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78R8250 MI-D

By:  Chavez                                                       H.B. No. 3551



A BILL TO BE ENTITLED

AN ACT

relating to the authority of a municipality to use commercial paper 
instead of certificates of obligation.
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:                        
	SECTION 1.  Subchapter C, Chapter 271, Local Government 
Code, is amended by adding Section 271.0455 to read as follows:
	Sec. 271.0455.  USE OF COMMERCIAL PAPER.  In a situation in 
which the governing body of a municipality finds that the use of 
commercial paper is an economic benefit to the municipality, the 
governing body may use commercial paper instead of certificates of 
obligation for the purposes for which certificates of obligation 
may be issued under this subchapter if the issuance of certificates 
of obligation has been authorized by the governing body.
	SECTION 2.  This Act takes effect September 1, 2003.