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No
equivalent provision.
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SECTION 1. Section 3.009,
Election Code, is amended to read as follows:
Sec. 3.009. CONTENTS OF DEBT
OBLIGATION ELECTION ORDER. (a) In this section, "debt
obligation" means an issued public security, as defined by Section
1201.002, Government Code, that is secured by and payable from ad
valorem taxes. The term does not include public securities that are
designated as self-supporting by the political subdivision issuing the
securities.
(b) The document ordering an
election to authorize a political subdivision to issue debt obligations
must distinctly state:
(1) the proposition language
that will appear on the ballot;
(2) the purpose for which
the debt obligations are to be authorized;
(3) the principal amount of
the debt obligations to be authorized;
(4) that taxes sufficient to
pay the [annual] principal of and interest on the debt obligations
may be imposed;
(5) a statement of the
estimated tax rate if the debt obligations are authorized or of the maximum
interest rate of the debt obligations or any series of the debt
obligations, based on the market conditions at the time of the election
order;
(6) the maximum maturity
date of the debt obligations to be authorized or that the debt obligations
may be issued to mature over a specified number of years not to exceed the
maximum number of years authorized by law [40];
(7) the aggregate amount of
the outstanding principal of the political subdivision's debt obligations
as of the date [beginning of the political subdivision's fiscal
year in which] the election is ordered;
(8) the aggregate amount of
the outstanding interest on debt obligations of the political subdivision
as of the date [beginning of the political subdivision's fiscal
year in which] the election is ordered, which may be based on the
expectations of the political subdivision as it relates to variable rate
debt obligations; and
(9) the ad valorem debt
service tax rate for the political subdivision at the time the election is
ordered, expressed as an amount per $100 valuation of taxable property.
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SECTION 1. Section
52.072(e), Election Code, is amended to read as follows:
(e) In addition to any other
requirement imposed by law for a proposition, including a provision
prescribing the proposition language, a proposition submitted to the voters
for approval of [the issuance of bonds or] the imposition, increase,
or reduction of a tax shall specifically state, as applicable:
(1) [with respect to a
proposition seeking voter approval of the issuance of bonds:
[(A) the total principal
amount of the bonds to be authorized, if approved; and
[(B) a general
description of the purposes for which the bonds are to be authorized, if
approved;
[(2)] with respect to
a proposition that only seeks voter approval of the imposition or increase
of a tax, the amount of or maximum tax rate of the tax or tax increase for
which approval is sought; or
(2) [(3)] with
respect to a proposition that only seeks voter approval of the reduction of
a tax, the amount of tax rate reduction or the tax rate for which approval
is sought.
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SECTION 2. Section 52.072, Election
Code, is amended by amending Subsection (e) and adding Subsection (f) to
read as follows:
(e) In addition to any other
requirement imposed by law for a proposition, including a provision
prescribing the proposition language, a proposition submitted to the voters
for approval of [the issuance of bonds or] the imposition, increase,
or reduction of a tax shall specifically state, as applicable:
(1) [with respect to a
proposition seeking voter approval of the issuance of bonds:
[(A) the total principal
amount of the bonds to be authorized, if approved; and
[(B) a general
description of the purposes for which the bonds are to be authorized, if
approved;
[(2)] with respect to
a proposition that only seeks voter approval of the imposition or increase of
a tax, the amount of or maximum tax rate of the tax or tax increase for
which approval is sought; or
(2) [(3)] with
respect to a proposition that only seeks voter approval of the reduction of
a tax, the amount of tax rate reduction or the tax rate for which approval
is sought.
(f) A political subdivision that submits to the voters a
proposition for the approval of the issuance of debt obligations shall
prescribe the wording of the proposition that is to appear on the ballot in
accordance with the requirements of Subchapter B, Chapter 1251, Government
Code. In this subsection, "debt obligation" and "political
subdivision" have the meanings assigned by Section 1251.051,
Government Code.
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SECTION 3. Chapter 1251,
Government Code, is amended by adding Subchapter B to read as follows:
SUBCHAPTER B. BALLOT PROPOSITION FOR BONDS ISSUED BY
POLITICAL SUBDIVISION
Sec. 1251.051. APPLICABILITY. This subchapter applies to bonds
issued by any political subdivision, including a municipality,
county, school district, or special taxing district.
