89R9714 MPF-D
By: Capriglione H.B. No. 3526
A BILL TO BE ENTITLED
AN ACT
relating to fiscal transparency for bonds issued by local
governmental entities.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 1202.008(c), Government Code, is amended
to read as follows:
(c) The attorney general shall send the information to the
Bond Review Board for inclusion in the reports required by Sections
[board's report of debt statistics under Section] 1231.062 and
1231.065.
SECTION 2. Subchapter B, Chapter 1231, Government Code, is
amended by adding Section 1231.024 to read as follows:
Sec. 1231.024. SEARCHABLE DATABASE FOR LOCAL BOND
OBLIGATIONS. (a) The board shall develop and maintain on the
board's Internet website a publicly accessible and searchable
database that provides, in a table format that is easy to read and
understand, information on each bond proposed or issued by a local
government.
(b) The database must include for each proposed and issued
bond listed in the database the:
(1) amount of the principal of the bond;
(2) the estimated amount of interest on the bond; and
(3) the estimated total amount to pay the principal of
and interest on the bond.
SECTION 3. Subchapter D, Chapter 1231, Government Code, is
amended by adding Section 1231.065 to read as follows:
Sec. 1231.065. BIENNIAL REPORT ON REPAYMENT OF BONDS ISSUED
BY LOCAL GOVERNMENTS. (a) Not later than December 31 of each
even-numbered year, the board shall prepare and submit to each
standing committee of the legislature with primary jurisdiction
over matters relating to finance a report on the repayment status of
each voter-approved bond issued by a local government.
(b) The report required by Subsection (a) must include:
(1) for each voter-approved bond issued by a local
government:
(A) the estimated total amount required to pay
the principal of and interest on the bond on the date the bond was
issued; and
(B) the total amount of principal and interest
paid by the local government on the bond; and
(2) if a local government requires an increase in the
local government's tax rate in order to pay the principal of and
interest on bonds issued by the local government, the amount of the
required increase.
(c) The board may adopt any rules necessary to implement
this section.
SECTION 4. As soon as practicable but not later than
September 1, 2026, the Bond Review Board shall establish the
database as required by Section 1231.024, Government Code, as added
by this Act.
SECTION 5. This Act takes effect September 1, 2025.