|
|
|
A BILL TO BE ENTITLED
|
|
AN ACT
|
|
relating to required disclosures on a municipal bond election |
|
ballot. |
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
SECTION 1. Section 1251.002, Government Code, is amended to |
|
read as follows: |
|
Sec. 1251.002. CONTENTS OF PROPOSITION. (a) The proposition |
|
submitted in the election must distinctly state: |
|
(1) the purpose for which the bonds are to be issued; |
|
(2) the amount of the bonds; |
|
(3) the rate of interest; |
|
(4) the imposition of taxes sufficient to pay the |
|
annual interest on the bonds and to provide a sinking fund to redeem |
|
the bonds at maturity; and |
|
(5) the maturity date of the bonds or that the bonds |
|
may be issued to mature serially over a specified number of years |
|
not to exceed 40. |
|
(b) If the election is held by a municipality, the |
|
proposition submitted in the election must include a separate box |
|
located beneath the information required under Subsection (a) that |
|
states or restates, as applicable: |
|
(1) the amount of bonds; |
|
(2) a plain language description of the public purpose |
|
for which the bonds are to be issued; |
|
(3) the proportion of the municipality's total bonding |
|
cap that will be encumbered through the issuance of the amount |
|
described by Subdivision (1); |
|
(4) the year in which the bonds will be retired; |
|
(5) whether the issuance would require any new taxes, |
|
fees, or assessments, or an increase in existing taxes, fees, or |
|
assessments; |
|
(6) an analysis of: |
|
(A) the annual costs that each homeowner of an |
|
average-priced home within the municipality or renter paying the |
|
average rent within the municipality may be required to pay if the |
|
bonds are supported by ad valorem taxes; |
|
(B) the annual costs that each resident of the |
|
municipality would be required to pay if the bonds are supported by |
|
sales or other use taxes; or |
|
(C) the annual costs that each affected resident |
|
of the municipality would be required to pay if the bonds are |
|
supported by other assessments or fees; and |
|
(7) whether any of the projects to be supported by the |
|
bonds are anticipated to require the exercise of the power of |
|
eminent domain. |
|
(c) The secretary of state shall prescribe the form of the |
|
box containing the information required by Subsection (b). |
|
SECTION 2. This Act takes effect September 1, 2013. |