| |
| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
relating to the authority of certain counties to issue short-term |
|
|
bonds. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Chapter 1301, Government Code, is amended by |
|
|
adding Section 1301.005 to read as follows: |
|
|
Sec. 1301.005. SHORT-TERM BONDS ISSUED BY CERTAIN COUNTIES. |
|
|
(a) The commissioners court of a county with a population of more |
|
|
than one million and in which more than 80 percent of the population |
|
|
resides in a single municipality by resolution may issue short-term |
|
|
bonds that are secured by revenue or taxes of the county that: |
|
|
(1) have a term of not more than 12 months; and |
|
|
(2) are payable only from revenue or taxes received on |
|
|
or after the date of their issuance and before the end of the fiscal |
|
|
year following the fiscal year in which the bonds are issued. |
|
|
(b) Approval by the attorney general or registration with |
|
|
the comptroller is not required for a bond issued under this |
|
|
section. |
|
|
(c) An election is not required to issue bonds under this |
|
|
section. |
|
|
SECTION 2. This Act takes effect September 1, 2009. |