84R8644 TJB-D
 
  By: Hancock S.B. No. 794
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to the authority of a political subdivision to issue debt
  to purchase or lease tangible personal property.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.   Subtitle C, Title 9, Government Code, is amended
  by adding Chapter 1253 to read as follows:
  CHAPTER 1253.  LIMITATION ON AUTHORITY TO ISSUE PUBLIC SECURITIES
  FOR CERTAIN PURPOSES
         Sec. 1253.001.  DEFINITIONS. In this chapter:
               (1)  "Political subdivision" means a county,
  municipality, school district, junior college district, other
  special district, or other subdivision of state government.
               (2)  "Public security" has the meaning assigned by
  Section 1201.002.
         Sec. 1253.002.  LIMITATION ON AUTHORITY TO ISSUE PUBLIC
  SECURITY FOR TANGIBLE PERSONAL PROPERTY. A political subdivision
  may not issue a public security to purchase or lease tangible
  personal property if the expected useful life of the property ends
  before the maturity date of the public security.
         SECTION 2.  This Act takes effect September 1, 2015.