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A BILL TO BE ENTITLED
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AN ACT
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relating to the use of proceeds of bonds sold and delivered by a |
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home-rule municipality for a specific purpose. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 1332.001, Government Code, is amended to |
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read as follows: |
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Sec. 1332.001. USE OF UNSPENT BOND PROCEEDS FOR OTHER |
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PURPOSES. (a) The governing body of a municipality other than a |
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home-rule municipality may use the proceeds of municipal bonds that |
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have been sold and delivered for a specific purpose for a purpose |
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other than the specific purpose if: |
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(1) the specific purpose is accomplished by other |
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means or is abandoned; |
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(2) the proceeds are unspent; and |
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(3) a majority of the votes cast in an election held in |
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the municipality approve the use of the proceeds for the proposed |
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purpose. |
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(b) The governing body of a home-rule municipality may use |
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the unspent proceeds of municipal bonds that have been sold and |
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delivered for a specific purpose only for the specific purpose, |
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including retiring the outstanding bonds. |
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SECTION 2. The change in law made by this Act applies only |
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to municipal bonds authorized after the effective date of this Act. |
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Municipal bonds authorized before the effective date of this Act |
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are governed by the law in effect on the date the bonds were |
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authorized, and the former law is continued in effect for that |
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purpose. |
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SECTION 3. This Act takes effect September 1, 2015. |