| 1 | 1 | | By: Schofield H.B. No. 4725 |
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| 2 | 2 | | |
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| 3 | 3 | | |
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| 4 | 4 | | A BILL TO BE ENTITLED |
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| 5 | 5 | | AN ACT |
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| 6 | 6 | | relating to the maximum maturity of certain refunding bonds issued |
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| 7 | 7 | | by conservation and reclamation districts. |
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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 1207.006, Government Code, is amended to |
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| 10 | 10 | | read as follows: |
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| 11 | 11 | | (a) A refunding bond issued under this chapter must mature |
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| 12 | 12 | | not later than 40 years after its date. |
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| 13 | 13 | | (b) This section does not apply to refunding bonds issued by |
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| 14 | 14 | | a conservation and reclamation district to refund bonds issued for |
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| 15 | 15 | | projects, improvements, land, and facilities to convert areas from |
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| 16 | 16 | | groundwater to surface water. |
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| 17 | 17 | | SECTION 2. This Act takes effect immediately if it receives |
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| 18 | 18 | | a vote of two-thirds of all the members elected to each house, as |
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| 19 | 19 | | provided by Section 39, Article III, Texas Constitution. If this |
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| 20 | 20 | | Act does not receive the vote necessary for immediate effect, this |
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| 21 | 21 | | Act takes effect September 1, 2023. |
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