Amend HB 3246 (introduced version), after Section 12 of the bill, by inserting the following new Section 13 and renumbering the subsequent section accordingly:

SECTION 13. Chapter 372, Local Government Code is amended to add Sec. 372.031 as follows:

Sec. 372.031. ECONOMIC FEASIBILITY OF BONDS PAYABLE FROM ASSESSMENTS. (a) Prior to the issuance of bonds or obligations payable wholly or partly from assessments, a municipality or county issuing such bonds must find and determine the following:

(i) all underground water, wastewater, and drainage facilities and all road and street construction to serve assessed property necessary to support the bonds shall be 95% complete; and

(ii) at least 25% of the property assessed necessary to support the bonds must be developed with completed houses, buildings or other vertical improvements.

(b) This section does not apply to general obligation bonds or certificates of obligations.