Texas 2025 - 89th Regular

Texas House Bill HB3262 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	89R11510 MPF-D
2	2	By: Lowe H.B. No. 3262
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7	7	A BILL TO BE ENTITLED
8	8	AN ACT
9	9	relating to an election to approve the issuance of bonds or other
10	10	debt.
11	11	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
12	12	SECTION 1. The heading to Chapter 2, Election Code, is
13	13	amended to read as follows:
14	14	CHAPTER 2. VOTE REQUIRED FOR ELECTION [TO OFFICE]
15	15	SECTION 2. Chapter 2, Election Code, is amended by adding
16	16	Subchapter E to read as follows:
17	17	SUBCHAPTER E. SUPERMAJORITY REQUIREMENT FOR CERTAIN ELECTIONS
18	18	Sec. 2.101. CERTAIN POLITICAL SUBDIVISION ELECTIONS.
19	19	Notwithstanding any other law, an election held by a political
20	20	subdivision to authorize the issuance of bonds or other debt does
21	21	not authorize the issuance of bonds or other debt unless at least
22	22	two-thirds of the voters voting on the proposition authorizing the
23	23	issuance of bonds or other debt vote in favor of the proposition.
24	24	SECTION 3. Subchapter B, Chapter 1251, Government Code, as
25	25	added by Chapters 728 (H.B. 477) and 505 (S.B. 30), Acts of the 86th
26	26	Legislature, Regular Session, 2019, is reenacted and amended to
27	27	read as follows:
28	28	SUBCHAPTER B. BALLOT FOR DEBT OBLIGATIONS ISSUED BY POLITICAL
29	29	SUBDIVISION
30	30	Sec. 1251.051. DEFINITIONS. In this subchapter:
31	31	(1) "Debt obligation" means a public security, as
32	32	defined by Section 1201.002, secured by and payable from ad valorem
33	33	taxes. The term does not include public securities that are
34	34	designated as self-supporting by the political subdivision issuing
35	35	the securities.
36	36	(2) "Debt obligation election order" means the order,
37	37	ordinance, or resolution ordering an election to authorize the
38	38	issuance of debt obligations.
39	39	(3) "Political subdivision" means a municipality,
40	40	county, school district, or special taxing district.
41	41	Sec. 1251.052. FORM. (a) The ballot for a measure seeking
42	42	voter approval of the issuance of debt obligations by a political
43	43	subdivision shall specifically state:
44	44	(1) a general description of the single specific
45	45	purpose [purposes] for which the debt obligations are to be
46	46	authorized;
47	47	(2) the total principal amount of the debt obligations
48	48	to be authorized; [and]
49	49	(3) as of the date the political subdivision adopts
50	50	the debt obligation election order, the estimated combined
51	51	principal and interest required to pay on time and in full all
52	52	outstanding debt obligations of the political subdivision, which
53	53	may be based on the political subdivision's expectations relative
54	54	to the interest due on any variable rate debt obligations; and
55	55	(4) that taxes sufficient to pay the principal of and
56	56	interest on the debt obligations will be imposed.
57	57	(a-1) Each single specific purpose for which debt
58	58	obligations requiring voter approval are to be issued must be
59	59	printed on the ballot as a separate proposition. A proposition may
60	60	include as a specific purpose one or more structures or
61	61	improvements serving the substantially same purpose and may include
62	62	related improvements and equipment necessary to accomplish the
63	63	specific purpose.
64	64	(b) A political subdivision with at least 250 registered
65	65	voters on the date the governing body of the political subdivision
66	66	adopts the debt obligation election order must prepare a voter
67	67	information document for each proposition to be voted on at the
68	68	election. The political subdivision shall post the voter
69	69	information document in the same manner as a debt obligation
70	70	election order is required to be posted under Section 4.003(f),
71	71	Election Code, and may include the voter information document in
72	72	the debt obligation election order. The voter information document
73	73	must distinctly state:
74	74	(1) the language that will appear on the ballot;
75	75	(2) the following information formatted as a table:
76	76	(A) the principal of the debt obligations to be
77	77	authorized;
78	78	(B) the estimated interest for the debt
79	79	obligations to be authorized;
80	80	(C) the estimated combined principal and
81	81	interest required to pay on time and in full the debt obligations to
82	82	be authorized; and
83	83	(D) as of the date the political subdivision
84	84	adopts the debt obligation election order:
85	85	(i) the principal of all outstanding debt
86	86	obligations of the political subdivision;
87	87	(ii) the estimated remaining interest on
88	88	all outstanding debt obligations of the political subdivision,
89	89	which may be based on the political subdivision's expectations
90	90	relative to the interest due on any variable rate debt obligations;
91	91	and
92	92	(iii) the estimated combined principal and
93	93	interest required to pay on time and in full all outstanding debt
94	94	obligations of the political subdivision, which may be based on the
95	95	political subdivision's expectations relative to the interest due
96	96	on any variable rate debt obligations;
97	97	(3) the estimated maximum annual increase in the
98	98	amount of taxes that would be imposed on a residence homestead in
99	99	the political subdivision with an appraised value of $100,000 to
100	100	repay the debt obligations to be authorized, if approved, based
101	101	upon assumptions made by the governing body of the political
102	102	subdivision; and
103	103	(4) any other information that the political
104	104	subdivision considers relevant or necessary to explain the
105	105	information required by this subsection.
106	106	(c) The governing body of the political subdivision shall
107	107	identify in the voter information document the major assumptions
108	108	made in connection with the statement required by Subsection
109	109	(b)(3), including:
110	110	(1) the amortization of the political subdivision's
111	111	debt obligations, including outstanding debt obligations and the
112	112	proposed debt obligations;
113	113	(2) changes in estimated future appraised values
114	114	within the political subdivision; and
115	115	(3) the assumed interest rate on the proposed debt
116	116	obligations.
117	117	(d) A political subdivision that maintains an Internet
118	118	website shall provide the information described by Subsection (b)
119	119	on its website in an easily accessible manner beginning not later
120	120	than the 21st day before election day and ending on the day after
121	121	the date of the debt obligation election.
122	122	(e) This section provides the ballot proposition language
123	123	for an election to authorize the issuance of debt obligations by a
124	124	political subdivision. To the extent of a conflict between this
125	125	section and another law, this section controls.
126	126	SECTION 4. The changes in law made by this Act apply only to
127	127	an election ordered on or after the effective date of this Act. An
128	128	election ordered before the effective date of this Act is governed
129	129	by the law in effect when the election was ordered.
130	130	SECTION 5. This Act takes effect September 1, 2025.