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A BILL TO BE ENTITLED
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AN ACT
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relating to a searchable database for the bonds and other debt |
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obligations issued by local governmental entities. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter B, Chapter 1231, Government Code, is |
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amended by adding Section 1231.024 to read as follows: |
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Sec. 1231.024. SEARCHABLE DATABASE FOR BOND AND DEBT |
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OBLIGATIONS OF LOCAL GOVERNMENTAL ENTITIES. (a) The board shall |
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develop and maintain a computerized database that: |
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(1) lists the bond and other debt obligations issued |
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by each local governmental entity granted debt authority by the |
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Texas Constitution; and |
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(2) is searchable by each local governmental entity |
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within a zip code. |
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(b) The database must include the: |
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(1) specific debt issued by each local governmental |
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entity and the principal, interest, and payments on the debt; |
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(2) total principal, interest, and payments on all |
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debt issued by each local governmental entity; and |
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(3) total principal, interest, and payments on all |
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debt issued by local governmental entities in each zip code. |
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(c) The board shall make the database described by |
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Subsection (a) available to the public on the board's Internet |
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website. |
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(d) The comptroller shall provide on the comptroller's |
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Internet website a link to the database made available by the board |
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under Subsection (c). |
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(e) Each local governmental entity shall provide to the |
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board, at times required by the board, information that the board |
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determines to be necessary for the database under Subsection (a). |
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SECTION 2. Not later than September 1, 2012, the Bond Review |
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Board shall make available on its Internet website the database |
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described by Section 1231.024, Government Code, as added by this |
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Act. |
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SECTION 3. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2011. |