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A BILL TO BE ENTITLED
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AN ACT
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relating to ballot propositions authorizing certain political |
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subdivisions to issue debt obligations. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Chapter 1251, Government Code, is amended by |
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designating Sections 1251.001, 1251.002, 1251.003, 1251.004, |
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1251.005, and 1251.006 as Subchapter A and adding a subchapter |
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heading to read as follows: |
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SUBCHAPTER A. PROVISIONS RELATING GENERALLY TO COUNTY AND |
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MUNICIPAL BOND ELECTIONS |
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SECTION 2. Chapter 1251, Government Code, is amended by |
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adding Subchapter B to read as follows: |
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SUBCHAPTER B. BALLOT FOR BONDS ISSUED BY POLITICAL SUBDIVISION |
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Sec. 1251.051. DEFINITIONS. In this subchapter: |
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(1) "Debt obligation" means an issued public security, |
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as defined by Section 1201.002, that is secured by ad valorem taxes. |
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(2) "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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Sec. 1251.052. CONTENTS OF BALLOT PROPOSITION. The |
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proposition submitted for an election to authorize a political |
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subdivision to issue debt obligations must distinctly state: |
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(1) the purpose for which the debt obligations are to |
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be authorized; |
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(2) the principal amount of the debt obligations to be |
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authorized; |
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(3) that taxes sufficient to pay the annual principal |
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of and interest on the debt obligations may be imposed; |
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(4) the aggregate amount of the outstanding principal |
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of the political subdivision's debt obligations as of the beginning |
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of the political subdivision's fiscal year in which the election is |
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ordered; and |
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(5) the ad valorem debt service tax rate for the |
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political subdivision at the time the election is ordered, |
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expressed as an amount per $100 valuation of taxable property. |
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Sec. 1251.053. FORM OF BALLOT. The secretary of state may |
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adopt a form of the ballot for an election held under this |
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subchapter. A political subdivision is not required to use any |
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adopted form. |
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SECTION 3. Section 1251.052, Government Code, as added by |
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this Act, applies only to an election ordered on or after the |
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effective date of this Act. An election ordered before the |
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effective date of this Act is governed by the law in effect when the |
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election was ordered, and the former law is continued in effect for |
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that purpose. |
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SECTION 4. This Act takes effect September 1, 2019. |