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79R12150 E
By: Krusee H.B. No. 647
Substitute the following for H.B. No. 647:
By: Casteel C.S.H.B. No. 647
A BILL TO BE ENTITLED
AN ACT
relating to the issuance of county obligations for public
improvements and to the review and approval of refunding bonds by
the attorney general.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 1371.001(4), Government Code, is amended
to read as follows:
(4) "Issuer" means:
(A) a home-rule municipality that:
(i) adopted its charter under Section 5,
Article XI, Texas Constitution;
(ii) has a population of 50,000 or more; and
(iii) has outstanding long-term
indebtedness that is rated by a nationally recognized rating agency
for municipal securities in one of the four highest rating
categories for a long-term obligation;
(B) a conservation and reclamation district
created and organized as a river authority under Section 52,
Article III, or Section 59, Article XVI, Texas Constitution;
(C) a joint powers agency organized and operating
under Chapter 163, Utilities Code;
(D) a metropolitan rapid transit authority or
regional transportation authority created, organized, and
operating under Chapter 451 or 452, Transportation Code;
(E) a conservation and reclamation district
organized or operating as a navigation district under Section 52,
Article III, or Section 59, Article XVI, Texas Constitution;
(F) a district organized or operating under
Section 59, Article XVI, Texas Constitution, that has all or part of
two or more municipalities within its boundaries;
(G) a state agency, including a state institution
of higher education;
(H) a hospital authority created or operating
under Chapter 262 or 264, Health and Safety Code, in a county that:
(i) has a population of more than 3.3
million; or
(ii) is included, in whole or in part, in a
standard metropolitan statistical area of this state that includes
a county with a population of more than 2.2 million;
(I) a hospital district in a county that has a
population of more than two million;
(J) a nonprofit corporation organized to
exercise the powers of a higher education authority under Section
53.47(e), Education Code;
(K) a county:
(i) that has [with] a population of 3.3
million or more; or
(ii) that, on the date of issuance of
obligations under this chapter, has authorized, outstanding, or any
combination of authorized and outstanding, indebtedness of at least
$100 million secured by and payable from the county's ad valorem
taxes and the authorized long-term indebtedness of which is rated
by a nationally recognized rating agency of securities issued by
local governments in one of the four highest rating categories for a
long-term obligation;
(L) an independent school district that has an
average daily attendance of 50,000 or more as determined under
Section 42.005, Education Code;
(M) a municipality or county operating under
Chapter 334, Local Government Code; or
(N) a district created under Chapter 335, Local
Government Code.
SECTION 2. Section 1371.057, Government Code, is amended by
adding Subsection (c) to read as follows:
(c) If the obligation authorization provides that the
issuer intends to refinance an obligation or loan under a credit
agreement with refunding bonds issued under Chapter 1207, then the
obligation or loan shall be treated, for purposes of attorney
general review and approval, as having the intended term and
payment schedule of the refunding bonds.
SECTION 3. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2005.