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A BILL TO BE ENTITLED
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AN ACT
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relating to the authority of a political subdivision to issue |
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public securities for certain purposes. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. 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. LIMITATION ON AUTHORITY TO ISSUE SECURITIES FOR |
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CERTAIN PURPOSES |
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Sec. 1253.001. DEFINITIONS. In this chapter: |
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(1) "Political subdivision" means a county, |
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municipality, school district, junior college district, other |
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special district, or other subdivision of state government. |
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(2) "Public security" has the meaning assigned by |
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Section 1201.002. |
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Sec. 1253.002. LIMITATION ON AUTHORITY TO ISSUE SECURITY |
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FOR PURPOSE PREVIOUSLY REJECTED BY VOTERS. A political subdivision |
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may not issue a public security for the same purpose that was |
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submitted by the political subdivision to the voters in a bond |
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proposition to authorize the issuance of bonds during the preceding |
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five years and failed to be approved. |
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SECTION 2. The change in law made by this Act applies only |
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to the issuance of a public security, as that term is defined by |
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Section 1201.002, Government Code, on or after the effective date |
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of this Act. |
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SECTION 3. This Act takes effect September 1, 2019. |