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A BILL TO BE ENTITLED
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AN ACT
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relating to the vote required to approve the issuance of general |
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obligation bonds by a political subdivision. |
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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. SUPERMAJORITY VOTE OF VOTERS REQUIRED TO |
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APPROVE GENERAL OBLIGATION BONDS. Notwithstanding any other law, a |
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political subdivision may not issue general obligation bonds unless |
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at least two-thirds of the voters at the election called to |
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authorize the issuance vote in favor of the issuance. |
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SECTION 2. Section 1253.004, Government Code, as added by |
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this Act, applies only to general obligation bonds authorized to be |
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issued by the governing body of a political subdivision on or after |
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the effective date of this Act. |
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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 on the 91st day after the last day of the |
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legislative session. |