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