85R910 TJB-D
By: Schofield H.B. No. 532
A BILL TO BE ENTITLED
AN ACT
relating to the authority of a political subdivision to issue debt
to purchase or lease tangible personal property.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subtitle C, Title 9, Government Code, is amended
by adding Chapter 1253 to read as follows:
CHAPTER 1253. LIMITATION ON AUTHORITY TO ISSUE PUBLIC SECURITIES
FOR CERTAIN PURPOSES
Sec. 1253.001. DEFINITIONS. In this chapter:
(1) "Political subdivision" means a county,
municipality, school district, junior college district, other
special district, or other subdivision of state government.
(2) "Public security" has the meaning assigned by
Section 1201.002.
Sec. 1253.002. LIMITATION ON AUTHORITY TO ISSUE PUBLIC
SECURITY FOR TANGIBLE PERSONAL PROPERTY. A political subdivision
may not issue 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.
SECTION 2. This Act takes effect September 1, 2017.