| 1 | 1 | | 85R910 TJB-D |
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| 2 | 2 | | By: Schofield H.B. No. 532 |
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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 the authority of a political subdivision to issue debt |
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| 8 | 8 | | to purchase or lease tangible personal property. |
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| 9 | 9 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 10 | 10 | | SECTION 1. Subtitle C, Title 9, Government Code, is amended |
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| 11 | 11 | | by adding Chapter 1253 to read as follows: |
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| 12 | 12 | | CHAPTER 1253. LIMITATION ON AUTHORITY TO ISSUE PUBLIC SECURITIES |
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| 13 | 13 | | FOR CERTAIN PURPOSES |
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| 14 | 14 | | Sec. 1253.001. DEFINITIONS. In this chapter: |
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| 15 | 15 | | (1) "Political subdivision" means a county, |
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| 16 | 16 | | municipality, school district, junior college district, other |
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| 17 | 17 | | special district, or other subdivision of state government. |
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| 18 | 18 | | (2) "Public security" has the meaning assigned by |
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| 19 | 19 | | Section 1201.002. |
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| 20 | 20 | | Sec. 1253.002. LIMITATION ON AUTHORITY TO ISSUE PUBLIC |
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| 21 | 21 | | SECURITY FOR TANGIBLE PERSONAL PROPERTY. A political subdivision |
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| 22 | 22 | | may not issue a public security to purchase or lease tangible |
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| 23 | 23 | | personal property if the expected useful life of the property ends |
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| 24 | 24 | | before the maturity date of the public security. |
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| 25 | 25 | | SECTION 2. This Act takes effect September 1, 2017. |
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