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A BILL TO BE ENTITLED
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AN ACT
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relating to requiring state approval of bonds issued by housing |
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finance corporations. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter E, Chapter 394, Local Government |
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Code, is amended by adding Section 394.058 to read as follows: |
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Sec. 394.058. APPROVAL OF BONDS BY BOND REVIEW BOARD. |
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Notwithstanding any other law, a bond may not be issued under this |
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chapter unless approved by the Bond Review Board. |
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SECTION 2. Chapter 1231, Government Code, is amended by |
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adding Subchapter C-1 to read as follows: |
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SUBCHAPTER C-1. BOARD APPROVAL OF ISSUANCE OF CERTAIN LOCAL |
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SECURITIES |
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Sec. 1231.051. APPROVAL OF ISSUANCE. The board shall |
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approve the issuance of a security issued under Subchapter E, |
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Chapter 394, Local Government Code, if, after examining the |
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application and documents or items of information required by the |
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board, the board determines that the issuance is advisable. |
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SECTION 3. This Act takes effect September 1, 2013. |