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A BILL TO BE ENTITLED
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AN ACT
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relating to the authority of a political subdivision to issue debt |
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to purchase or lease tangible personal property. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subtitle C, Title 9, Government Code, is amended |
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by adding Chapter 1253 to read as follows: |
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CHAPTER 1253. LIMITATION ON AUTHORITY TO ISSUE PUBLIC SECURITIES |
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FOR CERTAIN PURPOSES |
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Sec. 1253.001. DEFINITIONS. In this chapter: |
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(1) "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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(2) "Public security" has the meaning assigned by |
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Section 1201.002. |
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Sec. 1253.002. LIMITATION ON AUTHORITY TO ISSUE PUBLIC |
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SECURITY FOR TANGIBLE PERSONAL PROPERTY. A political subdivision |
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may not issue a public security to purchase or lease tangible |
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personal property if the expected useful life of the property ends |
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before the maturity date of the public security. |
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SECTION 2. This Act takes effect September 1, 2015. |