Texas 2019 - 86th Regular

Texas Senate Bill SB652 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	By: Campbell, et al. S.B. No. 652
	1	+	By: Campbell S.B. No. 652
	2	+	(In the Senate - Filed February 5, 2019; March 1, 2019, read
	3	+	first time and referred to Committee on Property Tax;
	4	+	April 15, 2019, reported adversely, with favorable Committee
	5	+	Substitute by the following vote: Yeas 5, Nays 0; April 15, 2019,
	6	+	sent to printer.)
	7	+	Click here to see the committee vote
	8	+	COMMITTEE SUBSTITUTE FOR S.B. No. 652 By: Paxton
2	9
3	10
4	11		A BILL TO BE ENTITLED
5	12		AN ACT
6	13		relating to procedures and requirements for the issuance of
7	14		certificates of obligation.
8	15		BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
9	16		SECTION 1. Section 271.047(d), Local Government Code, is
10	17		amended to read as follows:
11	18		(d) Except as provided by this subsection, the governing
12	19		body of an issuer may not authorize a certificate to pay a
13	20		contractual obligation to be incurred if a bond proposition to
14	21		authorize the issuance of bonds for the same purpose was submitted
15	22		to the voters during the preceding six [three] years and failed to
16	23		be approved. A governing body may authorize a certificate that the
17	24		governing body is otherwise prohibited from authorizing under this
18	25		subsection:
19	26		(1) in a case described by Sections 271.056(1)-(3);
20	27		and
21	28		(2) to comply with a state or federal law, rule, or
22	29		regulation if the political subdivision has been officially
23	30		notified of noncompliance with the law, rule, or regulation.
24	31		SECTION 2. Section 271.049, Local Government Code, is
25	32		amended by amending Subsection (a) and adding Subsection (e) to
26	33		read as follows:
27	34		(a) Regardless of the sources of payment of certificates,
28	35		certificates may not be issued unless the issuer publishes notice
29	36		of its intention to issue the certificates. The notice must be
30	37		published:
31	38		(1) once a week for two consecutive weeks in a
32	39		newspaper, as defined by Subchapter C, Chapter 2051, Government
33	40		Code, that is of general circulation in the area of the issuer, with
34	41		the date of the first publication to be before the 30th day before
35	42		the date tentatively set for the passage of the order or ordinance
36	43		authorizing the issuance of the certificates; and
37	44		(2) continuously on the issuer's Internet website for
38	45		at least 30 days before the date tentatively set for the passage of
39	46		the order or ordinance authorizing the issuance of the
40	47		certificates.
41	48		(e) An issuer shall maintain an Internet website to comply
42	49		with this section.
43	50		SECTION 3. Section 271.049, Local Government Code, as
44	51		amended by this Act, applies only to a certificate of obligation for
45	52		which the first notice of intention to issue the certificate is made
46	53		on or after the effective date of this Act. A certificate of
47	54		obligation for which the first notice of intention to issue the
48	55		certificate is made before the effective date of this Act is
49	56		governed by the law in effect on the date the notice of intention is
50	57		made, and the former law is continued in effect for that purpose.
51	58		SECTION 4. This Act takes effect September 1, 2019.
	59	+	* * * * *