Texas 2021 - 87th Regular

Texas Senate Bill SB2090 Compare Versions

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

Old	New	Differences
1	1	87R11187 SMT-F
2	2	By: Johnson S.B. No. 2090
3	3
4	4
5	5	A BILL TO BE ENTITLED
6	6	AN ACT
7	7	relating to the authority of certain political subdivisions to
8	8	issue anticipation notes and other obligations in the event of
9	9	certain emergencies.
10	10	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
11	11	SECTION 1. Section 1431.015, Government Code, is amended by
12	12	amending Subsections (a) and (b) and adding Subsections (d), (e),
13	13	and (f) to read as follows:
14	14	(a) In this section, "emergency" means the occurrence of:
15	15	(1) widespread or severe damage, injury, or loss of
16	16	life or property affecting an area in the jurisdiction of an issuer
17	17	and resulting from a hurricane or tropical storm, including wind
18	18	damage, fire damage, damage from wave action, or flood damage
19	19	resulting from the hurricane or tropical storm;
20	20	(2) a severe weather-related event other than a
21	21	hurricane or tropical storm; or
22	22	(3) an epidemic or pandemic.
23	23	(b) Notwithstanding any other provision of this chapter, an
24	24	issuer [located within 70 miles of the Gulf of Mexico or of a bay or
25	25	inlet of the gulf] may authorize the issuance of an anticipation
26	26	note or other obligation in the event of an emergency.
27	27	(d) If the authorization of an anticipation note or other
28	28	obligation issued under this section provides that the issuer
29	29	intends to refinance the note or other obligation with refunding
30	30	bonds, the note or obligation shall be treated as having the
31	31	intended term and payment schedule of the refunding bonds for
32	32	purposes of attorney general review and approval.
33	33	(e) Notwithstanding any other provision of law, a
34	34	determination by the governing body that the expenses incurred in
35	35	connection with the issuance of anticipation notes or other
36	36	obligations under this section are necessary to address the
37	37	emergency is not subject to review by the attorney general.
38	38	(f) Anticipation notes or other obligations to address the
39	39	emergencies described by Subsection (a)(2) or (3) may only be
40	40	delivered if the governor has:
41	41	(1) issued the order or proclamation described by
42	42	Subsection (c)(1); or
43	43	(2) made the proclamation described by Subsection
44	44	(c)(3).
45	45	SECTION 2. The changes in law made by this Act apply only to
46	46	anticipation notes or other debt obligations issued on or after the
47	47	effective date of this Act. Anticipation notes or other debt
48	48	obligations issued before the effective date of this Act are
49	49	governed by the law in effect at the time the anticipation notes or
50	50	other debt obligations were issued, and that law is continued in
51	51	effect for that purpose.
52	52	SECTION 3. The changes in law made by this Act apply to the
53	53	issuance of anticipation notes or other debt obligations in
54	54	response to a disaster declared or renewed before, on, or after the
55	55	effective date of this Act.
56	56	SECTION 4. This Act takes effect immediately if it receives
57	57	a vote of two-thirds of all the members elected to each house, as
58	58	provided by Section 39, Article III, Texas Constitution. If this
59	59	Act does not receive the vote necessary for immediate effect, this
60	60	Act takes effect September 1, 2021.