Texas 2019 - 86th Regular

Texas House Bill HB430 Compare Versions

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

Old	New	Differences
1	1	86R685 CJC-D
2	2	By: Shaheen H.B. No. 430
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 274.005 to read as follows:
13	13	Sec. 274.005. 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	current population of this state at the time the statement is
23	23	prepared:
24	24	(1) the current general obligation debt of this state
25	25	at the time the statement is prepared;
26	26	(2) the maximum amount of additional general
27	27	obligation debt of this state that would be authorized by the
28	28	proposed amendment; and
29	29	(3) the maximum estimated cost to repay the general
30	30	obligation debt that would be authorized by the proposed amendment,
31	31	including principal and interest, at a stated likely interest rate.
32	32	(b) For the purposes of the information required by
33	33	Subsection (a), on the request of the secretary of state the Bond
34	34	Review Board shall:
35	35	(1) certify the current general obligation debt of
36	36	this state;
37	37	(2) determine a likely interest rate for the proposed
38	38	bonds; and
39	39	(3) compute the estimated maximum repayment cost in
40	40	accordance with the likely interest rate determined under
41	41	Subdivision (2).
42	42	(c) The ballot required by this section must be printed in
43	43	substantially the following format:
44	44	DEBT ITEMS TOTAL PER CAPITA DEBT ITEMS TOTAL PER CAPITA
45	45	DEBT ITEMS TOTAL PER CAPITA
46	46	CURRENT GENERAL CURRENT GENERAL
47	47	CURRENT GENERAL
48	48	OBLIGATION DEBT $ ____ $ ____ OBLIGATION DEBT $ ____ $ ____
49	49	OBLIGATION DEBT $ ____ $ ____
50	50	PROPOSED ADDITIONAL GENERAL PROPOSED ADDITIONAL GENERAL
51	51	PROPOSED ADDITIONAL GENERAL
52	52	OBLIGATION DEBT $ ____ $ ____ OBLIGATION DEBT $ ____ $ ____
53	53	OBLIGATION DEBT $ ____ $ ____
54	54	COST TO REPAY COST TO REPAY
55	55	COST TO REPAY
56	56	ADDITIONAL GENERAL ADDITIONAL GENERAL
57	57	ADDITIONAL GENERAL
58	58	OBLIGATION DEBT OBLIGATION DEBT
59	59	OBLIGATION DEBT
60	60	AT __% INTEREST AT __% INTEREST
61	61	AT __% INTEREST
62	62	OVER __ YEARS $ ____ $ ____ OVER __ YEARS $ ____ $ ____
63	63	OVER __ YEARS $ ____ $ ____
64	64	(d) The statement required by this section must:
65	65	(1) be considered by the secretary of state before the
66	66	secretary certifies the proposed amendment under Section
67	67	274.003(a); and
68	68	(2) be appropriately translated as provided by Section
69	69	274.003(c) for other ballot language.
70	70	SECTION 2. Subtitle C, Title 9, Government Code, is amended
71	71	by adding Chapter 1253 to read as follows:
72	72	CHAPTER 1253. BALLOT INFORMATION FOR ELECTION TO AUTHORIZE LOCAL
73	73	GOVERNMENTAL GENERAL OBLIGATION BONDS
74	74	Sec. 1253.0001. DEFINITION. In this chapter, "local
75	75	government" means a political subdivision or special-purpose
76	76	district or authority of this state, including a county,
77	77	municipality, school district, junior college district, hospital
78	78	district, or conservation and reclamation district.
79	79	Sec. 1253.0002. BALLOT INFORMATION FOR ELECTION REGARDING
80	80	GENERAL OBLIGATION BONDS. (a) This section applies to a ballot
81	81	printed for an election to authorize a local government to issue
82	82	general obligation bonds.
83	83	(b) A ballot must include with the ballot proposition a
