TITLE: Relating to ballot propositions authorizing certain political subdivisions to issue bonds.

SUMMARY: Relating to ballot propositions authorizing certain political subdivisions to issue bonds.

FULL TEXT:
AN ACT relating to ballot propositions authorizing certain political subdivisions to issue bonds. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Chapter 1251, Government Code, is amended by designating Sections 1251.001, 1251.002, 1251.003, 1251.004, 1251.005, and 1251.006 as Subchapter A and adding a heading to Subchapter A to read as follows: SUBCHAPTER A. COUNTIES AND MUNICIPALITIES SECTION 2. Chapter 1251, Government Code, is amended by adding Subchapter Bto read as follows: SUBCHAPTER B. BOND MATTERS AFFECTING MORE THAN ONE TYPE OF POLITICAL SUBDIVISION Sec. 1251.051. DEFINITIONS. In this subchapter: (1) "Debt obligation" means an issued public security, as defined by Section 1201.002. (2) "Political subdivision" means a county, municipality, school district, junior college district, other special district, or other subdivision of state government. Sec. 1251.052. CONTENTS OF BALLOT PROPOSITION. (a) The proposition submitted for an election to authorize a political subdivision to issue bonds must distinctly state: (1) as a total amount and as a per capita amount: (A) the then-current principal of all outstanding debt obligations of the political subdivision; (B) the then-current combined principal and interest required to pay all outstanding debt obligations of the political subdivision on time and in full; (C) the principal of the bonds to be authorized; and (D) the estimated combined principal and interest required to pay the bonds to be authorized on time and in full; (2) the purpose for which the bonds are to be authorized; (3) the estimated rate of interest for the bonds to be authorized; and (4) the maturity date of the bonds to be authorized. (b) The requirements for a proposition prescribed by this section are in addition to any other requirements prescribed by law. To the extent of a conflict between this section and Section 52.072, Election Code, this section controls. Sec. 1251.053. ONLINE SAMPLE BALLOT. A sample of the ballot printed for an election to authorize a political subdivision to issue bonds must be posted on the political subdivision's Internet website as soon as practicable after the official ballots have been prepared and must remain posted until the day following the election. Sec. 1251.054. FORM OF BALLOT. The secretary of state shall prescribe a form of the ballot for an election held under this subchapter. A political subdivision is not required to use the form. SECTION 3. (a) Sections 1251.052 and 1251.053, Government Code, as added by this Act, apply only to a bond election ordered on or after the effective date of this Act. A bond election ordered before the effective date of this Act is governed by the law in effect when the bond election was ordered, and the former law is continued in effect for that purpose. (b) Not later than January 1, 2014, the secretary of state shall make available on the secretary of state's Internet website a form of the ballot described by Section 1251.054, Government Code, as added by this Act. SECTION 4. This Act takes effect September 1, 2013.