80R9033 DRH-D
 
  By: Duncan S.B. No. 1844
 
 
 
   
 
 
A BILL TO BE ENTITLED
AN ACT
relating to allowing an issuer of certificates of obligation to
delegate the authority to effect the sale of the certificates.
       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 271.0471 to read as follows:
       Sec. 271.0471.  DELEGATION OF AUTHORITY.  (a)  In connection
with the authorization of the issuance of certificates, the
governing body of an issuer may:
             (1)  authorize the maximum principal amount of
certificates that may be issued and the maximum rate of interest to
be borne by the certificates;
             (2)  recite the purposes for which the certificates are
to be issued; and
             (3)  delegate to any officer or employee of the issuer
the authority to effect the sale of the certificates.
       (b)  In exercising the authority delegated by the governing
body under Subsection (a)(3), the officer or employee may establish
the terms and other details related to the issuance and sale or
exchange of the certificates, including:
             (1)  the form and designation of the certificates;
             (2)  the principal amount of the certificates;
             (3)  the dates, price, interest rates, interest payment
dates, principal payment dates, and redemption features of the
certificates; and
             (4)  any other details relating to the issuance and
sale or exchange of the certificates as specified by the governing
body of the issuer in the proceedings authorizing the issuance of
the certificates.
       (c)  A finding or determination made by an officer or
employee acting under the authority delegated to the officer or
employee has the same force and effect as a finding or determination
made by the governing body of the issuer.
       SECTION 2.  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, 2007.