86R6028 TJB-D
By: Middleton H.B. No. 4408
A BILL TO BE ENTITLED
AN ACT
relating to the authority of a political subdivision to issue
public securities for certain purposes.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subtitle C, Title 9, Government Code, is amended
by adding Chapter 1253 to read as follows:
CHAPTER 1253. LIMITATION ON AUTHORITY TO ISSUE SECURITIES FOR
CERTAIN PURPOSES
Sec. 1253.001. DEFINITIONS. In this chapter:
(1) "Political subdivision" means a county,
municipality, school district, junior college district, other
special district, or other subdivision of state government.
(2) "Public security" has the meaning assigned by
Section 1201.002.
Sec. 1253.002. LIMITATION ON AUTHORITY TO ISSUE SECURITY
FOR PURPOSE PREVIOUSLY REJECTED BY VOTERS. A political subdivision
may not issue a public security for the same purpose that was
submitted by the political subdivision to the voters in a bond
proposition to authorize the issuance of bonds during the preceding
five years and failed to be approved.
SECTION 2. The change in law made by this Act applies only
to the issuance of a public security, as that term is defined by
Section 1201.002, Government Code, on or after the effective date
of this Act.
SECTION 3. This Act takes effect September 1, 2019.