| 1 | 1 | | 2021S0136-1 03/02/21 |
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| 2 | 2 | | By: Johnson, Springer S.B. No. 2091 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A BILL TO BE ENTITLED |
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| 6 | 6 | | AN ACT |
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| 7 | 7 | | relating to the issuance of public securities. |
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| 8 | 8 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 9 | 9 | | SECTION 1. Section 1201.022, Government Code, is amended by |
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| 10 | 10 | | adding Subsections (c) and (d) to read as follows: |
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| 11 | 11 | | (c) In a proceeding authorizing the issuance of a public |
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| 12 | 12 | | security, the issuer may exercise authority provided by Section |
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| 13 | 13 | | 1371.053. |
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| 14 | 14 | | (d) Before a public security may be delivered under the |
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| 15 | 15 | | authority provided by Subsection (c), the security must be rated by |
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| 16 | 16 | | a nationally recognized rating agency for public securities in one |
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| 17 | 17 | | of the three highest rating categories for a short-term debt |
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| 18 | 18 | | instrument or one of the four highest rating categories for a |
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| 19 | 19 | | long-term debt instrument. |
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| 20 | 20 | | SECTION 2. Section 1202.003, Government Code, is amended by |
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| 21 | 21 | | adding Subsections (d) and (e) to read as follows: |
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| 22 | 22 | | (d) A document submitted by an issuer as part of a record of |
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| 23 | 23 | | proceedings may be executed by: |
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| 24 | 24 | | (1) manual signature; |
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| 25 | 25 | | (2) electronic signature; or |
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| 26 | 26 | | (3) both manual and electronic signatures. |
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| 27 | 27 | | (e) In this section, "electronic signature" has the meaning |
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| 28 | 28 | | assigned by Section 322.002, Business & Commerce Code. |
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| 29 | 29 | | SECTION 3. The changes in law made by this Act apply only to |
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| 30 | 30 | | a public security issued on or after the effective date of this Act. |
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| 31 | 31 | | SECTION 4. This Act takes effect immediately if it receives |
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| 32 | 32 | | a vote of two-thirds of all the members elected to each house, as |
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| 33 | 33 | | provided by Section 39, Article III, Texas Constitution. If this |
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| 34 | 34 | | Act does not receive the vote necessary for immediate effect, this |
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| 35 | 35 | | Act takes effect September 1, 2021. |
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