| 1 | 1 | | H.B. No. 3097 |
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| 2 | 2 | | |
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| 3 | 3 | | |
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| 4 | 4 | | AN ACT |
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| 5 | 5 | | relating to the issuance of anticipation notes or other obligations |
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| 6 | 6 | | by issuers located along the Gulf Coast in an emergency. |
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| 7 | 7 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 8 | 8 | | SECTION 1. Section 1431.015(b), Government Code, is amended |
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| 9 | 9 | | to read as follows: |
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| 10 | 10 | | (b) Notwithstanding any other provision of this chapter or a |
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| 11 | 11 | | rating requirement prescribed by Chapter 1371, an issuer located |
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| 12 | 12 | | within 70 miles of the Gulf of Mexico or of a bay or inlet of the |
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| 13 | 13 | | gulf may authorize the issuance of an anticipation note or other |
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| 14 | 14 | | obligation in the event of an emergency. An anticipation note or |
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| 15 | 15 | | other obligation issued under this section is an obligation under |
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| 16 | 16 | | Chapter 1371, but is not required to be rated as required by that |
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| 17 | 17 | | chapter. |
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| 18 | 18 | | SECTION 2. The change in law made by this Act applies only |
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| 19 | 19 | | to an anticipation note or obligation issued on or after the |
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| 20 | 20 | | effective date of this Act. A note or obligation issued before the |
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| 21 | 21 | | effective date of this Act is governed by the law in effect on the |
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| 22 | 22 | | date the note or obligation was issued, and that law is continued in |
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| 23 | 23 | | effect for that purpose. |
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| 24 | 24 | | SECTION 3. This Act takes effect immediately if it receives |
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| 25 | 25 | | a vote of two-thirds of all the members elected to each house, as |
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| 26 | 26 | | provided by Section 39, Article III, Texas Constitution. If this |
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| 27 | 27 | | Act does not receive the vote necessary for immediate effect, this |
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| 28 | 28 | | Act takes effect September 1, 2023. |
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| 29 | 29 | | ______________________________ ______________________________ |
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| 30 | 30 | | President of the Senate Speaker of the House |
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| 31 | 31 | | I certify that H.B. No. 3097 was passed by the House on May 6, |
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| 32 | 32 | | 2023, by the following vote: Yeas 125, Nays 9, 2 present, not |
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| 33 | 33 | | voting. |
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| 34 | 34 | | ______________________________ |
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| 35 | 35 | | Chief Clerk of the House |
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| 36 | 36 | | I certify that H.B. No. 3097 was passed by the Senate on May |
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| 37 | 37 | | 24, 2023, by the following vote: Yeas 31, Nays 0. |
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| 38 | 38 | | ______________________________ |
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| 39 | 39 | | Secretary of the Senate |
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| 40 | 40 | | APPROVED: _____________________ |
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| 41 | 41 | | Date |
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| 42 | 42 | | _____________________ |
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| 43 | 43 | | Governor |
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