Texas 2017 - 85th Regular

Texas Senate Bill SB553 Compare Versions

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

Old	New	Differences
1	1	85R2184 TJB-D
2	2	By: Kolkhorst S.B. No. 553
3	3
4	4
5	5	A BILL TO BE ENTITLED
6	6	AN ACT
7	7	relating to the notice of intention to issue certificates of
8	8	obligation.
9	9	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
10	10	SECTION 1. Section 271.049, Local Government Code, is
11	11	amended by amending Subsections (a), (b), and (d) and adding
12	12	Subsections (e), (f), and (g) to read as follows:
13	13	(a) Regardless of the sources of payment of certificates,
14	14	certificates may not be issued unless the issuer publishes notice
15	15	of its intention to issue the certificates. The notice must be
16	16	published:
17	17	(1) once a week for two consecutive weeks in a
18	18	newspaper, as defined by Subchapter C, Chapter 2051, Government
19	19	Code, that is of general circulation in the area of the issuer, with
20	20	the date of the first publication to be before the 30th day before
21	21	the date tentatively set for the passage of the order or ordinance
22	22	authorizing the issuance of the certificates; and
23	23	(2) continuously on the issuer's Internet website, or
24	24	on a website as authorized by Subsection (f)(2), for at least 30
25	25	days before the date tentatively set for the passage of the order or
26	26	ordinance authorizing the issuance of the certificates and until
27	27	the first day after the date the issuer adopts the order or
28	28	ordinance.
29	29	(b) The notice must state:
30	30	(1) the time and place tentatively set for the passage
31	31	of the order or ordinance authorizing the issuance of the
32	32	certificates;
33	33	(2) the [maximum amount and] purpose of the
34	34	certificates to be authorized; [and]
35	35	(3) the manner in which the certificates will be paid
36	36	for, whether by taxes, revenues, or a combination of the two;
37	37	(4) as of the date the issuer adopts the order or
38	38	ordinance, the principal of all outstanding debt obligations of the
39	39	issuer;
40	40	(5) as of the date the issuer adopts the order or
41	41	ordinance, the estimated remaining interest of all outstanding debt
42	42	obligations of the issuer;
43	43	(6) as of the date the issuer adopts the order or
44	44	ordinance, the estimated combined principal and interest required
45	45	to pay all outstanding debt obligations of the issuer on time and in
46	46	full;
47	47	(7) the maximum principal of the certificates to be
48	48	authorized; and
49	49	(8) the process by which a petition may be submitted
50	50	requesting an election on the issuance of the certificates, in the
51	51	following form:
52	52	"Five percent of the qualified voters of (name of issuer) may
53	53	petition to require an election to be held authorizing the issuance
54	54	of certificates of obligation by delivering a signed petition to
55	55	the (insert "secretary or clerk" if the issuer is a municipality, or
56	56	"county clerk" if the issuer is a county) of (name of issuer)
57	57	before the date the governing body has set for the authorization of
58	58	the certificates of obligation. Information about the requirements
59	59	of the petition may be obtained from the (insert "secretary or
60	60	clerk" if the issuer is a municipality, or "county clerk" if the
61	61	issuer is a county) of (name of issuer)."[.]
62	62	(d) This section does not apply to certificates issued for
63	63	the purposes described by Sections 271.056(1)-(3)
64	64	[271.056(1)-(4)].
65	65	(e) Except as provided by Subsection (f), an issuer shall
66	66	maintain or cause to be maintained an Internet website to comply
67	67	with this section.
68	68	(f) This subsection does not apply to a county or
69	69	municipality with a population of more than 2,000. If an issuer did
70	70	not maintain an Internet website or cause a website to be maintained
71	71	on January 1, 2017, the issuer shall post the information required
72	72	by Subsection (b) on:
73	73	(1) the issuer's website, if the issuer chooses to
74	74	maintain the website or cause the website to be maintained; or
75	75	(2) a website in which the issuer controls the content
76	76	of the posting, including a social media site, provided that the
77	77	information is easily found by searching the name of the issuer on
78	78	the Internet.
79	79	(g) In this section, "debt obligation" means an issued
80	80	public security, as defined by Section 1201.002, Government Code,
81	81	secured by property taxes.
82	82	SECTION 2. The changes in law made by this Act to Section
83	83	271.049, Local Government Code, apply only to a certificate of
84	84	obligation for which the first notice of intention to issue the
85	85	certificate is made on or after the effective date of this Act. A
86	86	certificate of obligation for which the first notice of intention
87	87	to issue the certificate is made before the effective date of this
88	88	Act is governed by the law in effect when the notice of intention is
89	89	made, and the former law is continued in effect for that purpose.
90	90	SECTION 3. This Act takes effect September 1, 2017.