Honorable Eddie Lucio Jr., Chair, Senate Committee on Intergovernmental Relations
Ursula Parks, Director, Legislative Budget Board
SB310 by Campbell (Relating to procedures and requirements for the issuance of certificates of obligation.), As Introduced
No fiscal implication to the State is anticipated.
The bill would amend the Local Government Code to specify that except in a case of grave public necessity, the governing body that issues certificates may not authorize a certificate to pay a contractual obligation to be incurred if a bond proposition was submitted to voters during the preceding three years and failed to be approved. The bill would also provide requirements for notice of intention to issue certificates.
Local Government Impact
No significant fiscal implication to units of local government is anticipated.