89R10347 JBD-D
By: Bettencourt S.B. No. 1501
A BILL TO BE ENTITLED
AN ACT
relating to the allocation of proceeds from the issuance of general
obligation bonds by political subdivisions.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Chapter 1253, Government Code, is amended by
adding Section 1253.004 to read as follows:
Sec. 1253.004. ALLOCATION OF PROCEEDS. A political
subdivision shall allocate the proceeds from the issuance of
general obligation bonds authorized by the voters in the percentage
or amount stated in the ballot proposition to authorize the
issuance.
SECTION 2. This Act takes effect September 1, 2025.