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A BILL TO BE ENTITLED
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AN ACT
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relating to public information regarding bonds and other |
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obligations issued by the state and local governments. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 1202.008, Government Code, is amended to |
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read as follows: |
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Sec. 1202.008. COLLECTION AND REPORT OF INFORMATION ON |
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LOCAL [PUBLIC] SECURITIES [OF POLITICAL SUBDIVISIONS]. (a) In |
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this section, "local security" has the meaning assigned by Section |
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1231.001. |
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(b) In reviewing local [public] securities under this |
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chapter, the attorney general shall [may] collect, in the form |
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required by the Bond Review Board, information on each local |
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security [public securities issued by a municipal corporation or
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political subdivision of this state]. |
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(c) [(b)] The information must include: |
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(1) the terms of each local security [the public
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securities]; |
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(2) the debt service payable on each local security |
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[the public securities]; and |
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(3) other information required by the Bond Review |
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Board. |
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(d) [(c)] The attorney general shall send the information |
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to the Bond Review Board for inclusion in the reports required by |
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Sections [board's report of debt statistics under Section] |
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1231.062, 1231.104, and 1231.105. |
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(e) The attorney general may not approve a local security |
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under Section 1202.003 until the attorney general receives written |
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notification from the Bond Review Board that the board: |
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(1) has received the information required by |
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Subsection (c); or |
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(2) has agreed to a later date for the submission of |
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the information. |
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SECTION 2. The heading to Subtitle B, Title 9, Government |
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Code, is amended to read as follows: |
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SUBTITLE B. PROVISIONS APPLICABLE TO PUBLIC SECURITIES [ISSUED BY
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STATE GOVERNMENT] |
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SECTION 3. Section 1231.001, Government Code, is amended by |
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adding Subdivision (4) to read as follows: |
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(4) "Local security" means a public security as |
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defined by Section 1201.002, other than a state security. |
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SECTION 4. 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. (a) The board shall develop and maintain a |
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computerized database that: |
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(1) lists the bond and other debt obligations issued |
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by the state and each local government granted debt authority by the |
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Texas Constitution; and |
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(2) is searchable by each local government within a |
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zip code. |
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(b) The database must include the: |
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(1) specific debt issued by the state and each local |
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government 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 the state and each local government; and |
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(3) total principal, interest, and payments on all |
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debt issued by local governments 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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SECTION 5. Sections 1231.062(a), (b), and (c), Government |
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Code, are amended to read as follows: |
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(a) Not later than December 31 of each even-numbered year, |
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the board shall submit to the legislature a statistical report |
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relating to: |
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(1) state securities, including a state security |
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issued by an institution of higher education; and |
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(2) local securities [bonds and other debt obligations
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issued by local governments]. |
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(b) A report must include: |
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(1) total debt service as a percentage of total |
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expenditures; |
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(2) total debt [tax-supported debt service as a
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percentage of general revenue expenditure;
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[(3)] per capita [total debt]; |
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(3) tax-supported debt [(4)
per capita tax-supported
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debt;
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[(5)
total debt and tax-supported debt as a percentage
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of personal income;
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[(6) total personal income per capita;
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[(7)
total debt per capita as a percentage of total
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personal income] per capita; |
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(4) [(8)] total debt and tax-supported debt as a |
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percentage of real property valuations; |
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(5) [(9)
total debt and tax-supported debt as a
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percentage of annual revenues and expenditures;
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[(10)] principal scheduled [required] to be repaid in |
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five years, [and principal required to be repaid in] 10 years, and |
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20 years; |
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(6) [(11)
growth rates of total debt per capita and
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total debt per dollar of personal income;
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[(12)] recent issuances [trends in the issuance] of |
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short-term notes; |
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(7) [(13)] recent trends in issuance costs; |
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(8) [(14)] savings from recent refundings; |
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(9) debt outstanding [(15) recent trends in
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capitalized interest use;
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[(16) debt service coverage ratios, if applicable]; |
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and |
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(10) [(17)] other information the board considers |
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relevant. |
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(c) The attorney general, each state agency, and each local |
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government shall provide annually to the board, and at other [the] |
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times required by the board, information that the board determines |
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is [to be] necessary to prepare the statistical report. |
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SECTION 6. The heading to Section 1231.102, Government |
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Code, is amended to read as follows: |
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Sec. 1231.102. STATE SECURITIES ANNUAL REPORT. |
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SECTION 7. Subchapter F, Chapter 1231, Government Code, is |
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amended by adding Sections 1231.104, 1231.105, and 1231.106 to read |
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as follows: |
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Sec. 1231.104. LOCAL SECURITIES ANNUAL REPORT. Not later |
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than the 180th day after the end of each state fiscal year, the bond |
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finance office shall publish a report listing: |
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(1) the amount of local securities outstanding; |
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(2) applicable repayment schedules; and |
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(3) other information the office considers relevant. |
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Sec. 1231.105. ONLINE ANNUAL LOCAL DEBT STATISTICS REPORT. |
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Not later than the 150th day after the end of each state fiscal |
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year, the bond finance office shall publish on the office's |
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Internet website a report that includes the statistical information |
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listed in Section 1231.062(b) for all local securities for the |
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preceding fiscal year. |
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Sec. 1231.106. REQUIRED INFORMATION. (a) An issuer of a |
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local security shall provide annually to the bond finance office, |
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and at other times required by the office, information that the |
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office determines necessary to administer the powers or duties of |
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the board or the office, including the preparation of any report. |
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(b) The bond finance office shall develop a standardized |
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format to simplify the submission of information by an issuer under |
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this section. |
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SECTION 8. Not later than September 1, 2014, 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 9. This Act takes effect January 1, 2014. |