By:  Wentworth                                         S.B. No. 305
       73R3675 SMH-F
                                 A BILL TO BE ENTITLED
    1-1                                AN ACT
    1-2  relating to the issuance of truth in taxation notices.
    1-3        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
    1-4        SECTION 1.  Section 26.04(e), Tax Code, is amended to read as
    1-5  follows:
    1-6        (e)  By August 7 or as soon thereafter as practicable, the
    1-7  designated officer or employee shall submit the rates to the
    1-8  governing body.  He shall mail to each person who owns property
    1-9  taxable by the unit or publish in a newspaper in the form
   1-10  prescribed by the comptroller:
   1-11              (1)  the effective tax rate, the rollback tax rate, and
   1-12  an explanation of how they were calculated;
   1-13              (2)  the estimated amount of interest and sinking fund
   1-14  balances and the estimated amount of maintenance and operation or
   1-15  general fund balances remaining at the end of the current fiscal
   1-16  year that are not encumbered with or by corresponding existing debt
   1-17  obligation, except that for a school district, estimated funds
   1-18  necessary for the operation of the district prior to the receipt of
   1-19  the first state education aid payment in the succeeding school year
   1-20  shall be subtracted from the estimated fund balances;
   1-21              (3)  a schedule of the unit's debt obligations showing:
   1-22                    (A)  the amount of principal and interest that
   1-23  will be paid to service the unit's debts in the next year from
   1-24  property tax revenue, including payments of lawfully incurred
    2-1  contractual obligations providing security for the payment of the
    2-2  principal of and interest on bonds and other evidences of
    2-3  indebtedness issued on behalf of the unit by another political
    2-4  subdivision;
    2-5                    (B)  the amount by which taxes imposed for debt
    2-6  are to be increased because of the unit's anticipated collection
    2-7  rate; and
    2-8                    (C)  the total of the amounts listed in
    2-9  Paragraphs (A)-(B), less any amount collected in excess of the
   2-10  previous year's anticipated collections certified as provided in
   2-11  Subsection (b) of this section; and
   2-12              (4)  the amount of additional sales and use tax revenue
   2-13  anticipated in calculations under Section 26.041 of this code.
   2-14        SECTION 2.  The importance of this legislation and the
   2-15  crowded condition of the calendars in both houses create an
   2-16  emergency and an imperative public necessity that the
   2-17  constitutional rule requiring bills to be read on three several
   2-18  days in each house be suspended, and this rule is hereby suspended,
   2-19  and that this Act take effect and be in force from and after its
   2-20  passage, and it is so enacted.