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A BILL TO BE ENTITLED
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AN ACT
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relating to the posting on the comptroller's Internet website |
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certain information related to bonds issued by local governments. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subtitle C, Title 9, Government Code, is amended |
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by adding Chapter 1253 to read as follows: |
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CHAPTER 1253. PUBLICATION OF LOCAL GOVERNMENT BOND INFORMATION |
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Sec. 1253.001. DEFINITION. In this chapter, "local |
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government" means a county, municipality, or other political |
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subdivision of the state that is authorized to issue general |
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obligation bonds. |
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Sec. 1253.002. RULES. The comptroller shall adopt rules to |
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implement this chapter. |
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Sec. 1253.003. PUBLICATION OF INFORMATION BEFORE ELECTION. |
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(a) Not later than the 30th day before a scheduled election to |
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authorize the issuance of general obligation bonds by a local |
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government, the local government shall submit to the comptroller |
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for publication on the comptroller's Internet website information |
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regarding the bonds proposed to be issued, including information |
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regarding: |
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(1) the principal amount of the proposed bonds; |
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(2) a description of how proceeds from the proposed |
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bonds will be spent; |
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(3) the effect of the issuance of the proposed bonds on |
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the local government's tax rates; |
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(4) the total estimated cost, including interest, to |
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redeem the proposed bonds; |
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(5) the date by which the proposed bonds will be paid |
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off; and |
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(6) the amount of the local government's total |
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outstanding bonded indebtedness after issuance of the proposed |
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bonds. |
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(b) The comptroller shall publish the information, in an |
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easily readable format, on the comptroller's Internet website not |
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later than the 15th day before the date scheduled for the election. |
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Sec. 1253.004. COMPILATION OF BOND INFORMATION. A local |
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government quarterly shall prepare a report on the status of its |
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outstanding indebtedness and submit the report to the comptroller |
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for posting on the comptroller's Internet website. The report must |
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include: |
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(1) the amount of the local government's total |
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outstanding bonded indebtedness; and |
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(2) for each issuance of bonds with outstanding |
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indebtedness, information regarding: |
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(A) how bond proceeds have been used; |
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(B) the amount of outstanding indebtedness; and |
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(C) the date on which the bonds become payable. |
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SECTION 2. (a) The comptroller of public accounts shall |
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adopt rules necessary to implement Chapter 1253, Government Code, |
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as added by this Act, not later than September 1, 2009. |
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(b) A local government shall submit to the comptroller of |
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public accounts, and the comptroller shall publish, the information |
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required by Section 1253.003, Government Code, as added by this |
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Act, for bonds proposed to be authorized by an election to be held |
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on or after January 1, 2010. |
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(c) Each local government shall submit to the comptroller of |
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public accounts the first report required by Section 1253.004, |
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Government Code, as added by this Act, not later than January 1, |
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2010. |
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SECTION 3. 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, 2009. |