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A BILL TO BE ENTITLED
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AN ACT
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relating to the fiscal transparency of political subdivisions. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Chapter 140, Local Government Code, is amended |
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by adding Section 140.008 to read as follows: |
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Sec. 140.008. ANNUAL REPORT OF CERTAIN FINANCIAL |
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INFORMATION. (a) In this section: |
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(1) "Debt obligation" means debt secured by ad valorem |
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taxation. |
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(2) "Political subdivision" means a county, |
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municipality, school district, junior college district, other |
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special district, or other subdivision of state government. |
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(b) A political subdivision shall annually compile and |
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report the following financial information in the manner prescribed |
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by this section: |
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(1) as of the last day of the preceding fiscal year, |
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debt obligation information for the political subdivision that must |
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state: |
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(A) the amount of all authorized debt |
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obligations; |
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(B) the principal of all outstanding debt |
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obligations; |
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(C) the principal of each outstanding debt |
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obligation; |
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(D) the combined principal and interest required |
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to pay all outstanding debt obligations on time and in full; |
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(E) the combined principal and interest required |
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to pay each outstanding debt obligation on time and in full; |
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(F) if the political subdivision is a |
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municipality, county, or school district, the amounts required by |
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Paragraphs (A)-(E) expressed as a per capita amount; and |
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(G) the following for each debt obligation: |
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(i) the issued and unissued amount; |
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(ii) the spent and unspent amount; |
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(iii) the maturity date; and |
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(iv) the stated purpose for which the debt |
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obligation was authorized; |
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(2) the current credit rating given by any nationally |
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recognized credit rating organization to debt obligations of the |
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political subdivision; and |
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(3) any other information that the political |
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subdivision considers relevant or necessary to explain the values |
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required by this subsection. |
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(c) Not later than the 90th day after the last day of each |
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fiscal year, a political subdivision shall electronically submit to |
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the comptroller the financial information described by Subsection |
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(b) and any other related information required by the comptroller. |
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The political subdivision must submit the information to the |
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comptroller in the form and in the manner prescribed by rule by the |
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comptroller. |
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(d) The comptroller shall as soon as practicable post the |
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financial information submitted under Subsection (c) on the |
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comptroller's Internet website and maintain the posting at all |
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times. The comptroller shall update the information on the website |
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when a political subdivision submits new information. The |
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comptroller may post the information in the format that the |
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comptroller determines appropriate, provided that the information |
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for each political subdivision is easily located by searching the |
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name of the political subdivision on the Internet. |
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(e) If a political subdivision maintains an Internet |
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website, the political subdivision shall maintain at all times on |
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the website a direct link to the location on the comptroller's |
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website where the financial information submitted to the |
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comptroller under Subsection (c) may be viewed. |
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SECTION 2. The requirements to compile and report |
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information under Section 140.008, Local Government Code, as added |
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by this Act, apply only to a fiscal year ending on or after the |
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effective date of this Act. |
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SECTION 3. This Act takes effect January 1, 2016. |
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* * * * * |