By: Davis of Dallas H.B. No. 782
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to a requirement that certain bond issuers obtain an
  appraisal of property that is to be purchased with bond proceeds.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Subchapter C, Chapter 252, Local Government
  Code, is amended by adding Section 252.051 to read as follows:
         Sec. 252.051.  APPRAISAL REQUIRED BEFORE PURCHASE OF
  PROPERTY WITH BOND PROCEEDS. A municipality may not purchase
  property wholly or partly with bond proceeds until the municipality
  obtains an independent appraisal of the property's market value.
         SECTION 2.  Subchapter C, Chapter 505, Local Government
  Code, is amended by adding Section 505.1041 to read as follows:
         Sec. 505.1041.  APPRAISAL REQUIRED BEFORE PURCHASE OF
  PROPERTY WITH BOND PROCEEDS. A Type B corporation may not purchase
  property for a project wholly or partly with bond proceeds until the
  corporation obtains an independent appraisal of the property's
  market value.
         SECTION 3.  The changes in law made by Sections 252.051 and
  505.1041, Local Government Code, as added by this Act, apply only to
  the purchase of property on or after the effective date of this Act.
  The purchase of property before the effective date of this Act is
  governed by the law in effect when the property was purchased, and
  the former law is continued in effect for that purpose.
         SECTION 4.  This Act takes effect September 1, 2011.