84	84	statement that includes the following amounts, with each stated as
85	85	a total amount and as a per capita amount for the current population
86	86	of the local government at the time the statement is prepared:
87	87	(1) the current general obligation debt of the local
88	88	government at the time the statement is prepared;
89	89	(2) the maximum amount of additional general
90	90	obligation debt of the local government that would be authorized if
91	91	the proposition is passed; and
92	92	(3) the maximum estimated cost to repay the general
93	93	obligation debt that would be authorized by the proposition,
94	94	including principal and interest, at a stated likely interest rate.
95	95	(c) The ballot required by this section must be printed in
96	96	substantially the following format:
97	97	DEBT ITEMS TOTAL PER CAPITA DEBT ITEMS TOTAL PER CAPITA
98	98	DEBT ITEMS TOTAL PER CAPITA
99	99	CURRENT GENERAL CURRENT GENERAL
100	100	CURRENT GENERAL
101	101	OBLIGATION DEBT $ ____ $ ____ OBLIGATION DEBT $ ____ $ ____
102	102	OBLIGATION DEBT $ ____ $ ____
103	103	PROPOSED ADDITIONAL GENERAL PROPOSED ADDITIONAL GENERAL
104	104	PROPOSED ADDITIONAL GENERAL
105	105	OBLIGATION DEBT $ ____ $ ____ OBLIGATION DEBT $ ____ $ ____
106	106	OBLIGATION DEBT $ ____ $ ____
107	107	COST TO REPAY COST TO REPAY
108	108	COST TO REPAY
109	109	ADDITIONAL GENERAL ADDITIONAL GENERAL
110	110	ADDITIONAL GENERAL
111	111	OBLIGATION DEBT OBLIGATION DEBT
112	112	OBLIGATION DEBT
113	113	AT __% INTEREST AT __% INTEREST
114	114	AT __% INTEREST
115	115	OVER __ YEARS $ ____ $ ____ OVER __ YEARS $ ____ $ ____
116	116	OVER __ YEARS $ ____ $ ____
117	117	Sec. 1253.0003. DETERMINATION OF BALLOT INFORMATION. For
118	118	the purposes of the information required by Section 1253.0002(b),
119	119	the treasurer of the local government, or another person as
120	120	determined by the governing body of the local government, shall:
121	121	(1) certify the current general obligation debt of the
122	122	local government;
123	123	(2) determine a likely interest rate for the proposed
124	124	bonds; and
125	125	(3) compute the estimated maximum repayment cost in
126	126	accordance with the likely interest rate determined under
127	127	Subdivision (2).
128	128	SECTION 3. Section 274.005, Election Code, as added by this
129	129	Act, and Chapter 1253, Government Code, as added by this Act, apply
130	130	only to a ballot proposition for an election held on or after
131	131	November 1, 2020.
132	132	SECTION 4. This Act takes effect September 1, 2019.
133	133
134	134
135	135
136	136	DEBT ITEMS TOTAL PER CAPITA
137	137
138	138
139	139
140	140	CURRENT GENERAL
141	141
142	142	OBLIGATION DEBT $ ____ $ ____
143	143
144	144
145	145
146	146	PROPOSED ADDITIONAL GENERAL
147	147
148	148	OBLIGATION DEBT $ ____ $ ____
149	149
150	150
151	151
152	152	COST TO REPAY
153	153
154	154	ADDITIONAL GENERAL
155	155
156	156	OBLIGATION DEBT
157	157
158	158	AT __% INTEREST
159	159
160	160	OVER __ YEARS $ ____ $ ____
161	161
162	162
163	163
164	164	DEBT ITEMS TOTAL PER CAPITA
165	165
166	166
167	167
168	168	CURRENT GENERAL
169	169
170	170	OBLIGATION DEBT $ ____ $ ____
171	171
172	172
173	173
174	174	PROPOSED ADDITIONAL GENERAL
175	175
176	176	OBLIGATION DEBT $ ____ $ ____
177	177
178	178
179	179
180	180	COST TO REPAY
181	181
182	182	ADDITIONAL GENERAL
183	183
184	184	OBLIGATION DEBT
185	185
186	186	AT __% INTEREST
187	187
188	188	OVER __ YEARS $ ____ $ ____