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A BILL TO BE ENTITLED
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AN ACT
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relating to requiring an economic development corporation to file |
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with the comptroller a report regarding bonds issued by the |
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corporation. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter E, Chapter 501, Local Government |
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Code, is amended by adding Section 501.215 to read as follows: |
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Sec. 501.215. REPORT TO COMPTROLLER. (a) Not later than |
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February 1 of each year, the board of directors of a corporation |
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shall submit a report to the comptroller relating to any bonds |
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issued by the corporation. The report must include: |
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(1) as of the last day of the preceding fiscal year of |
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the corporation: |
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(A) the amount of all authorized bonds; |
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(B) the principal of all outstanding bonds; and |
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(C) the combined principal and interest required |
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to pay all the outstanding bonds on time and in full; |
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(2) the maturity dates for the bonds; |
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(3) the projects for which the bonds were issued; and |
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(4) any other information that the comptroller |
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considers relevant and necessary in relation to the bonds. |
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(b) The report must be in the form required by the |
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comptroller. |
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SECTION 2. This Act takes effect September 1, 2017. |