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A BILL TO BE ENTITLED
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AN ACT
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relating to certain information included with ballot propositions |
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for elections to authorize state and local general obligation |
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bonds. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter A, Chapter 274, Election Code, is |
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amended by adding Section 274.005 to read as follows: |
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Sec. 274.005. PROPOSITION STATEMENT REGARDING GENERAL |
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OBLIGATION BONDS OF THIS STATE. (a) In addition to any other |
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wording for a ballot proposition for a proposed constitutional |
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amendment to authorize the issuance of general obligation bonds of |
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this state, the secretary of state shall require that the |
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proposition, both on the ballot and in the proclamation ordering |
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the election at which the amendment will be submitted, be |
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accompanied by a statement that includes the following amounts, |
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with each stated as a total amount and as a per capita amount for the |
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current population of this state at the time the statement is |
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prepared: |
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(1) the current general obligation debt of this state |
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at the time the statement is prepared; |
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(2) the maximum amount of additional general |
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obligation debt of this state that would be authorized by the |
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proposed amendment; and |
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(3) the maximum estimated cost to repay the general |
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obligation debt that would be authorized by the proposed amendment, |
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including principal and interest, at a stated likely interest rate. |
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(b) For the purposes of the information required by |
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Subsection (a), on the request of the secretary of state the Bond |
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Review Board shall: |
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(1) certify the current general obligation debt of |
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this state; |
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(2) determine a likely interest rate for the proposed |
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bonds; and |
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(3) compute the estimated maximum repayment cost in |
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accordance with the likely interest rate determined under |
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Subdivision (2). |
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(c) The ballot required by this section must be printed in |
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substantially the following format: |
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DEBT ITEMS |
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TOTAL |
PER CAPITA |
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OBLIGATION DEBT |
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$ ____ |
$ ____ |
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PROPOSED ADDITIONAL GENERAL |
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OBLIGATION DEBT |
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$ ____ |
$ ____ |
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OVER __ YEARS |
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$ ____ |
$ ____ |
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(d) The statement required by this section must: |
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(1) be considered by the secretary of state before the |
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secretary certifies the proposed amendment under Section |
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274.003(a); and |
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(2) be appropriately translated as provided by Section |
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274.003(c) for other ballot language. |
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SECTION 2. Subtitle C, Title 9, Government Code, is amended |
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by adding Chapter 1253 to read as follows: |
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CHAPTER 1253. BALLOT INFORMATION FOR ELECTION TO AUTHORIZE LOCAL |
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GOVERNMENTAL GENERAL OBLIGATION BONDS |
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Sec. 1253.0001. DEFINITION. In this chapter, "local |
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government" means a political subdivision or special-purpose |
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district or authority of this state, including a county, |
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municipality, school district, junior college district, hospital |
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district, or conservation and reclamation district. |
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Sec. 1253.0002. BALLOT INFORMATION FOR ELECTION REGARDING |
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GENERAL OBLIGATION BONDS. (a) This section applies to a ballot |
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printed for an election to authorize a local government to issue |
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general obligation bonds. |
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(b) A ballot must include with the ballot proposition a |
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statement that includes the following amounts, with each stated as |
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a total amount and as a per capita amount for the current population |
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of the local government at the time the statement is prepared: |
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(1) the current general obligation debt of the local |
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government at the time the statement is prepared; |
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(2) the maximum amount of additional general |
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obligation debt of the local government that would be authorized if |
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the proposition is passed; and |
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(3) the maximum estimated cost to repay the general |
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obligation debt that would be authorized by the proposition, |
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including principal and interest, at a stated likely interest rate. |
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(c) The ballot required by this section must be printed in |
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substantially the following format: |
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DEBT ITEMS |
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TOTAL |
PER CAPITA |
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OBLIGATION DEBT |
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$ ____ |
$ ____ |
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PROPOSED ADDITIONAL GENERAL |
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OBLIGATION DEBT |
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$ ____ |
$ ____ |
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OVER __ YEARS |
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$ ____ |
$ ____ |
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Sec. 1253.0003. DETERMINATION OF BALLOT INFORMATION. For |
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the purposes of the information required by Section 1253.0002(b), |
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the treasurer of the local government, or another person as |
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determined by the governing body of the local government, shall: |
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(1) certify the current general obligation debt of the |
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local government; |
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(2) determine a likely interest rate for the proposed |
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bonds; and |
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(3) compute the estimated maximum repayment cost in |
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accordance with the likely interest rate determined under |
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Subdivision (2). |
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SECTION 3. Section 274.005, Election Code, as added by this |
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Act, and Chapter 1253, Government Code, as added by this Act, apply |
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only to a ballot proposition for an election held on or after |
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November 1, 2020. |
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SECTION 4. This Act takes effect September 1, 2019. |