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A BILL TO BE ENTITLED
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AN ACT
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relating to the allocation of proceeds from the issuance of general |
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obligation bonds by political subdivisions. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Chapter 1253, Government Code, is amended by |
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adding Section 1253.004 to read as follows: |
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Sec. 1253.004. ALLOCATION OF PROCEEDS. A political |
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subdivision shall allocate the proceeds from the issuance of |
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general obligation bonds authorized by the voters in the percentage |
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or amount stated in the ballot proposition to authorize the |
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issuance. |
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SECTION 2. This Act takes effect September 1, 2023. |