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House Bill 1378 |
House Author: Flynn et al. |
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Effective: 1-1-16 |
Senate Sponsor: Bettencourt et al. |
House Bill 1378 amends the Local Government Code to require a political subdivision to annually compile and report specified debt obligation information. The bill provides for the posting of the annual financial report online by the political subdivision and establishes reporting alternatives under which a political subdivision may choose to instead provide the appropriate information to the comptroller of public accounts for posting on the comptroller's website. The bill also revises the Certificate of Obligation Act of 1971 to prohibit the governing body of a municipality, county, or hospital district from authorizing a certificate of obligation to pay a contractual obligation if a bond proposition to authorize the issuance of bonds for the same purpose was submitted to the voters during the preceding three years and failed to be approved, except under certain circumstances.