criminal offense, increase the punishment for an existing criminal offense or category of offenses, or change the eligibility of a person for community supervision, parole, or mandatory supervision.
RULEMAKING AUTHORITY It is the committee's opinion that this bill does not expressly grant any additional rulemaking authority to a state officer, department, agency, or institution.
ANALYSIS H.B. 532 amends the Government Code to prohibit a political subdivision from issuing a public security to purchase or lease tangible personal property if the expected useful life of the property ends before the maturity date of the public security.
EFFECTIVE DATE September 1, 2017.
BACKGROUND AND PURPOSE
Interested parties are concerned that certain governmental entities with the ability to issue bonds or obligations may not be able to repay such debt before its maturity date. H.B. 532 seeks to control local debt in Texas by prohibiting a political subdivision from issuing a public security to purchase or lease tangible personal property if the expected useful life of the property ends before the maturity date of the public security.
CRIMINAL JUSTICE IMPACT
It is the committee's opinion that this bill does not expressly create a criminal offense, increase the punishment for an existing criminal offense or category of offenses, or change the eligibility of a person for community supervision, parole, or mandatory supervision.
RULEMAKING AUTHORITY
It is the committee's opinion that this bill does not expressly grant any additional rulemaking authority to a state officer, department, agency, or institution.
ANALYSIS
H.B. 532 amends the Government Code to prohibit a political subdivision from issuing a public security to purchase or lease tangible personal property if the expected useful life of the property ends before the maturity date of the public security.
EFFECTIVE DATE
September 1, 2017.