86R6028 TJB-D
 
  By: Middleton H.B. No. 4408
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to the authority of a political subdivision to issue
  public securities for certain purposes.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.   Subtitle C, Title 9, Government Code, is amended
  by adding Chapter 1253 to read as follows:
  CHAPTER 1253. LIMITATION ON AUTHORITY TO ISSUE SECURITIES FOR
  CERTAIN PURPOSES
         Sec. 1253.001.  DEFINITIONS. In this chapter:
               (1)  "Political subdivision" means a county,
  municipality, school district, junior college district, other
  special district, or other subdivision of state government.
               (2)  "Public security" has the meaning assigned by
  Section 1201.002.
         Sec. 1253.002.  LIMITATION ON AUTHORITY TO ISSUE SECURITY
  FOR PURPOSE PREVIOUSLY REJECTED BY VOTERS. A political subdivision
  may not issue a public security for the same purpose that was
  submitted by the political subdivision to the voters in a bond
  proposition to authorize the issuance of bonds during the preceding
  five years and failed to be approved.
         SECTION 2.  The change in law made by this Act applies only
  to the issuance of a public security, as that term is defined by
  Section 1201.002, Government Code, on or after the effective date
  of this Act.
         SECTION 3.  This Act takes effect September 1, 2019.