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