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A BILL TO BE ENTITLED
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AN ACT
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relating to property taxing entities' bond and debt reporting |
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requirements to the Bond Review Board. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subtitle C, Title 4, Local Government Code, is |
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amended by adding Chapter 134 to read as follows: |
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CHAPTER 134. BONDS AND OTHER DEBT |
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SUBCHAPTER A. GENERAL PROVISIONS |
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Sec. 134.001. DEFINITIONS. In this chapter: |
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(1) "Debt" has the meaning assigned by Section 26.012, |
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Tax Code. |
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(2) "Property taxing entity" has the meaning assigned |
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to a taxing unit by Section 1.04, Tax Code. |
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[Sections 134.002-134.050 reserved for expansion] |
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SUBCHAPTER B. REPORTING REQUIREMENTS |
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Sec. 134.051. BONDS AND OTHER DEBT REPORTED TO BOND REVIEW |
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BOARD. (a) Each property taxing entity shall report all proposed |
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bond initiatives and debt to the Bond Review Board. |
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(b) A property taxing entity is required to comply with the |
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mandate under this section only if the legislature appropriates or |
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otherwise provides, from a source other than the revenue of the |
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property taxing entity, for the payment or reimbursement of costs |
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incurred in the calendar year by the entity in complying with the |
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mandate. |
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SECTION 2. This Act takes effect September 1, 2011. |