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A BILL TO BE ENTITLED
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AN ACT
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relating to the issuance of public securities. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 1201.022, Government Code, is amended by |
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adding Subsections (c) and (d) to read as follows: |
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(c) In a proceeding authorizing the issuance of a public |
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security, the issuer may exercise authority provided by Section |
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1371.053. |
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(d) Before a public security may be delivered under the |
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authority provided by Subsection (c), the security must be rated by |
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a nationally recognized rating agency for public securities in one |
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of the three highest rating categories for a short-term debt |
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instrument or one of the four highest rating categories for a |
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long-term debt instrument. |
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SECTION 2. Section 1202.003, Government Code, is amended by |
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adding Subsections (d) and (e) to read as follows: |
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(d) A document submitted by an issuer as part of a record of |
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proceedings may be executed by: |
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(1) manual signature; |
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(2) electronic signature; or |
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(3) both manual and electronic signatures. |
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(e) In this section, "electronic signature" has the meaning |
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assigned by Section 322.002, Business & Commerce Code. |
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SECTION 3. The changes in law made by this Act apply only to |
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a public security issued on or after the effective date of this Act. |
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SECTION 4. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2021. |