SB 30 (Birdwell/Phelan) Relating to ballot language requirements for a proposition seeking voter approval for the issuance of bonds was sent to the Governor on 5/28. The bill was referred to as the bond transparency bill. Similar language for the ballot can also be found in HB 477 (Murphy/Bettencourt) Relating to the notice required before the issuance of certain debt obligations by political subdivisions which was sent to the Governor on 5/26.
HB 440 (Murphy/Lucio) relating to general obligation bonds issued by political subdivisions was sent to the Governor on 5/26. Under the bill, unspent funds from a bond may only be used for a separate purpose if approved by the voters of a political subdivision other than a school district, or if approved by the board of trustees of a school district. HB 440 also limits the ability of all political subdivisions by requiring that the average maturity does not exceed 120 percent of the average life of the bonds.
HB 4258 (Murphy/Campbell) Relating to approval by the attorney general of certain bonds financing an educational facility for certain charter schools. The bill seeks to ensure that a single municipality cannot derail the approval of charter school bonds by providing for approval by the Texas attorney general was sent to the Governor on 5/28. Sen. Nichols voiced his concern of the ability of small communities to weigh in before the bill passed.
