| 1 | 1 | | 88R6895 SGM-D |
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| 2 | 2 | | By: Middleton S.B. No. 1394 |
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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 anticipation notes or other obligations |
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| 8 | 8 | | by issuers located along the Gulf Coast in an emergency. |
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| 9 | 9 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 10 | 10 | | SECTION 1. Section 1431.015(b), Government Code, is amended |
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| 11 | 11 | | to read as follows: |
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| 12 | 12 | | (b) Notwithstanding any other provision of this chapter or a |
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| 13 | 13 | | rating requirement prescribed by Chapter 1371, an issuer located |
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| 14 | 14 | | within 70 miles of the Gulf of Mexico or of a bay or inlet of the |
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| 15 | 15 | | gulf may authorize the issuance of an anticipation note or other |
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| 16 | 16 | | obligation in the event of an emergency. |
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| 17 | 17 | | SECTION 2. The change in law made by this Act applies only |
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| 18 | 18 | | to an anticipation note or obligation issued on or after the |
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| 19 | 19 | | effective date of this Act. A note or obligation issued before the |
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| 20 | 20 | | effective date of this Act is governed by the law in effect on the |
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| 21 | 21 | | date the note or obligation was issued, and that law is continued in |
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| 22 | 22 | | effect for that purpose. |
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| 23 | 23 | | SECTION 3. This Act takes effect immediately if it receives |
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| 24 | 24 | | a vote of two-thirds of all the members elected to each house, as |
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| 25 | 25 | | provided by Section 39, Article III, Texas Constitution. If this |
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| 26 | 26 | | Act does not receive the vote necessary for immediate effect, this |
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| 27 | 27 | | Act takes effect September 1, 2023. |
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