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A BILL TO BE ENTITLED
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AN ACT
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relating to the maximum maturity of certain refunding bonds issued |
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by conservation and reclamation districts. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 1207.006, Government Code, is amended to |
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read as follows: |
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(a) A refunding bond issued under this chapter must mature |
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not later than 40 years after its date. |
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(b) This section does not apply to refunding bonds issued by |
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a conservation and reclamation district to refund bonds issued for |
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projects, improvements, land, and facilities to convert areas from |
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groundwater to surface water. |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2023. |