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A BILL TO BE ENTITLED
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AN ACT
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relating to the issuance of anticipation notes or other obligations |
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by issuers located along the Gulf Coast in an emergency. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 1431.015(b), Government Code, is amended |
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to read as follows: |
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(b) Notwithstanding any other provision of this chapter or a |
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rating requirement prescribed by Chapter 1371, an issuer located |
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within 70 miles of the Gulf of Mexico or of a bay or inlet of the |
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gulf may authorize the issuance of an anticipation note or other |
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obligation in the event of an emergency. An anticipation note or |
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other obligation issued under this section is an obligation under |
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Chapter 1371, but is not required to be rated as required by that |
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chapter. |
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SECTION 2. The change in law made by this Act applies only |
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to an anticipation note or obligation issued on or after the |
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effective date of this Act. A note or obligation issued before the |
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effective date of this Act is governed by the law in effect on the |
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date the note or obligation was issued, and that law is continued in |
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effect for that purpose. |
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SECTION 3. 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, 2023. |