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AN ACT
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relating to a requirement that certain bond issuers obtain an |
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appraisal of property that is to be purchased with bond proceeds. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter C, Chapter 252, Local Government |
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Code, is amended by adding Section 252.051 to read as follows: |
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Sec. 252.051. APPRAISAL REQUIRED BEFORE PURCHASE OF |
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PROPERTY WITH BOND PROCEEDS. A municipality may not purchase |
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property wholly or partly with bond proceeds until the municipality |
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obtains an independent appraisal of the property's market value. |
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SECTION 2. Subchapter C, Chapter 505, Local Government |
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Code, is amended by adding Section 505.1041 to read as follows: |
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Sec. 505.1041. APPRAISAL REQUIRED BEFORE PURCHASE OF |
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PROPERTY WITH BOND PROCEEDS. A Type B corporation may not purchase |
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property for a project wholly or partly with bond proceeds until the |
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corporation obtains an independent appraisal of the property's |
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market value. |
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SECTION 3. The changes in law made by Sections 252.051 and |
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505.1041, Local Government Code, as added by this Act, apply only to |
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the purchase of property on or after the effective date of this Act. |
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The purchase of property before the effective date of this Act is |
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governed by the law in effect when the property was purchased, and |
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the former law is continued in effect for that purpose. |
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SECTION 4. This Act takes effect September 1, 2011. |
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______________________________ |
______________________________ |
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President of the Senate |
Speaker of the House |
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I certify that H.B. No. 782 was passed by the House on April |
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26, 2011, by the following vote: Yeas 146, Nays 1, 2 present, not |
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voting. |
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______________________________ |
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Chief Clerk of the House |
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I certify that H.B. No. 782 was passed by the Senate on May |
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25, 2011, by the following vote: Yeas 31, Nays 0. |
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______________________________ |
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Secretary of the Senate |
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APPROVED: _____________________ |
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Date |
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_____________________ |
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Governor |