Texas 2017 - 85th Regular

Texas House Bill HB738 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	85R282 MK-D
2	2	By: Shaheen H.B. No. 738
3	3
4	4
5	5	A BILL TO BE ENTITLED
6	6	AN ACT
7	7	relating to certain information included with ballot propositions
8	8	for elections to authorize state and local general obligation
9	9	bonds.
10	10	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
11	11	SECTION 1. Subchapter A, Chapter 274, Election Code, is
12	12	amended by adding Section 274.004 to read as follows:
13	13	Sec. 274.004. PROPOSITION STATEMENT REGARDING GENERAL
14	14	OBLIGATION BONDS OF THIS STATE. (a) In addition to any other
15	15	wording for a ballot proposition for a proposed constitutional
16	16	amendment to authorize the issuance of general obligation bonds of
17	17	this state, the secretary of state shall require that the
18	18	proposition, both on the ballot and in the proclamation ordering
19	19	the election at which the amendment will be submitted, be
20	20	accompanied by a statement that includes the following amounts,
21	21	with each stated as a total amount and as a per capita amount for the
22	22	then-current population of this state:
23	23	(1) the then-current general obligation debt of this
24	24	state;
25	25	(2) the maximum amount of additional general
26	26	obligation debt of this state that would be authorized by the
27	27	proposed amendment; and
28	28	(3) the maximum estimated cost to repay the general
29	29	obligation debt that would be authorized by the proposed amendment,
30	30	including principal and interest, at a stated likely interest rate.
31	31	(b) For the purposes of the information required by
32	32	Subsection (a), on the request of the secretary of state the Bond
33	33	Review Board shall:
34	34	(1) certify the then-current general obligation debt
35	35	of this state;
36	36	(2) determine a likely interest rate for the proposed
37	37	bonds; and
38	38	(3) compute the estimated maximum repayment cost in
39	39	accordance with the likely interest rate determined under
40	40	Subdivision (2).
41	41	(c) The ballot required by this section must be printed in
42	42	substantially the following format:
43	43	DEBT ITEMS TOTAL PER CAPITA DEBT ITEMS TOTAL PER CAPITA
44	44	DEBT ITEMS TOTAL PER CAPITA
45	45	CURRENT GENERAL CURRENT GENERAL
46	46	CURRENT GENERAL
47	47	OBLIGATION DEBT $ ____ $ ____ OBLIGATION DEBT $ ____ $ ____
48	48	OBLIGATION DEBT $ ____ $ ____
49	49	PROPOSED NEW GENERAL PROPOSED NEW GENERAL
50	50	PROPOSED NEW GENERAL
51	51	OBLIGATION DEBT $ ____ $ ____ OBLIGATION DEBT $ ____ $ ____
52	52	OBLIGATION DEBT $ ____ $ ____
53	53	COST TO REPAY COST TO REPAY
54	54	COST TO REPAY
55	55	ADDITIONAL GENERAL ADDITIONAL GENERAL
56	56	ADDITIONAL GENERAL
57	57	OBLIGATION DEBT OBLIGATION DEBT
58	58	OBLIGATION DEBT
59	59	AT __% INTEREST AT __% INTEREST
60	60	AT __% INTEREST
61	61	OVER __ YEARS $ ____ $ ____ OVER __ YEARS $ ____ $ ____
62	62	OVER __ YEARS $ ____ $ ____
63	63	(d) The statement required by this section must:
64	64	(1) be considered by the secretary of state before the
65	65	secretary certifies the proposed amendment under Section
66	66	274.003(a); and
67	67	(2) be appropriately translated as provided by Section
68	68	274.003(c) for other ballot language.
69	69	SECTION 2. Subtitle C, Title 9, Government Code, is amended
70	70	by adding Chapter 1253 to read as follows:
71	71	CHAPTER 1253. BALLOT INFORMATION FOR ELECTION TO AUTHORIZE LOCAL
72	72	GOVERNMENTAL GENERAL OBLIGATION BONDS
73	73	Sec. 1253.001. DEFINITION. In this chapter, "local
74	74	government" means a political subdivision or special-purpose
75	75	district or authority of this state, including a county,
76	76	municipality, school district, junior college district, hospital
77	77	district, or conservation and reclamation district.
