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AN ACT
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relating to notice and election order requirements for bond |
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approval elections held 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 3, Election Code, is amended by adding |
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Section 3.009 to read as follows: |
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Sec. 3.009. CONTENTS OF DEBT OBLIGATION ELECTION ORDER. |
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(a) In this section, "debt obligation" means an issued public |
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security, as defined by Section 1201.002, Government Code, that is |
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secured by ad valorem taxes. |
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(b) The document ordering an election to authorize a |
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political subdivision to issue debt obligations must distinctly |
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state: |
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(1) the proposition language that will appear on the |
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ballot; |
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(2) the purpose for which the debt obligations are to |
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be authorized; |
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(3) the principal amount of the debt obligations to be |
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authorized; |
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(4) that taxes sufficient to pay the annual principal |
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of and interest on the debt obligations may be imposed; |
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(5) a statement of the estimated tax rate if the debt |
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obligations are authorized or of the maximum interest rate of the |
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debt obligations or any series of the debt obligations, based on the |
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market conditions at the time of the election order; |
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(6) the maximum maturity date of the debt obligations |
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to be authorized or that the debt obligations may be issued to |
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mature over a specified number of years not to exceed 40; |
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(7) the aggregate amount of the outstanding principal |
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of the political subdivision's debt obligations as of the beginning |
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of the political subdivision's fiscal year in which the election is |
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ordered; |
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(8) the aggregate amount of the outstanding interest |
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on debt obligations of the political subdivision as of the |
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beginning of the political subdivision's fiscal year in which the |
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election is ordered; and |
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(9) the ad valorem debt service tax rate for the |
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political subdivision at the time the election is ordered, |
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expressed as an amount per $100 valuation of taxable property. |
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SECTION 2. Section 4.003, Election Code, is amended by |
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adding Subsection (f) to read as follows: |
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(f) A debt obligation election order required under Section |
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3.009 shall be posted: |
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(1) on election day and during early voting by |
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personal appearance, in a prominent location at each polling place; |
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(2) not later than the 21st day before the election, in |
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three public places in the boundaries of the political subdivision |
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holding the election; and |
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(3) during the 21 days before the election, on the |
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political subdivision's Internet website, prominently and together |
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with the notice of the election and the contents of the proposition, |
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if the political subdivision maintains an Internet website. |
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SECTION 3. The changes in law made by this Act apply only to |
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an election ordered on or after the effective date of this Act. An |
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election ordered before the effective date of this Act is governed |
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by the law in effect when the election was ordered, and the former |
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law is continued in effect for that purpose. |
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SECTION 4. This Act takes effect September 1, 2013. |
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______________________________ |
______________________________ |
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President of the Senate |
Speaker of the House |
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I hereby certify that S.B. No. 637 passed the Senate on |
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April 18, 2013, by the following vote: Yeas 31, Nays 0. |
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______________________________ |
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Secretary of the Senate |
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I hereby certify that S.B. No. 637 passed the House on |
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May 22, 2013, by the following vote: Yeas 148, Nays 0, two |
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present not voting. |
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______________________________ |
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Chief Clerk of the House |
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Approved: |
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______________________________ |
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Date |
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______________________________ |
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Governor |