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A BILL TO BE ENTITLED
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AN ACT
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relating to the issuance of certificates of obligation by certain |
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local governments. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Sections 271.043(7) and (7-a), Local Government |
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Code, are amended to read as follows: |
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(7) "Issuer" means a municipality or[,] county[, or |
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hospital district established under Chapter 281, Health and Safety |
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Code]. |
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(7-a) "Public work" [for an issuer that is a |
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municipality or county: |
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[(A)] means any of the following public |
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improvements as authorized by law: |
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(A) [(i) a street, road, highway, bridge, |
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sidewalk, or parking structure; |
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[(ii)] a landfill; |
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(B) [(iii) an airport; |
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[(iv)] a utility system, water supply |
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project, water treatment plant, wastewater treatment plant, or |
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water or wastewater conveyance facility; |
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(C) [(v) a wharf or dock; |
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[(vi)] a flood control and drainage |
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project; or |
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(D) [(vii) a public safety facility, including] |
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a police station, fire station, first responder training facility |
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[emergency shelter], jail, or juvenile detention facility[; |
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[(viii) a judicial facility; |
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[(ix) an administrative office building |
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housing the governmental functions of the municipality or county; |
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[(x) an animal shelter; |
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[(xi) a library; or |
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[(xii) a park or recreation facility that |
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is generally accessible to the public and is part of the municipal |
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or county park system; |
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[(B) means the rehabilitation, expansion, |
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reconstruction, or maintenance of an existing stadium, arena, civic |
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center, convention center, or coliseum that is owned and operated |
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by the municipality or county or by an entity created to act on |
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behalf of the municipality or county; and |
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[(C) does not include: |
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[(i) a facility for which more than 50 |
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percent of the average annual usage is or is intended to be for |
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professional or semi-professional sports; |
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[(ii) a new stadium, arena, civic center, |
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convention center, or coliseum that is or is intended to be leased |
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by a single for-profit tenant for more than 180 days in a single |
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calendar year; or |
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[(iii) a hotel]. |
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SECTION 2. Section 271.0461, Local Government Code, is |
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amended to read as follows: |
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Sec. 271.0461. ADDITIONAL PURPOSE FOR CERTIFICATES: |
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DEMOLITION OF DANGEROUS STRUCTURES [OR RESTORATION OF HISTORIC |
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STRUCTURES]. Certificates may be issued by any municipality for |
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the payment of contractual obligations to be incurred in |
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demolishing dangerous structures [or restoring historic |
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structures] and may be sold for cash, subject to the restrictions |
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and other conditions of Section 271.050. |
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SECTION 3. Section 271.047(c), Local Government Code, is |
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amended to read as follows: |
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(c) A certificate may not mature over a period greater than |
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30 [40] years from the date of the certificate and may not bear |
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interest at a rate greater than that allowed by Chapter 1204, |
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Government Code. |
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SECTION 4. Section 271.049(c), Local Government Code, is |
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amended to read as follows: |
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(c) If before the date tentatively set for the authorization |
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of the issuance of the certificates or if before the authorization, |
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the municipal secretary or clerk if the issuer is a municipality, or |
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the county clerk if the issuer is a county, receives a petition |
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signed by at least two [five] percent of the registered [qualified] |
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voters of the issuer protesting the issuance of the certificates, |
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the issuer may not authorize the issuance of the certificates |
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unless the issuance is approved at an election ordered, held, and |
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conducted in the manner provided for bond elections under Chapter |
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1251, Government Code. |
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SECTION 5. Section 271.0525(c), Local Government Code, is |
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amended to read as follows: |
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(c) A petition to protest the issuance of refinancing |
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certificates under this section must be signed by at least two |
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percent of the registered [a number of qualified] voters of the |
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county [, residing in the county, equal to at least five percent of |
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the number of votes cast in that county for governor in the most |
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recent general election at which that office was filled]. |
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SECTION 6. Section 271.046, Local Government Code, is |
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repealed. |
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SECTION 7. The changes in law made by this Act apply only to |
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a certificate of obligation issued on or after the effective date of |
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this Act. A certificate of obligation issued before the effective |
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date of this Act is governed by the law in effect on the date the |
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certificate was issued, and the former law is continued in effect |
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for that purpose. |
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SECTION 8. This Act takes effect on the 91st day after the |
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last day of the legislative session. |