78	78	Sec. 1253.002. BALLOT INFORMATION FOR ELECTION REGARDING
79	79	GENERAL OBLIGATION BONDS. (a) This section applies to a ballot
80	80	printed for an election to authorize a local government to issue
81	81	general obligation bonds.
82	82	(b) A ballot must include with the ballot proposition a
83	83	statement that includes the following amounts, with each stated as
84	84	a total amount and as a per capita amount for the then-current
85	85	population of the local government:
86	86	(1) the then-current general obligation debt of the
87	87	local government;
88	88	(2) the maximum amount of additional general
89	89	obligation debt of the local government that would be authorized if
90	90	the proposition is passed; and
91	91	(3) the maximum estimated cost to repay the general
92	92	obligation debt that would be authorized by the proposed amendment,
93	93	including principal and interest, at a stated likely interest rate.
94	94	(c) The ballot required by this section must be printed in
95	95	substantially the following format:
96	96	DEBT ITEMS TOTAL PER CAPITA DEBT ITEMS TOTAL PER CAPITA
97	97	DEBT ITEMS TOTAL PER CAPITA
98	98	CURRENT GENERAL CURRENT GENERAL
99	99	CURRENT GENERAL
100	100	OBLIGATION DEBT $ ____ $ ____ OBLIGATION DEBT $ ____ $ ____
101	101	OBLIGATION DEBT $ ____ $ ____
102	102	PROPOSED NEW GENERAL PROPOSED NEW GENERAL
103	103	PROPOSED NEW GENERAL
104	104	OBLIGATION DEBT $ ____ $ ____ OBLIGATION DEBT $ ____ $ ____
105	105	OBLIGATION DEBT $ ____ $ ____
106	106	COST TO REPAY COST TO REPAY
107	107	COST TO REPAY
108	108	ADDITIONAL GENERAL ADDITIONAL GENERAL
109	109	ADDITIONAL GENERAL
110	110	OBLIGATION DEBT OBLIGATION DEBT
111	111	OBLIGATION DEBT
112	112	AT __% INTEREST AT __% INTEREST
113	113	AT __% INTEREST
114	114	OVER __ YEARS $ ____ $ ____ OVER __ YEARS $ ____ $ ____
115	115	OVER __ YEARS $ ____ $ ____
116	116	Sec. 1253.003. DETERMINATION OF BALLOT INFORMATION. For
117	117	the purposes of the information required by Section 1253.002(b),
118	118	the treasurer of the local government, or another person as
119	119	determined by the governing body of the local government, shall:
120	120	(1) certify the then-current general obligation debt
121	121	of the local government;
122	122	(2) determine a likely interest rate for the proposed
123	123	bonds; and
124	124	(3) compute the estimated maximum repayment cost in
125	125	accordance with the likely interest rate determined under
126	126	Subdivision (2).
127	127	SECTION 3. Section 274.004, Election Code, as added by this
128	128	Act, and Chapter 1253, Government Code, as added by this Act, apply
129	129	only to a ballot proposition for an election held on or after
130	130	November 1, 2018.
131	131	SECTION 4. This Act takes effect September 1, 2017.
132	132
133	133
134	134
135	135	DEBT ITEMS TOTAL PER CAPITA
136	136
137	137
138	138
139	139	CURRENT GENERAL
140	140
141	141	OBLIGATION DEBT $ ____ $ ____
142	142
143	143
144	144
145	145	PROPOSED NEW GENERAL
146	146
147	147	OBLIGATION DEBT $ ____ $ ____
148	148
149	149
150	150
151	151	COST TO REPAY
152	152
153	153	ADDITIONAL GENERAL
154	154
155	155	OBLIGATION DEBT
156	156
157	157	AT __% INTEREST
158	158
159	159	OVER __ YEARS $ ____ $ ____
160	160
161	161
162	162
163	163	DEBT ITEMS TOTAL PER CAPITA
164	164
165	165
166	166
167	167	CURRENT GENERAL
168	168
169	169	OBLIGATION DEBT $ ____ $ ____
170	170
171	171
172	172
173	173	PROPOSED NEW GENERAL
174	174
175	175	OBLIGATION DEBT $ ____ $ ____
176	176
177	177
178	178
179	179	COST TO REPAY
180	180
181	181	ADDITIONAL GENERAL
182	182
183	183	OBLIGATION DEBT
184	184
185	185	AT __% INTEREST
186	186
187	187	OVER __ YEARS $ ____ $ ____