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A BILL TO BE ENTITLED
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AN ACT
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relating to the requirements for the notice of a municipality's or |
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county's intention to 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(b), Local Government Code, is |
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amended to 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: "Before [name of the |
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municipality or county issuing the certificates] authorizes the |
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issuance of certificates of obligation, the voters of [name of the |
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municipality or county] may file a petition with the [municipal |
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secretary or clerk, or county clerk, as applicable], signed by at |
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least five percent of the qualified voters of [name of the |
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municipality or county], protesting the issuance. After receiving |
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the petition, [name of the municipality or county] may not |
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authorize the issuance of the certificates unless the issuance is |
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approved at an election."[.] |
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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. |