Sec. 1251.052. FORM.
(a) A proposition seeking voter
approval of the issuance of bonds
shall specifically state:
(1) a general description
of the purposes for which the bonds
are to be authorized;
(2) the total principal
amount of the bonds;
(3) the rate of interest;
(4) the imposition of taxes
sufficient to pay the annual
interest on the bonds and to provide a
sinking fund to redeem the bonds at maturity; and
(5) the maturity date of the bonds or that the bonds may be
issued to mature serially over a specified number of years not to exceed
40.
(b) In addition to the
requirements of Subsection (a) and any
other requirement imposed by law for a proposition, including a provision
prescribing the proposition language, a proposition submitted to the voters
for approval of the issuance of bonds
shall specifically state:
(1) the total amount of the political subdivision's debt
secured by ad valorem taxes currently outstanding;
(2) the total amount of debt secured by ad valorem taxes,
including principal and interest, to be authorized;
(3) the amount of taxes required to be imposed on a homestead
with a value of $100,000 in the political subdivision, as computed by the
appraisal district, to repay the political subdivision's current debt
obligations secured by ad valorem taxes;
(4) the increase in the
amount of taxes that would be imposed on a homestead with a value of
$100,000 in the political subdivision, as computed by the appraisal
district, to repay the bonds to be
authorized, if approved; and
(5) the maturity date of the bonds to be authorized.
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SECTION 4. Chapter 1251,
Government Code, is amended by adding Subchapter B to read as follows:
SUBCHAPTER B. BALLOT FOR DEBT OBLIGATIONS ISSUED BY POLITICAL
SUBDIVISION
Sec. 1251.051. DEFINITIONS. In this subchapter:
(1) "Debt obligation" means a public security as
defined by Section 1201.002 secured by and payable from ad valorem taxes.
The term does not include public securities that are designated as
self-supporting by the political subdivision issuing the securities.
(2) "Debt obligation election order" means the order,
ordinance, or resolution ordering an election to authorize the issuance of
debt obligations.
(3) "Political subdivision" means a
municipality, county, school district, or special taxing district.
Sec. 1251.052. FORM. (a)
The ballot for a measure seeking
voter approval of the issuance of debt
obligations by a political subdivision shall specifically state:
(1) a general description
of the purposes for which the debt
obligations are to be authorized;
(2) the total principal
amount of the debt obligations to be
authorized; and
(3) that taxes sufficient
to pay the principal of and
interest on the debt obligations
will be imposed.
(b) In addition to the
requirements of Subsection (a), the
ballot for a measure seeking voter approval of the issuance of debt
obligations by a political subdivision with at least 250 registered voters
on the date the governing body of the political subdivision adopts the debt
obligation election order
shall specifically state
the estimated maximum annual increase in the amount of taxes
that would be imposed on a residence homestead in the political subdivision
with an appraised value of $100,000 to repay the
debt obligations to be authorized, if approved, based upon assumptions made
by the governing body of the political subdivision.
(c) The governing body of the political subdivision shall
identify in the debt obligation election order the major assumptions made
in connection with the statement required by Subsection (b), including:
(1) the amortization of the political subdivision's debt
obligations, including outstanding debt obligations and the proposed debt
obligations;
(2) changes in estimated future appraised values within the
political subdivision; and
(3) the assumed interest rate on the proposed debt obligations.
(d) A political subdivision with at least 250 registered voters
on the date the governing body of the political subdivision adopts the debt
obligation election order must prepare a voter information document for
each proposition to be voted on at the election. The political subdivision
shall post the voter information document in the same manner as a debt
obligation election order is required to be posted under Section 4.003(f),
Election Code, and may include the voter information document in the debt
obligation election order. The voter information document must distinctly
state:
(1) the language that will appear on the ballot;
(2) the following information formatted as a table:
(A) the principal of the debt obligations to be authorized;
(B) the estimated interest for the debt obligations to be
authorized;
(C) the estimated combined principal and interest required to
pay on time and in full the debt obligations to be authorized; and
(D) as of the date the political subdivision adopts the debt
obligation election order:
(i) the principal of all outstanding debt obligations of the
political subdivision;
(ii) the estimated remaining interest on all outstanding debt
obligations of the political subdivision, which may be based on the
expectations of the political subdivision as it relates to the interest due
on any variable rate debt obligations; and
(iii) the estimated combined principal and interest required to
pay on time and in full all outstanding debt obligations of the political
subdivision, which may be based on the expectations of the political
subdivision as it relates to the interest due on any variable rate debt
obligations; and
(3) any other information that the political subdivision
considers relevant or necessary to explain the information required by this
subsection.
