Texas 2017 - 85th Regular

Texas Senate Bill SB460 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New	Differences
1	1	By: Lucio, et al. S.B. No. 460
2	2	(Murphy)
3	3
4	4
5	5	A BILL TO BE ENTITLED
6	6	AN ACT
7	7	relating to general obligation bonds issued by political
8	8	subdivisions.
9	9	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
10	10	SECTION 1. Section 4.003(f), Election Code, is amended to
11	11	read as follows:
12	12	(f) A debt obligation election order required under Section
13	13	3.009 shall be posted:
14	14	(1) on election day and during early voting by
15	15	personal appearance, in a prominent location at each polling place;
16	16	(2) not later than the 21st day before the election, in
17	17	three public places in the boundaries of the political subdivision
18	18	holding the election; and
19	19	(3) during the 21 days before the election, on the
20	20	political subdivision's Internet website, prominently and together
21	21	with the notice of the election, [and] the contents of the
22	22	proposition, and any sample ballot prepared for the election, if
23	23	the political subdivision maintains an Internet website.
24	24	SECTION 2. Section 85.062, Election Code, is amended by
25	25	adding Subsection (h) to read as follows:
26	26	(h) In an election at which a political subdivision submits
27	27	a proposition to the voters to approve the issuance of general
28	28	obligation bonds, the entity that establishes early voting polling
29	29	places under this section may not establish the polling places with
30	30	the intent to affect the outcome of the election.
31	31	SECTION 3. Subtitle C, Title 9, Government Code, is amended
32	32	by adding Chapter 1253 to read as follows:
33	33	CHAPTER 1253. GENERAL OBLIGATION BONDS ISSUED BY POLITICAL
34	34	SUBDIVISIONS
35	35	Sec. 1253.001. DEFINITION. In this chapter, "political
36	36	subdivision" means a county, municipality, school district, junior
37	37	college district, other special district, or other subdivision of
38	38	state government.
39	39	Sec. 1253.002. LIMITATION ON AUTHORITY TO ISSUE GENERAL
40	40	OBLIGATION BONDS. (a) In this section, "improvement" and
41	41	"personal property" have the meanings assigned by Section 1.04, Tax
42	42	Code.
43	43	(b) Notwithstanding any other provision of law, a political
44	44	subdivision may not issue general obligation bonds to purchase,
45	45	improve, or construct improvements or to purchase personal property
46	46	if the weighted average maturity of the issue of bonds to finance
47	47	the improvements or personal property exceeds 120 percent of the
48	48	reasonably expected weighted average economic life of the
49	49	improvements or personal property financed with the issue of bonds.
50	50	Sec. 1253.003. USE OF UNSPENT GENERAL OBLIGATION BOND
51	51	PROCEEDS. (a) A political subdivision may use the unspent
52	52	proceeds of issued general obligation bonds only:
53	53	(1) for the specific purposes for which the bonds were
54	54	authorized;
55	55	(2) to retire the bonds; or
56	56	(3) for a purpose other than the specific purposes for
57	57	which the bonds were authorized if:
58	58	(A) the specific purposes are accomplished or
59	59	abandoned; and
60	60	(B) a majority of the votes cast in an election
61	61	held in the political subdivision approve the use of the proceeds
62	62	for the proposed purpose.
63	63	(b) The election order and the notice of election for an
64	64	election described by Subsection (a)(3)(B) must state the proposed
65	65	purpose for which the bond proceeds are to be used.
66	66	(c) A political subdivision must hold an election described
67	67	by Subsection (a)(3)(B) in the same manner as an election to issue
68	68	bonds in the political subdivision.
69	69	SECTION 4. Chapter 1332, Government Code, is repealed.
70	70	SECTION 5. Section 1253.002, Government Code, as added by
71	71	this Act, applies only to a general obligation bond authorized to be
72	72	issued at an election held on or after the effective date of this
73	73	Act.
74	74	SECTION 6. This Act takes effect September 1, 2017.