Texas 2017 - 85th 1st C.S.

Texas House Bill HB111 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1	1		85S10020 TJB-D
2		-	By: Murphy, Shine, Parker, Raymond, H.B. No. 111
3		-	Bonnen of Brazoria, et al.
	2	+	By: Murphy H.B. No. 111
4	3
5	4
6	5		A BILL TO BE ENTITLED
7	6		AN ACT
8	7		relating to general obligation bonds issued by political
9	8		subdivisions.
10	9		BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
11	10		SECTION 1. Section 4.003(f), Election Code, is amended to
12	11		read as follows:
13	12		(f) A debt obligation election order required under Section
14	13		3.009 shall be posted:
15	14		(1) on election day and during early voting by
16	15		personal appearance, in a prominent location at each polling place;
17	16		(2) not later than the 21st day before the election, in
18	17		three public places in the boundaries of the political subdivision
19	18		holding the election; and
20	19		(3) during the 21 days before the election, on the
21	20		political subdivision's Internet website, prominently and together
22	21		with the notice of the election, [and] the contents of the
23	22		proposition, and any sample ballot prepared for the election, if
24	23		the political subdivision maintains an Internet website.
25	24		SECTION 2. Section 85.062, Election Code, is amended by
26	25		adding Subsection (h) to read as follows:
27	26		(h) In an election at which a political subdivision submits
28	27		a proposition to the voters to approve the issuance of general
29	28		obligation bonds, the entity that establishes early voting polling
30	29		places under this section may not establish the polling places with
31	30		the intent to affect the outcome of the election.
32	31		SECTION 3. Subtitle C, Title 9, Government Code, is amended
33	32		by adding Chapter 1253 to read as follows:
34	33		CHAPTER 1253. GENERAL OBLIGATION BONDS ISSUED BY POLITICAL
35	34		SUBDIVISIONS
36	35		Sec. 1253.001. DEFINITION. In this chapter, "political
37	36		subdivision" means a county, municipality, school district, junior
38	37		college district, other special district, or other subdivision of
39	38		state government.
40	39		Sec. 1253.002. LIMITATION ON AUTHORITY TO ISSUE GENERAL
41	40		OBLIGATION BONDS. (a) In this section, "improvement" and "personal
42	41		property" have the meanings assigned by Section 1.04, Tax Code.
43	42		(b) Notwithstanding any other provision of law, a political
44	43		subdivision may not issue general obligation bonds to purchase,
45	44		improve, or construct improvements or to purchase personal property
46	45		if the weighted average maturity of the issue of bonds to finance
47	46		the improvements or personal property exceeds 120 percent of the
48	47		reasonably expected weighted average economic life of the
49	48		improvements or personal property financed with the issue of bonds.
50	49		Sec. 1253.003. USE OF UNSPENT GENERAL OBLIGATION BOND
51	50		PROCEEDS. (a) A political subdivision may use the unspent proceeds
52	51		of issued general obligation bonds only:
53	52		(1) for the specific purposes for which the bonds were
54	53		authorized;
55	54		(2) to retire the bonds; or
56	55		(3) for a purpose other than the specific purposes for
57	56		which the bonds were authorized if:
58	57		(A) the specific purposes are accomplished or
59	58		abandoned; and
60	59		(B) a majority of the votes cast in an election
61	60		held in the political subdivision approve the use of the proceeds
62	61		for the proposed purpose.
63	62		(b) The election order and the notice of election for an
64	63		election described by Subsection (a)(3)(B) must state the proposed
65	64		purpose for which the bond proceeds are to be used.
66	65		(c) A political subdivision must hold an election described
67	66		by Subsection (a)(3)(B) in the same manner as an election to issue
68	67		bonds in the political subdivision.
69	68		SECTION 4. Chapter 1332, Government Code, is repealed.
70	69		SECTION 5. Section 1253.002, Government Code, as added by
71	70		this Act, applies only to a general obligation bond authorized to be
72	71		issued at an election held on or after the effective date of this
73	72		Act.
74	73		SECTION 6. This Act takes effect December 1, 2017.