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SECTION 4. Section 271.049,
Local Government Code, is amended by amending Subsections (a) and (b) and
adding Subsection (e) to read as follows:
(a) Regardless of the
sources of payment of certificates, certificates may not be issued unless
the issuer publishes notice of its intention to issue the certificates.
The notice must be published:
(1) once a week for
two consecutive weeks in a newspaper, as defined by Subchapter C, Chapter
2051, Government Code, that is of general circulation in the area of the
issuer, with the date of the first publication to be before the 45th
[30th] day before the date tentatively set for the passage of the
order or ordinance authorizing the issuance of the certificates; and
(2) if the issuer
maintains a website, continuously on the issuer's website for at least 45
days before the date tentatively set for the passage of the order or
ordinance authorizing the issuance of the certificates.
(b) The notice must state:
(1) the time and place
tentatively set for the passage of the order or ordinance authorizing the
issuance of the certificates;
(2) the [maximum amount
and] purpose of the certificates to be authorized; [and]
(3) the manner in which the
certificates will be paid for, whether by taxes, revenues, or a combination
of the two;
(4) the following, stated as a total amount and as a per capita
amount:
(A) the then-current
principal of all outstanding debt obligations of the issuer;
(B) the then-current
combined principal and interest required to pay all outstanding debt
obligations of the issuer on time and in full;
(C) the principal of the
certificates to be authorized; and
(D) the estimated
combined principal and interest required to pay the certificates to be
authorized on time and in full;
(5) the estimated rate of
interest for the certificates to be authorized; and
(6) the maturity date of
the certificates to be authorized.
(e) In this section,
"debt obligation" means an
issued public security, as defined by Section 1201.002, Government
Code.
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SECTION 5. Section 271.049,
Local Government Code, is amended by amending Subsections (a) and (b) and
adding Subsection (e) to read as follows:
(a) Regardless of the
sources of payment of certificates, certificates may not be issued unless
the issuer publishes notice of its intention to issue the certificates.
The notice must be published:
(1) once a week for
two consecutive weeks in a newspaper, as defined by Subchapter C, Chapter
2051, Government Code, that is of general circulation in the area of the
issuer, with the date of the first publication to be before the 45th
[30th] day before the date tentatively set for the passage of the
order or ordinance authorizing the issuance of the certificates; and
(2) if the issuer
maintains an Internet website, continuously on the issuer's website for at
least 45 days before the date tentatively set for the passage of the order
or ordinance authorizing the issuance of the certificates.
(b) The notice must state:
(1) the time and place
tentatively set for the passage of the order or ordinance authorizing the
issuance of the certificates;
(2) the [maximum amount
and] purpose of the certificates to be authorized; [and]
(3) the manner in which the
certificates will be paid for, whether by taxes, revenues, or a combination
of the two;
(4) the following:
(A) the then-current
principal of all outstanding debt obligations of the issuer;
(B) the then-current
combined principal and interest required to pay all outstanding debt
obligations of the issuer on time and in full,
which may be based on the expectations of the issuer as it relates to the
interest due on any variable rate debt obligations;
(C) the maximum principal amount of the certificates to be
authorized; and
(D) the estimated
combined principal and interest required to pay the certificates to be
authorized on time and in full;
(5) the estimated
interest rate for the certificates to be authorized or that the maximum interest rate for the certificates may not
exceed the maximum legal interest rate; and
(6) the maximum maturity date of the
certificates to be authorized.
(e) In this section,
"debt obligation" means a
public security, as defined by Section 1201.002, Government Code, secured by and payable from ad valorem
taxes. The term does not include public securities that are designated as
self-supporting by the political subdivision issuing the securities.
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