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A BILL TO BE ENTITLED
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AN ACT
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relating to requiring an election for the issuance of certain |
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certificates of obligation by a municipality or county. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. The heading to Section 271.049, Local Government |
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Code, is amended to read as follows: |
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Sec. 271.049. NOTICE OF INTENTION TO ISSUE CERTIFICATES; |
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[PETITION AND] ELECTION REQUIRED. |
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SECTION 2. Sections 271.049(c) and (d), Local Government |
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Code, are amended to read as follows: |
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(c) If [before the date tentatively set for the
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authorization of the issuance of the certificates or if before the
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authorization, the municipal secretary or clerk if] the issuer is a |
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municipality[,] or [the county clerk if the issuer is] a county, |
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[receives a petition signed by at least five percent of the
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qualified voters of the issuer protesting the issuance of the
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certificates,] the issuer may not authorize the issuance of the |
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certificates unless the issuance is approved at an election |
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ordered, held, and conducted in the manner provided for bond |
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elections under Chapter 1251, Government Code. The election must |
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be held on the first uniform election date prescribed by Section |
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41.001, Election Code, that occurs after notice is provided under |
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this section and that allows sufficient time to comply with other |
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requirements of law. |
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(d) This section does not apply if: |
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(1) the issuer is located wholly or partly inside an |
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area declared to be a disaster area by the governor; and |
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(2) the proceeds of the certificates are used only for |
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disaster-related purposes [to certificates issued for the purposes
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described by Sections 271.056(1)-(4)]. |
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SECTION 3. Section 271.049, Local Government Code, as |
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amended by this Act, applies only to a certificate of obligation |
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issued on or after the effective date of this Act. A certificate |
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issued before the effective date of this Act is governed by the law |
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applicable to the certificate immediately before the effective date |
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of this Act, and that law is continued in effect for that purpose. |
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SECTION 4. This Act takes effect September 1, 2017. |