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A BILL TO BE ENTITLED
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AN ACT
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relating to the notice of a municipality's or county's intention to |
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issue certificates of obligation. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 271.049, Local Government Code, is |
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amended by amending Subsection (b) and adding Subsection (e) to |
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read as follows: |
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(b) The notice must state: |
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(1) the time and place tentatively set for the passage |
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of the order or ordinance authorizing the issuance of the |
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certificates; |
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(2) the maximum amount and purpose of the certificates |
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to be authorized; [and] |
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(3) the manner in which the certificates will be paid |
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for, whether by taxes, revenues, or a combination of the two; and |
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(4) the following language if the issuer is a |
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municipality or county: "Before [name of the municipality or |
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county issuing the certificates] authorizes the issuance of |
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certificates of obligation, the voters of [name of the municipality |
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or county] may file a petition with the [municipal secretary or |
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clerk, or county clerk, as applicable], signed by at least five |
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percent of the qualified voters of [name of the municipality or |
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county], protesting the issuance. After receiving the petition, |
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[name of the municipality or county] may not authorize the issuance |
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of the certificates unless the issuance is approved at an |
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election."[.] |
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(e) If, at any time during the seven days after the date the |
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notice is first published under Subsection (a), the municipal |
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secretary or clerk if the issuer is a municipality, or the county |
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clerk if the issuer is a county, receives written notice of the |
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intent to circulate a petition under Subsection (c), the issuer may |
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not authorize the issuance of the certificates earlier than the |
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30th day after the date the secretary or clerk receives the notice |
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of the intent to circulate the petition. |
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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, 2007. |