| |
| |
|
|
A JOINT RESOLUTION
|
|
|
proposing a constitutional amendment to require a supermajority |
|
|
vote to authorize a political subdivision to issue general |
|
|
obligation bonds or other debt obligations payable from ad valorem |
|
|
taxes. |
|
|
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Article XVI, Texas Constitution, is amended by |
|
|
adding Section 62 to read as follows: |
|
|
Sec. 62. Notwithstanding any other provision of this |
|
|
constitution, a political subdivision may not issue general |
|
|
obligation bonds or other debt obligations payable from ad valorem |
|
|
taxes unless the proposition authorizing the issuance is approved |
|
|
by at least three-fifths of the voters voting in the election held |
|
|
for that purpose. |
|
|
SECTION 2. The following temporary provision is added to |
|
|
the Texas Constitution: |
|
|
TEMPORARY PROVISION. (a) This temporary provision applies |
|
|
to the constitutional amendment proposed by the 89th Legislature, |
|
|
1st Called Session, 2025, to require a supermajority vote to |
|
|
authorize a political subdivision to issue general obligation bonds |
|
|
or other debt obligations payable from ad valorem taxes. |
|
|
(b) Section 62, Article XVI, of this constitution takes |
|
|
effect January 1, 2026, and applies only to the issuance of general |
|
|
obligation bonds or other debt obligations payable from ad valorem |
|
|
taxes authorized by the voters at an election ordered on or after |
|
|
that date. |
|
|
(c) This temporary provision expires January 1, 2027. |
|
|
SECTION 3. This proposed constitutional amendment shall be |
|
|
submitted to the voters at an election to be held November 4, 2025. |
|
|
The ballot shall be printed to permit voting for or against the |
|
|
proposition: "The constitutional amendment to require a |
|
|
supermajority vote to authorize a political subdivision to issue |
|
|
general obligation bonds or other debt obligations payable from ad |
|
|
valorem taxes." |